1
00:00:03,760 --> 00:00:06,400
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,440 --> 00:00:08,840
Speaker 1: for Friday, the second of August twenty twenty four. I'm

3
00:00:08,840 --> 00:00:11,400
Speaker 1: sure in Alma every afternoon we've got the five stories

4
00:00:11,400 --> 00:00:13,160
Speaker 1: that happened today that you need to know about. Storing

5
00:00:13,200 --> 00:00:16,079
Speaker 1: im one. The local share market fell two point one

6
00:00:16,079 --> 00:00:20,000
Speaker 1: percent today, closing at nine and forty three points. It

7
00:00:20,079 --> 00:00:22,960
Speaker 1: was the worst one day fall in sixteen months. That's

8
00:00:23,000 --> 00:00:25,840
Speaker 1: after hitting a new high yesterday. A fall in Wall

9
00:00:25,880 --> 00:00:28,160
Speaker 1: Street triggered the sell off. More of that in a moment.

10
00:00:28,440 --> 00:00:30,920
Speaker 1: Financials and energy stocks were sold off, as were the

11
00:00:30,920 --> 00:00:33,360
Speaker 1: big miners, and property stocks didn't do very well either.

12
00:00:33,440 --> 00:00:36,320
Speaker 1: In fact, more than ninety percent of stocks ended lower today.

13
00:00:36,760 --> 00:00:39,560
Speaker 1: Some of the biggest falls came from the big four banks,

14
00:00:39,560 --> 00:00:42,280
Speaker 1: with Commonwealth Bank and National Australia Bank leading the way.

15
00:00:42,479 --> 00:00:45,640
Speaker 1: Goodman Group, Wes Farmers to Aristocrat, leisure Wise, Tech, Global,

16
00:00:45,760 --> 00:00:50,160
Speaker 1: Iria and QB all tumbled. The uranium miners were among

17
00:00:50,159 --> 00:00:53,280
Speaker 1: the worst, though mind jud Dominoes gave the uranium miners

18
00:00:53,280 --> 00:00:55,400
Speaker 1: a run for their money. Dominoes ended at up nine

19
00:00:55,440 --> 00:00:58,440
Speaker 1: percent lower. The gold companies were the best performers that

20
00:00:58,480 --> 00:01:02,040
Speaker 1: flight to quality idea, though overall the top of the

21
00:01:02,040 --> 00:01:05,000
Speaker 1: pops today. At least of the ASEX two hundred was Square,

22
00:01:05,120 --> 00:01:08,240
Speaker 1: the owner of Afterpay. After a strong earnings result on

23
00:01:08,240 --> 00:01:11,400
Speaker 1: Wall Street overnight, it finished up five percent. These dollars

24
00:01:11,400 --> 00:01:14,240
Speaker 1: starts the weekend buying just over sixty five US cents.

25
00:01:14,560 --> 00:01:17,560
Speaker 1: Storing number two Wall Street tumbled overnight, with the S

26
00:01:17,600 --> 00:01:19,679
Speaker 1: and P five hundred fall and one point four percent,

27
00:01:19,920 --> 00:01:22,840
Speaker 1: and the tech heavy NASDAT closing down two point three percent.

28
00:01:23,240 --> 00:01:25,800
Speaker 1: It was the macro outlook as much as earnings from

29
00:01:25,800 --> 00:01:29,959
Speaker 1: Apple and Amazon that sent markets lower. Initial jobless claims

30
00:01:29,959 --> 00:01:32,800
Speaker 1: in the US rose at the fastest rate in a year,

31
00:01:33,080 --> 00:01:37,280
Speaker 1: while a key manufacturing activity fell further into contractionary territory

32
00:01:37,480 --> 00:01:40,640
Speaker 1: and to a level that's previously signaled a recession is coming.

33
00:01:41,200 --> 00:01:44,240
Speaker 1: It seems that investors you foric about the potential for

34
00:01:44,319 --> 00:01:48,280
Speaker 1: lower interest rates, suddenly realized lower interest rates means a

35
00:01:48,320 --> 00:01:51,240
Speaker 1: slow down in the economy is on the way. In

36
00:01:51,280 --> 00:01:54,440
Speaker 1: one session, talked turned from whether the Fed will cut

37
00:01:54,520 --> 00:01:58,160
Speaker 1: rates to how far behind is the Fed in cutting rates?

38
00:01:58,480 --> 00:02:00,920
Speaker 1: That flowed through to Australia. You can't say the markets

39
00:02:00,920 --> 00:02:04,040
Speaker 1: aren't fickle. Story Number three sleep Apnea Group ResMed It

40
00:02:04,080 --> 00:02:07,040
Speaker 1: said revenues jump nine percent during the June quarter as

41
00:02:07,080 --> 00:02:10,640
Speaker 1: expected as a medical device makers sold more breathing devices,

42
00:02:10,680 --> 00:02:14,359
Speaker 1: masks and software, and Chief executive Mick Farrell said rather

43
00:02:14,400 --> 00:02:16,640
Speaker 1: than the new generation of weight loss drug being bad

44
00:02:16,800 --> 00:02:19,160
Speaker 1: for Esmed, they could end up being a boon. Twelve

45
00:02:19,160 --> 00:02:21,800
Speaker 1: months ago, ResMed was sold off on speculation that weight

46
00:02:21,800 --> 00:02:25,240
Speaker 1: loss drugs such as o zeenpic would lessen demand for

47
00:02:25,280 --> 00:02:28,560
Speaker 1: sleep apnea treatments, but today mister Farrell said the new

48
00:02:28,639 --> 00:02:31,160
Speaker 1: drugs were a catalyst for more people to engage with

49
00:02:31,200 --> 00:02:34,920
Speaker 1: the health system, triggering a business opportunity for ResMed now

50
00:02:35,000 --> 00:02:38,080
Speaker 1: as Med's listed in the US and Australia. Mister farrells

51
00:02:38,080 --> 00:02:40,239
Speaker 1: to the fourth quarter and full year fiscal twenty twenty

52
00:02:40,280 --> 00:02:43,840
Speaker 1: four results demonstrate a strong performance across all sectors of

53
00:02:43,880 --> 00:02:46,560
Speaker 1: the business. Its share price initially jumped, but as the

54
00:02:46,600 --> 00:02:49,079
Speaker 1: market fell, say did it it finished the day down

55
00:02:49,120 --> 00:02:52,600
Speaker 1: two percent. Story in number four. Prime Minister Anthony Albernizi

56
00:02:52,680 --> 00:02:56,400
Speaker 1: has dismissed calls to create a dedicated building watchdog following

57
00:02:56,440 --> 00:02:59,559
Speaker 1: concessions from the Fair Work Commission that it lacks jurisdictional

58
00:02:59,639 --> 00:03:04,680
Speaker 1: power to investigate criminal allegations involving the CFMEU. The Master

59
00:03:04,760 --> 00:03:08,280
Speaker 1: Builders Association has called for a new industry regulator with

60
00:03:08,360 --> 00:03:11,560
Speaker 1: broad powers to enforce civil and criminal law to clean

61
00:03:11,639 --> 00:03:14,400
Speaker 1: up the sector. It comes after the Australian Financial Review

62
00:03:14,440 --> 00:03:17,799
Speaker 1: revealed that the Fair Work Commission doesn't have sufficient jurisdictional

63
00:03:17,840 --> 00:03:22,120
Speaker 1: powers to properly investigate allegations of criminality but miss Trailbnezi

64
00:03:22,160 --> 00:03:25,399
Speaker 1: today cited the failings of the Australian Building and Construction Commission,

65
00:03:25,400 --> 00:03:28,320
Speaker 1: which was abolished in twenty twenty three, to reject the

66
00:03:28,360 --> 00:03:31,480
Speaker 1: calls from the industry for it to be re established.

67
00:03:31,520 --> 00:03:35,960
Speaker 1: He said, while the ABCC existed, CFMEU power breakers were

68
00:03:35,960 --> 00:03:39,360
Speaker 1: extending their influence, so therefore it didn't work. When asked

69
00:03:39,360 --> 00:03:41,600
Speaker 1: whether there's a need to have a powerful regulator with

70
00:03:41,600 --> 00:03:44,840
Speaker 1: the ability to investigate criminality, the Prime Minister said, please

71
00:03:44,920 --> 00:03:47,880
Speaker 1: have powers to investigate criminality the here you go and

72
00:03:47,920 --> 00:03:50,640
Speaker 1: storing number five. A number of airlines have canceled flights

73
00:03:50,640 --> 00:03:53,480
Speaker 1: to Israel amid rising tensions in the Middle East in

74
00:03:53,520 --> 00:03:56,960
Speaker 1: the aftermath of the killing of Hamas leader Ismail Haniya.

75
00:03:57,280 --> 00:04:01,240
Speaker 1: Mister Haneya was assassinated in Tehran on Wednesday Day, intensifying

76
00:04:01,480 --> 00:04:03,600
Speaker 1: fears that the conflict in the Middle East could escalate

77
00:04:03,680 --> 00:04:07,920
Speaker 1: beyond its current borders. Canceled airlines include Air India, United

78
00:04:07,920 --> 00:04:10,560
Speaker 1: Airlines and Delta from the US and the Luftanza group,

79
00:04:10,560 --> 00:04:13,360
Speaker 1: which includes Swiss airlines. At this stage, according to the

80
00:04:13,400 --> 00:04:17,520
Speaker 1: Australian Emirates and Quantas still have fights departing to Israel

81
00:04:17,560 --> 00:04:21,159
Speaker 1: from Australia. Earlier today, Prime Minister Anthony Albernezi once again

82
00:04:21,200 --> 00:04:24,400
Speaker 1: warned Australians in Lebanon to leave the country following the

83
00:04:24,480 --> 00:04:27,560
Speaker 1: killing of a top Hesbala commander earlier in the week.

84
00:04:27,960 --> 00:04:30,200
Speaker 1: That's it for the afternoon report for Friday, this second

85
00:04:30,200 --> 00:04:33,000
Speaker 1: of August twenty twenty four. Michael Thompson, Adam Lang and

86
00:04:33,040 --> 00:04:35,400
Speaker 1: I we'll be back tomorrow morning with a weekend edition

87
00:04:35,480 --> 00:04:38,240
Speaker 1: off beer and greed business news. I'm Sean Elmer to

88
00:04:38,320 --> 00:04:38,960
Speaker 1: enjoy reading