1 00:00:04,200 --> 00:00:06,880 Speaker 1: Welcome to the Fear and Greed Business Newars Afternoon Report 2 00:00:06,920 --> 00:00:09,360 Speaker 1: for Friday, the twenty sixth of July twenty twenty four. 3 00:00:09,400 --> 00:00:12,080 Speaker 1: I'm Sean Elma. Every afternoon, We've got the five stories 4 00:00:12,080 --> 00:00:14,080 Speaker 1: that happened today that you need to know about. Story 5 00:00:14,160 --> 00:00:16,240 Speaker 1: number one. There was a strong day for the equities market, 6 00:00:16,280 --> 00:00:19,200 Speaker 1: with the SMPA six two hundred closing up zero point 7 00:00:19,200 --> 00:00:21,959 Speaker 1: eight percent to seven nine hundred and twelve points. For 8 00:00:22,040 --> 00:00:25,079 Speaker 1: the week, the benchmark index ended about half percent lower. 9 00:00:25,400 --> 00:00:27,400 Speaker 1: It was a bad day for the gold stocks, particularly 10 00:00:27,400 --> 00:00:30,000 Speaker 1: Bellevue Gold, which ended down more than twenty percent after 11 00:00:30,120 --> 00:00:32,600 Speaker 1: it asked investors for another one hundred and seventy five 12 00:00:32,640 --> 00:00:36,159 Speaker 1: million dollars and lowered its production forecast. The price of 13 00:00:36,240 --> 00:00:39,160 Speaker 1: gold was also lower down to twenty three seventy US 14 00:00:39,200 --> 00:00:42,240 Speaker 1: dollars and ounce, and the whole sector fell. Gold diggers 15 00:00:42,280 --> 00:00:46,680 Speaker 1: read five, Northern Star, Regis Resources, and Perseus Mining were 16 00:00:46,680 --> 00:00:49,440 Speaker 1: among the worst performers today. In fact, the five gold 17 00:00:49,479 --> 00:00:52,360 Speaker 1: stocks I've just mentioned were the five worst performing stocks 18 00:00:52,520 --> 00:00:55,360 Speaker 1: of the top two hundred. Away from gold, some of 19 00:00:55,360 --> 00:00:58,520 Speaker 1: the miners were among the best performers. Rio jumped more 20 00:00:58,560 --> 00:01:01,400 Speaker 1: than three percent, BHP was more than two percent. That 21 00:01:01,560 --> 00:01:04,480 Speaker 1: followed something of a rebound in nine ore prices. Mcquarie 22 00:01:04,480 --> 00:01:07,959 Speaker 1: Group was another strong performer after yesterday's third quarter earnings announcement. 23 00:01:08,240 --> 00:01:13,280 Speaker 1: The lackards today included Woolly's and an Z. Telstra also underperformed. 24 00:01:13,760 --> 00:01:17,360 Speaker 1: Story number two. Nine Entertainment boss Mike Sneezeby is not 25 00:01:17,480 --> 00:01:20,720 Speaker 1: happy about staff and the publishing division going on strike 26 00:01:20,760 --> 00:01:24,880 Speaker 1: over pay, saying he is profoundly disappointed that journalists have 27 00:01:24,959 --> 00:01:27,360 Speaker 1: voted to walk off the job for five days in 28 00:01:27,400 --> 00:01:30,400 Speaker 1: the middle of the company's Paris Olympics coverage. In an 29 00:01:30,440 --> 00:01:33,319 Speaker 1: email from Paris this morning, mister Sneeesby said the timing 30 00:01:33,360 --> 00:01:36,080 Speaker 1: of strike action by hundreds of staff comes on the 31 00:01:36,120 --> 00:01:38,959 Speaker 1: eve of one of the biggest news events on the planet. 32 00:01:39,319 --> 00:01:41,200 Speaker 1: Nine will spend at least one hundred and twenty million 33 00:01:41,240 --> 00:01:44,960 Speaker 1: dollars on the Olympics, including the broadcasting deal and production costs. 34 00:01:45,120 --> 00:01:48,400 Speaker 1: The mastheads affected by the strike include The Sydney Morning Herald, 35 00:01:48,440 --> 00:01:52,680 Speaker 1: The Age, The Australian Financial Review, Brisbane Times and WA Today. 36 00:01:53,080 --> 00:01:56,200 Speaker 1: It also includes those reporters sent to Paris to cover 37 00:01:56,240 --> 00:01:59,400 Speaker 1: the Olympics. Story number three, Former New South Wales Premier 38 00:01:59,440 --> 00:02:02,480 Speaker 1: gladys Bury Jim has lost a bid to overturn a 39 00:02:02,520 --> 00:02:05,320 Speaker 1: corruption finding against her denied by the New South Wales 40 00:02:05,400 --> 00:02:08,360 Speaker 1: Court of Appeal. In a split decision, New South Wales 41 00:02:08,520 --> 00:02:12,920 Speaker 1: Chief Justice Andrew Bell dismissed her bid with costs. The 42 00:02:13,000 --> 00:02:16,000 Speaker 1: former premier had sought to overturn the Independent Commission Against 43 00:02:16,040 --> 00:02:21,079 Speaker 1: Corruption's findings that she engaged in serious corrupt conduct pertaining 44 00:02:21,080 --> 00:02:23,680 Speaker 1: to a breach of the Ministerial Code by failing to 45 00:02:23,680 --> 00:02:27,919 Speaker 1: disclose her relationship with her then partner, ex MP Daryl maguire. 46 00:02:28,280 --> 00:02:32,680 Speaker 1: The IKACS finding against Mesberagiiclian involved the approval of two 47 00:02:32,760 --> 00:02:36,120 Speaker 1: multimillion dollar grants in mister McGuire's formal Wogger electorate and 48 00:02:36,200 --> 00:02:38,919 Speaker 1: her failure to disclose that they are in a relationship. 49 00:02:39,240 --> 00:02:42,520 Speaker 1: The former Premier had challenged the uvalidity of the kac's 50 00:02:42,560 --> 00:02:45,600 Speaker 1: findings on grounds that it had acted beyond its authority. 51 00:02:46,120 --> 00:02:48,920 Speaker 1: Story number four. There were some rare good news from 52 00:02:48,960 --> 00:02:51,080 Speaker 1: a lithium minor today and the share price of Mental 53 00:02:51,120 --> 00:02:54,639 Speaker 1: Resources jumped after the company delivered on its annual production 54 00:02:54,880 --> 00:02:58,799 Speaker 1: guidance no one expected to get there. Last month, Minrez 55 00:02:58,919 --> 00:03:02,040 Speaker 1: said it will shut down it's Yulgaran hub in Western Australia, 56 00:03:02,080 --> 00:03:05,040 Speaker 1: impacting nearly one thousand jobs. The share price has slumped 57 00:03:05,120 --> 00:03:08,959 Speaker 1: nearly fifteen percent since then. That is, of course, until 58 00:03:09,080 --> 00:03:12,079 Speaker 1: today's bounce. Investment analysts said the production updates s had 59 00:03:12,240 --> 00:03:15,160 Speaker 1: slightly lower debth than expected, a decent cash balance, and 60 00:03:15,240 --> 00:03:17,600 Speaker 1: an average price of lithium that was better than its 61 00:03:17,639 --> 00:03:21,359 Speaker 1: peers and story number five. The US economy grew faster 62 00:03:21,440 --> 00:03:25,280 Speaker 1: than expected during the Dune quarter, notwithstanding interest rates remained high. 63 00:03:25,720 --> 00:03:28,639 Speaker 1: Gross domestic product rose at a two point eight percent 64 00:03:28,760 --> 00:03:32,200 Speaker 1: annualized rate during the three months, doubling the pace of 65 00:03:32,240 --> 00:03:35,960 Speaker 1: growth from the previous quarter. Unlike Australia, where households continue 66 00:03:36,000 --> 00:03:39,000 Speaker 1: to tighten their belts, in the US, personal spending jumped 67 00:03:39,040 --> 00:03:41,880 Speaker 1: by two point three percent, a measure of inflation raise 68 00:03:41,920 --> 00:03:44,840 Speaker 1: two point nine percent, lower than the previous quarter, but 69 00:03:44,920 --> 00:03:48,640 Speaker 1: still above estimates, according to the Bureau of Economic Analysis. 70 00:03:48,920 --> 00:03:51,480 Speaker 1: While the result was higher than expected, the economy is 71 00:03:51,520 --> 00:03:54,720 Speaker 1: still cooling, experts said, voting well for those hoping that 72 00:03:54,800 --> 00:03:58,280 Speaker 1: the Federal Reserve will start cutting rates in September. That said, 73 00:03:58,320 --> 00:04:00,520 Speaker 1: for the afternoon report for Friday, the twenty sixth of 74 00:04:00,600 --> 00:04:03,200 Speaker 1: July twenty twenty four, don't forget to follow on the podcast, 75 00:04:03,480 --> 00:04:06,400 Speaker 1: and find Fear and Greed on LinkedIn, Instagram, x TikTok, 76 00:04:06,480 --> 00:04:09,120 Speaker 1: and Facebook. Join Michael Thompson tonight tomorrow morning for the 77 00:04:09,120 --> 00:04:12,080 Speaker 1: weekend Fast five by Fear and Greed. I'm sure Elma 78 00:04:12,280 --> 00:04:13,200 Speaker 1: enjoy you reading