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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Tuesday, the sixth of August twenty twenty four. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Story number one,

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Speaker 1: the Reserve Bank of Australia left the official cash rate

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Speaker 1: at four point three five percent this afternoon and Governor

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Speaker 1: Michelle Bullock made it very clear that there are no

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Speaker 1: rate reductions on the horizon. She said the board discussed

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Speaker 1: two scenarios, lifting the official rate or leaving it on

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Speaker 1: hold for some time. The Central Bank pushed out the

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Speaker 1: timing for when it expects underlying inflation to return to

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Speaker 1: around two and a half percent. That's a target rate

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Speaker 1: that the Reserve Bank wants to hit. It doesn't expect

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Speaker 1: it will get there for almost another two years. Wasn't

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Speaker 1: a lot of market reaction today. The Aussie dollar jumped

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Speaker 1: slightly on the news story number two. The S and

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Speaker 1: PA Sex two hundred closed up zero point four percent

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Speaker 1: today to seven six hundred and eighty one points, after

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Speaker 1: the previous two sessions combined sent the balls down five

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Speaker 1: and a half percent. Given that and the big Zell

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Speaker 1: off on Wall Street overnight. The performance was pretty encouraging. Generally,

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Speaker 1: it was the interest rate sensitive stocks that did best.

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Speaker 1: Industrial property giant Goodman Group led the way. West Farmers

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Speaker 1: also outperformed, as did energy giant Santos, mcquarie Group, and

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Speaker 1: US focused Brambles and Aristocrat Leisure. The uranium miners also

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Speaker 1: did well. One company that didn't do well was image

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Speaker 1: in Group Promdicus. It tumbled seven percent, although there wasn't

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Speaker 1: any new news to explain why, mind you. Promedicus is

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Speaker 1: up more than seventy percent over the past year, so

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Speaker 1: it's doing okay. Story number three. The Prime Minister Anthony

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Speaker 1: Albernezi is under pressure to take stern action on Iran's

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Speaker 1: ambassador in Canberra after social media comments which called for

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Speaker 1: a wiping out of Israelis in Palestine by twenty twenty

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Speaker 1: seven and also referred to Israelis as a Zionist plague.

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Speaker 1: Mister Alberenesi called the comments abhorrent and hateful, saying they

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Speaker 1: had no place. The remarks were made by Ambassador Armored

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Speaker 1: Stagi over the weekend, and the Prime Minister said that

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Speaker 1: the Department of Foreign Firs and Trade had held talks

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Speaker 1: with him since then, though there's no indication if any

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Speaker 1: disciplinary action had been taken. The coalition called for him

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Speaker 1: to be kicked out of the country. Meanwhile, news that

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Speaker 1: the government is looking to create a new special visa

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Speaker 1: pathway for Palestinians so they do not have to return

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Speaker 1: to Gaza has prompted questions over necessary security checks. Assistant

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Speaker 1: Minister betrayed Timasid Immigration Minister Tony Burke was laser focused

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Speaker 1: on security checks for Palestinian refugees coming in from Gaza.

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Speaker 1: Story number four. Woodside's share price for more than five

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Speaker 1: percent today to its lowest level since early twenty and

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Speaker 1: twenty two after saying it will spend three point seven

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Speaker 1: billion dollars to buy a low carbon ammonia project in Texas.

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Speaker 1: The project is under construction and expects the first batch

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Speaker 1: of ammonia to be available next year. Ammonia is mostly

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Speaker 1: used in agriculture as fertilizer, also a refrigerant gas, and

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Speaker 1: in the making of plastics, textiles, and explosives. It's derived

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Speaker 1: from gas, and it is also a major producer of carbon.

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Speaker 1: In fact, ammonia production accounts for around one point eight

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Speaker 1: percent of global carbon dioxide missions, so companies like Woodside

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Speaker 1: are pushing into lower carbon ammonia, which essentially means manufacturing

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Speaker 1: ammonia and then pairing it with carbon sequestration. In this case,

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Speaker 1: it's carbon capture and storage. Anyway, analysts weren't impressed with

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Speaker 1: the surprise announcement, and the share price was down and

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Speaker 1: story number five. Starbucks is finding the going tough, suffering

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Speaker 1: its second straight quarterly drop in sales globally and increasing

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Speaker 1: pressure on the group's leadership team. The world's largest coffee

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Speaker 1: chain cited a cautious consumer environment when reporting a three

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Speaker 1: percent fall in its global comparable sales for the three

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Speaker 1: months at the end of June. Sales were off four

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Speaker 1: percent the previous quarter. The disappointing results come to Starbucks

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Speaker 1: negotiates with activist Elliott Investment Management, which has been seeking

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Speaker 1: changes at the company. Starbucks board and management have also

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Speaker 1: faced public criticism from Howard Schultz, the well known former

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Speaker 1: three time chief executive who built up the company after

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Speaker 1: first taking the reins in nineteen eighty five. He remains

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Speaker 1: the sixth largest shareholder as it for the afternoon report

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Speaker 1: for Tuesday, the sixth of August twenty twenty four, don't

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Speaker 1: forget to follow on the podcast, and find Fear and

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Speaker 1: Greed on LinkedIn, Instagram, ex TikTok and Facebook. Join Michael

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Speaker 1: Thompson and I tomorrow. I'm Morning for the Fast Five

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Speaker 1: by Fear and Greed, the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Sean I Elmer.

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Speaker 1: Enjoy your evening.