1 00:00:04,200 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business Newsday Afternoon Report 2 00:00:06,960 --> 00:00:09,720 Speaker 1: for Wednesday, the seventeenth of July twenty twenty four. I'm 3 00:00:09,720 --> 00:00:12,520 Speaker 1: sure in ELMA every afternoon, we've got the five stories 4 00:00:12,560 --> 00:00:14,520 Speaker 1: that happened today that you need to know about. Story 5 00:00:14,600 --> 00:00:17,640 Speaker 1: num on this and PASX two hundred closed up zero 6 00:00:17,720 --> 00:00:19,919 Speaker 1: point seven percent today to a new closing high of 7 00:00:20,000 --> 00:00:23,639 Speaker 1: eighty fifty eight points. It followed strong gains on Wall 8 00:00:23,640 --> 00:00:26,400 Speaker 1: Street overnight. About eighty percent of the top two hundred 9 00:00:26,400 --> 00:00:30,440 Speaker 1: stocks finished higher, with strong performances from Macquarie Group, which 10 00:00:30,480 --> 00:00:32,440 Speaker 1: was up more than two percent, as well as Telstra 11 00:00:32,600 --> 00:00:35,600 Speaker 1: Woollies and National Australia Bank. James Hardy jump more than 12 00:00:35,640 --> 00:00:38,280 Speaker 1: six percent, building on gains earlier in the week. Hard 13 00:00:38,320 --> 00:00:40,640 Speaker 1: Ease is very exposed to the US economy, in lower 14 00:00:40,760 --> 00:00:44,280 Speaker 1: rates should help earnings at the Building Products group. Gold 15 00:00:44,360 --> 00:00:46,840 Speaker 1: stocks did well as the price of the precious metal rows. 16 00:00:46,880 --> 00:00:50,360 Speaker 1: West African Resources and Bellevue Gold were both higher. Property 17 00:00:50,360 --> 00:00:53,199 Speaker 1: stocks continued their recent good run, with Goodman Center and 18 00:00:53,320 --> 00:00:56,440 Speaker 1: Charter Hall showing the way property companies are highly leveraged, 19 00:00:56,520 --> 00:00:59,640 Speaker 1: so hopes that rates will fall and therefore reduce interest 20 00:01:00,120 --> 00:01:03,400 Speaker 1: payments is good for the sector. The UVEACH index is 21 00:01:03,480 --> 00:01:05,800 Speaker 1: now up more than seven percent over the past week. 22 00:01:05,880 --> 00:01:08,360 Speaker 1: The tech doocs also did well today, led by Wistec. 23 00:01:08,600 --> 00:01:11,800 Speaker 1: The big miners were among the worst performers. Story number two. 24 00:01:11,840 --> 00:01:14,520 Speaker 1: Wall Street keeps running with a broad based SMP five 25 00:01:14,640 --> 00:01:17,920 Speaker 1: hundred rising overnight, while the Dow James Industrial Average, which 26 00:01:17,959 --> 00:01:20,679 Speaker 1: measures thirty of the largest companies in the US, hitting 27 00:01:20,760 --> 00:01:23,960 Speaker 1: a new record. Small caps are also doing well. Wee 28 00:01:24,120 --> 00:01:28,320 Speaker 1: Rustle two thousand, rising for five days straight. That's its 29 00:01:28,360 --> 00:01:31,160 Speaker 1: longest run since April two thousand. The S and P 30 00:01:31,240 --> 00:01:34,040 Speaker 1: five hundred is now up twenty percent this year, not bad. 31 00:01:34,400 --> 00:01:38,320 Speaker 1: Spurring on the confidence are hopes of a rate cut 32 00:01:38,400 --> 00:01:40,960 Speaker 1: in coming months and a growing belief that Donald Trump 33 00:01:41,000 --> 00:01:44,319 Speaker 1: will win the November presidency poll. One of mister Trump's 34 00:01:44,360 --> 00:01:49,000 Speaker 1: signature policies is to cut corporate taxes, which should bolster earnings. 35 00:01:49,320 --> 00:01:51,960 Speaker 1: Goals also on a tear heading a new peak of 36 00:01:52,280 --> 00:01:55,560 Speaker 1: US two four hundred and sixty nine dollars and sixty 37 00:01:55,600 --> 00:01:59,800 Speaker 1: six cents an ounce. US bonnios have fallen, reflecting those 38 00:01:59,880 --> 00:02:02,640 Speaker 1: x spectations of lower interest rates. Bitcoins high are worth 39 00:02:02,720 --> 00:02:05,320 Speaker 1: just under sixty six thousand US dollars unit and the 40 00:02:05,360 --> 00:02:09,360 Speaker 1: Aussie dollars buying sixty seven point three US cents. Story 41 00:02:09,440 --> 00:02:13,560 Speaker 1: number three. Australia has quietly become a food superpower over 42 00:02:13,600 --> 00:02:17,040 Speaker 1: the past decade, as local farmers have increased their output 43 00:02:17,120 --> 00:02:20,639 Speaker 1: by more than ninety percent. According to billionaire paper packaging 44 00:02:20,639 --> 00:02:24,840 Speaker 1: and recycling magnate Anthony Pratt, the Australian food production industry 45 00:02:24,840 --> 00:02:28,399 Speaker 1: now represents six percent of Australia's gross domestic product. Over 46 00:02:28,400 --> 00:02:30,960 Speaker 1: the past ten years, twelve hundred food factories have been 47 00:02:31,000 --> 00:02:34,000 Speaker 1: built across the nation and food exports have more than 48 00:02:34,080 --> 00:02:37,440 Speaker 1: doubled from twenty nine billion dollars to fifty nine billion dollars, 49 00:02:37,520 --> 00:02:40,440 Speaker 1: he said. Mister Pratt was speaking at the Australians at 50 00:02:40,480 --> 00:02:44,880 Speaker 1: Global Food Forum. He said, notably, beef exports to China 51 00:02:45,000 --> 00:02:48,000 Speaker 1: over the period have grown by two hundred percent. He 52 00:02:48,120 --> 00:02:51,440 Speaker 1: highlighted that Australia has secured eleven new free trade agreements 53 00:02:51,480 --> 00:02:54,919 Speaker 1: in recent years, including the landmark Australia India Free Trade 54 00:02:54,960 --> 00:02:58,480 Speaker 1: Agreement that came into effect in December twenty twenty two. 55 00:02:58,840 --> 00:03:02,600 Speaker 1: In total, we now have eighteen FDAs in place. This 56 00:03:02,720 --> 00:03:07,880 Speaker 1: has helped diversify the nation's food export market. Story number four. 57 00:03:08,000 --> 00:03:11,280 Speaker 1: BHP sold record amounts of Australian iron ore over the 58 00:03:11,320 --> 00:03:14,360 Speaker 1: past year, but copper is where growth is likely to 59 00:03:14,400 --> 00:03:17,359 Speaker 1: come from this year. Copper production was nine percent higher 60 00:03:17,680 --> 00:03:19,920 Speaker 1: in the twenty twenty four financial year thanks to the 61 00:03:19,919 --> 00:03:23,280 Speaker 1: OS Minerals acquisition. It's forecasterized by as much as ten 62 00:03:23,320 --> 00:03:26,919 Speaker 1: percent in the year ahead. BHP said it's Escandida mine 63 00:03:26,960 --> 00:03:31,520 Speaker 1: in Chile will soon begin producing higher grade material. BHP 64 00:03:31,680 --> 00:03:34,520 Speaker 1: has been focused on building its copper assets, as demonstrated 65 00:03:34,520 --> 00:03:37,040 Speaker 1: by its failed attempt to buy Anglo American earlier in 66 00:03:37,040 --> 00:03:40,320 Speaker 1: the year. Demand for copper is expected to surge alongside 67 00:03:40,320 --> 00:03:43,560 Speaker 1: electrification now. BHP also said it sold two hundred and 68 00:03:43,560 --> 00:03:46,720 Speaker 1: eighty seven point seven million tons of Australian iron or 69 00:03:47,160 --> 00:03:50,080 Speaker 1: last financial year, an increase of three percent on the 70 00:03:50,120 --> 00:03:53,600 Speaker 1: previous financial year and well ahead of the previous record 71 00:03:53,640 --> 00:03:56,680 Speaker 1: set back in twenty twenty two. BHP's share price was 72 00:03:56,720 --> 00:03:59,760 Speaker 1: down nearly one percent. Today it's our fifteen percent this 73 00:03:59,840 --> 00:04:03,480 Speaker 1: year and story number five. Investment banking is back, with 74 00:04:03,560 --> 00:04:05,840 Speaker 1: Wall Street posting its best quarter for the sector in 75 00:04:05,880 --> 00:04:08,480 Speaker 1: more than two years. In what Bank has said was 76 00:04:08,480 --> 00:04:12,600 Speaker 1: the early innings of a sustained recovery the five largest 77 00:04:12,600 --> 00:04:16,480 Speaker 1: investment banks, Goldman, Sachs, JP, Morgan Chase, Morgan, Stanley, Bank 78 00:04:16,480 --> 00:04:19,920 Speaker 1: of America, and City Group together reported at investment banking 79 00:04:19,960 --> 00:04:22,520 Speaker 1: fees of eight point two billion dollars in the second quarter, 80 00:04:22,800 --> 00:04:25,320 Speaker 1: a forty percent increase from a year earlier and the 81 00:04:25,440 --> 00:04:28,359 Speaker 1: highest since the start of twenty twenty two. All of 82 00:04:28,400 --> 00:04:32,599 Speaker 1: the banks except Goldman's announced higher than expected investment banking 83 00:04:32,760 --> 00:04:35,600 Speaker 1: revenues for the quarter. Each of the big five investment 84 00:04:35,640 --> 00:04:39,560 Speaker 1: banks has outperformed the bench SMP five hundred index over 85 00:04:39,600 --> 00:04:43,160 Speaker 1: the past three months. As if the afternoon report for Wednesday, 86 00:04:43,160 --> 00:04:45,400 Speaker 1: the seventeenth of July twenty twenty four. Don't forget to 87 00:04:45,440 --> 00:04:47,920 Speaker 1: hit follow on the podcast and find Fear and Greed 88 00:04:47,960 --> 00:04:51,719 Speaker 1: on LinkedIn, Instagram, ex TikTok and Facebook. Join Julian King 89 00:04:51,800 --> 00:04:54,080 Speaker 1: and I tomorrow morning for the Fast Five by Fear 90 00:04:54,120 --> 00:04:56,359 Speaker 1: and Greed, the top five business stories you need to 91 00:04:56,400 --> 00:04:59,719 Speaker 1: know in just five minutes. I'm Sean Elmont. Enjoy your evening.