1 00:00:04,200 --> 00:00:06,840 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,880 --> 00:00:09,399 Speaker 1: for Thursday, the thirteenth of June twenty twenty four. I'm 3 00:00:09,440 --> 00:00:12,119 Speaker 1: suan al month Every afternoon, We've got the five stories 4 00:00:12,119 --> 00:00:14,239 Speaker 1: that happened today that you need to know about. Story 5 00:00:14,320 --> 00:00:17,080 Speaker 1: number one. The unemployment rate fell to four percent last 6 00:00:17,079 --> 00:00:21,000 Speaker 1: month after net forty thousand new jobs were created according 7 00:00:21,000 --> 00:00:23,919 Speaker 1: to the Australian Bureau Statistics. The labor four stata didn't 8 00:00:23,920 --> 00:00:26,240 Speaker 1: move markets much, though over night news in the US 9 00:00:26,239 --> 00:00:28,560 Speaker 1: did more on that shortly. The s and PASEX two 10 00:00:28,680 --> 00:00:31,479 Speaker 1: hundred closed up zero point four percent to seven seven 11 00:00:31,520 --> 00:00:34,280 Speaker 1: hundred and fifty points. The banks were strong. National Australia 12 00:00:34,280 --> 00:00:37,080 Speaker 1: Bank hit a new nine year high, Goodman and Ria 13 00:00:37,080 --> 00:00:39,720 Speaker 1: Group were up three percent. CSL and Weistech Global jump 14 00:00:39,760 --> 00:00:42,760 Speaker 1: two percent, and Wes Farmers rose one point three percent. 15 00:00:43,040 --> 00:00:45,240 Speaker 1: The lag art among the large caps was mcquarie Group, 16 00:00:45,240 --> 00:00:48,120 Speaker 1: which fell one point three percent. In corporate news, AX 17 00:00:48,200 --> 00:00:52,080 Speaker 1: Limited shares tumbled after the market operator flagged that its 18 00:00:52,120 --> 00:00:55,560 Speaker 1: forecast four technology spending in the financial year will be 19 00:00:55,760 --> 00:00:59,600 Speaker 1: elevated now. Technology spending and the failure to introduce new 20 00:00:59,600 --> 00:01:03,400 Speaker 1: technolog has been a bugbear for several years at the exchange. 21 00:01:03,560 --> 00:01:06,319 Speaker 1: His share price closed down eight percent today, worst among 22 00:01:06,319 --> 00:01:08,720 Speaker 1: the top two hundred. Story number two. It was a 23 00:01:08,800 --> 00:01:11,720 Speaker 1: very busy night on Wall Street. May consumer Price Index 24 00:01:11,800 --> 00:01:14,360 Speaker 1: figures were released in the US and they show a 25 00:01:14,520 --> 00:01:18,920 Speaker 1: general easing of price pressures. Equity markets rallied. Then the 26 00:01:18,920 --> 00:01:21,800 Speaker 1: FED released it's updated economic projections that made it clear 27 00:01:22,080 --> 00:01:24,280 Speaker 1: there is one rate cut on the horizon this year, 28 00:01:24,680 --> 00:01:28,880 Speaker 1: not three as previously forecast. Wall Street then fell. Fed 29 00:01:28,959 --> 00:01:31,920 Speaker 1: Chair Jerown Powell said the CPI figures were confidence building, 30 00:01:32,200 --> 00:01:35,200 Speaker 1: and he reiterated that what the FED does is data dependent. 31 00:01:35,480 --> 00:01:38,600 Speaker 1: The three month annualized core CPI was three point three 32 00:01:38,680 --> 00:01:40,720 Speaker 1: percent for those three months at the end of May, 33 00:01:40,920 --> 00:01:42,960 Speaker 1: down from four point two percent for the three months 34 00:01:42,959 --> 00:01:45,080 Speaker 1: at the end of February. That's good news. The bottom 35 00:01:45,120 --> 00:01:49,080 Speaker 1: line to all this inflation is unambiguously falling and the 36 00:01:49,080 --> 00:01:51,880 Speaker 1: FED is thinking about when to cut rates. Markets reacted 37 00:01:51,880 --> 00:01:54,600 Speaker 1: with a broad based SMP five hundred finishing nearly one 38 00:01:54,600 --> 00:01:57,559 Speaker 1: percent higher to a record closing level. The tech heavy 39 00:01:57,640 --> 00:02:01,440 Speaker 1: Nastat Composite jumped one point six percent, also to a 40 00:02:01,520 --> 00:02:04,840 Speaker 1: record closing level. Story at number three. A Senate inquiry 41 00:02:04,880 --> 00:02:07,480 Speaker 1: has found that the Big four accounting firms should be 42 00:02:07,520 --> 00:02:11,320 Speaker 1: subject to stricter oversight and regulations more in line with 43 00:02:11,400 --> 00:02:14,800 Speaker 1: other businesses their size, and contracts over fifteen million dollars 44 00:02:14,800 --> 00:02:17,639 Speaker 1: should be approved by parliament. The Senate committee found the 45 00:02:17,680 --> 00:02:21,120 Speaker 1: Big Four operated in a gray area, and it recommended 46 00:02:21,120 --> 00:02:24,120 Speaker 1: sweeping changes to how the firms are regulated, including a 47 00:02:24,120 --> 00:02:28,720 Speaker 1: review of legislation governing partnerships and parliamentary examination of consultants 48 00:02:28,760 --> 00:02:32,600 Speaker 1: and professional bodies. The recommendations include putting government contracts worth 49 00:02:32,600 --> 00:02:36,079 Speaker 1: more than two million dollars under much heavier scrutiny, establishing 50 00:02:36,080 --> 00:02:38,760 Speaker 1: a committee to approve any project over fifteen million dollars, 51 00:02:39,120 --> 00:02:43,120 Speaker 1: tougher guidelines for managing conflicts, and tighter transparency measures. The 52 00:02:43,160 --> 00:02:46,760 Speaker 1: inquiry follows the scandal involving PwC, where a former partner 53 00:02:46,760 --> 00:02:50,120 Speaker 1: shared confidential tax information with others in the firm, then 54 00:02:50,440 --> 00:02:53,880 Speaker 1: used it to win new clients. Story number four Building 55 00:02:53,880 --> 00:02:56,520 Speaker 1: Group CSR is set to be delisted from the AX 56 00:02:56,639 --> 00:02:59,320 Speaker 1: after shareholders today voted in favor of the buyout offer 57 00:02:59,440 --> 00:03:03,480 Speaker 1: from French company Saint Gabain. It follows shareholders yesterday vaiting 58 00:03:03,480 --> 00:03:05,400 Speaker 1: for ad Bryer to be taken over by an Irish 59 00:03:05,480 --> 00:03:08,200 Speaker 1: Group and we'll take the number of dlisted ASEX companies 60 00:03:08,240 --> 00:03:11,560 Speaker 1: this year to around thirty three. CSR is the owner 61 00:03:11,560 --> 00:03:14,840 Speaker 1: of jip Rock paster Board and Mania roof Tiles. It's 62 00:03:14,880 --> 00:03:18,240 Speaker 1: been part of the Australian business landscape since eighteen fifty five, 63 00:03:18,560 --> 00:03:21,800 Speaker 1: currently has twenty six hundred employees. The board recommended the 64 00:03:21,919 --> 00:03:26,600 Speaker 1: nine dollars share offer and yesterday's shareholders voted overwhelmingly in 65 00:03:26,680 --> 00:03:29,320 Speaker 1: favor of it. Now CSR Begain Life is the Colonial 66 00:03:29,400 --> 00:03:33,520 Speaker 1: sugar refining company ultimately morphed into a building products group. 67 00:03:33,680 --> 00:03:36,600 Speaker 1: There are now three building companies on the AX CSR 68 00:03:36,680 --> 00:03:41,120 Speaker 1: AD Brian Borel that have or will leave the Boss 69 00:03:41,560 --> 00:03:44,000 Speaker 1: and Story Number five. The Federal Opposition is backing a 70 00:03:44,040 --> 00:03:47,000 Speaker 1: campaign to lift the age limit on social media from 71 00:03:47,000 --> 00:03:50,400 Speaker 1: thirteen to sixteen years, with Opposition leader Peter Dutton calling 72 00:03:50,400 --> 00:03:53,560 Speaker 1: it a sensible measure and a well balanced approach. Mister 73 00:03:53,680 --> 00:03:56,280 Speaker 1: Dutton said he would lift the minimum age to sixteen 74 00:03:56,320 --> 00:03:59,360 Speaker 1: within one hundred days of taking office if elected. The 75 00:03:59,480 --> 00:04:03,200 Speaker 1: thirty six Month's campaign, fronted by Nova's Michael Whipper Whipley, 76 00:04:03,560 --> 00:04:05,880 Speaker 1: has been pushing at the lift in the minimum age. 77 00:04:05,920 --> 00:04:08,960 Speaker 1: Mister Darton said it's a huge, confronting world for kids, 78 00:04:09,200 --> 00:04:11,600 Speaker 1: and the idea is a sensible measure. He said. We 79 00:04:11,640 --> 00:04:13,880 Speaker 1: need to call out the companies who are only interested 80 00:04:13,920 --> 00:04:16,480 Speaker 1: in profit and the number of subscribers rather than the 81 00:04:16,480 --> 00:04:20,359 Speaker 1: welfare of the viewers. As if the Afternoon Report for Thursday, 82 00:04:20,400 --> 00:04:22,520 Speaker 1: the thirteenth of June twenty twenty four. Don't forget to 83 00:04:22,640 --> 00:04:25,840 Speaker 1: follow on the podcast and find Fear and Greed on LinkedIn, Instagram, 84 00:04:25,960 --> 00:04:28,760 Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow 85 00:04:28,760 --> 00:04:30,760 Speaker 1: I'm wanning for the Fast Five by Fear and Greed, 86 00:04:30,960 --> 00:04:33,039 Speaker 1: the top five business stories you need to know in 87 00:04:33,160 --> 00:04:36,120 Speaker 1: just five minutes. I'm Sean ay Elmer. Enjoy your evening.