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Speaker 1: The Commonwealth Bank leads the ASEX to a near record,

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Speaker 1: the number of millionaires in Australia are set to soar,

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Speaker 1: and Samsung unveils its fitness Ring. Welcome to Fear and Greed.

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Speaker 1: Daily business news people who make their own decisions. It

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Speaker 1: is Friday, the twelfth of July twenty twenty four. I'm

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Speaker 1: Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning. Commonwealth Bank led the Australian

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Speaker 1: share market hire yesterday, with the BOSS close to a

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Speaker 1: record on the back of surging equity markets overseas.

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Speaker 2: The benchmark SNPASX two hundred closed up nearly one percent

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Speaker 2: yesterday to eight hundred and ninety points. That's just seven

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Speaker 2: points below the record close of seven eight hundred and

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Speaker 2: ninety seven points that was back in late March. Now,

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Speaker 2: the all time high for the bors is nine hundred

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Speaker 2: and ten point five points that was back on the

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Speaker 2: second of April. Yesterday, it peaked just under seventy nine

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Speaker 2: hundred points, very very close. Commonwealth Bank share price pushed

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Speaker 2: through one hundred and thirty dollars this year for the

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Speaker 2: first time, hitting one hundred and thirty dollars and thirty

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Speaker 2: cents before closing out one hundred and twenty nine to

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Speaker 2: fifty three. Come Off Bank is now worth two hundred

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Speaker 2: and seventeen billion dollars, just shy of BHP's two hundred

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Speaker 2: and twenty one billion dollars. You kind of get the

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Speaker 2: feeling that within weeks we will have a new largest

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Speaker 2: company on the burs come Off Bank is about twice

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Speaker 2: the size of the next biggest bank that's National Australium.

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Speaker 2: There are a bunch of companies hitting record highs or

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Speaker 2: multi year highs yesterday from across the economy, including electronics

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Speaker 2: retailer JB hi Fi, Benigo Bank, Online Property Group, Aria,

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Speaker 2: Insurance Brokers, Steadfast Software Outfit Technology one, and online accounting

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Speaker 2: software company zero. That is an eclectic bunch. The three

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Speaker 2: other major banks are also training close to multi year highs.

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Speaker 2: The strong session yesterday reflected overseas markets and also hopes

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Speaker 2: that the Reserve Bank won't lift interest rates again this

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Speaker 2: economic cycle. While in fat figures you out and just

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Speaker 2: under three weeks will determine what the Reserve Bank does

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Speaker 2: when it next meets. Confidence is growing that price pressures

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Speaker 2: are easing overseas as well as locally, and that is

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Speaker 2: helping forecasts for earnings, and that is helping share prices.

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Speaker 1: Yeah, because this isn't just an Australian story, is it.

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Speaker 1: It is a global story.

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Speaker 2: Sure is. Globally investors have priced in what GFSM market

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Speaker 2: strategist Stephen Miller calls a Goldilock's outcome with no recession

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Speaker 2: and easing inflation, but he warns plenty can still go wrong.

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Speaker 2: The move in the local market yesterday came after the

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Speaker 2: S and P five hundred closed above fifty six hundred

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Speaker 2: points for the first time, with Apple's share price jumping

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Speaker 2: two percent. Now that company is valued at three point

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Speaker 2: five seven trillion US dollars this month, and it's only

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Speaker 2: the twelfth day of the month. Apple's share price is

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Speaker 2: up more than ten percent. It means a value of

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Speaker 2: Apple in those days those twelve days has jumped three

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Speaker 2: hundred and forty billion US dollars, or more than the

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Speaker 2: combined values of all of the HPN Commwealth Bank. Pretty

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Speaker 2: incredible just so far this month. That's so far in

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Speaker 2: twelve days, ten days of trading. Microsoft's share price jump

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Speaker 2: to one and a half percent yesterday. Its value sits

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Speaker 2: at just below three point five trillion US dollars, and

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Speaker 2: Video is up two point seven percent. It's at three

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Speaker 2: point three two trillion US dollars. The six largest companies

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Speaker 2: on the SMP five hundred now so the Apple, Microsoft,

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Speaker 2: and end Video, along with Alphabet, Amazon and Meta. Those

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Speaker 2: top six are worth sixteen point two trillion US dollars.

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Speaker 2: That's around twenty four trillion Australian dollars. That's way more

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Speaker 2: than twice the value of the entire residential property market

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Speaker 2: in Australia. It's just phenomenal. It isn't just Australia in

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Speaker 2: the US doing well either. The Japanese share market is

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Speaker 2: at a record level. The UK's foot season't far off one,

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Speaker 2: as is the stock's Europe six hundred, which measures the

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Speaker 2: biggest six hundred companies in the European region. Share markets

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Speaker 2: have gone on a tear. The next question, which I

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Speaker 2: can't answer, will it last?

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Speaker 1: Sean obviously a very good day for the market. Any

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Speaker 1: other notable moves locally well.

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Speaker 2: Among the large cap cs, Cell West, Farmers, Fortis, View,

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Speaker 2: Woodside and Woolies all did well. In fact, seventy five

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Speaker 2: percent of the ASEX two hundred stocks rose yesterday, it

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Speaker 2: was a good day for the uranium miners, with Deep, Yellow,

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Speaker 2: Boss Energy, and Paladin Energy all among the best performers.

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Speaker 2: Best though, was biotech Telix Pharmaceuticals, its share price finished

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Speaker 2: up ten percent after its flag changes to regulations in

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Speaker 2: the US regarding payments for diagnostic radiotherapy treatments. The gold

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Speaker 2: stocks also did well, with Perseus Mining and neumont rising sharply.

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Speaker 1: Now thanks to blue chip communication, the experts helping financial

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Speaker 1: services companies market, communicate, and grow. As a blue chip

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Speaker 1: communication dot com dot AU, what's happening in international markets

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Speaker 1: outside equity sean oil.

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Speaker 2: Climb for a second day, with figures showing that US

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Speaker 2: stockpiles fell last week, while jet fuel and gasoline consumption rose.

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Speaker 2: When I saw that, it led me to wonder which

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Speaker 2: sectors use most oil? And I kind of knew which sectors,

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Speaker 2: but how much do they use? The US is by

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Speaker 2: far the biggest consumer of oil, and two thirds of

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Speaker 2: it goes to transportation, about twenty eight percent to industrial.

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Speaker 2: Not much actually goes to residential. Of that transportation, two

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Speaker 2: thirds of its transportation. Of that sixty two percent is vehicles.

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Speaker 2: By far, the majority are vehicles about twelve percent is

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Speaker 2: for jet fuel and aviation. It's why demand for oil

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Speaker 2: jumps so much in the northern Hemisphere summer. Because people

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Speaker 2: in the US jump in their cars and go on holidays.

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Speaker 2: They all need to fill up with gas. Hence we

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Speaker 2: have this massive spike in demand for oil. In fact,

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Speaker 2: on average, Michael, about three hundred and sixty nine million

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Speaker 2: gallons of oil is pumped into vehicles each day in

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Speaker 2: the US. That's about one point four billion liters of

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Speaker 2: petrol a day. That is extraordinary, It's quite phenomenal. Ont

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Speaker 2: four billion liters a day.

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Speaker 1: Where do you even now to make ourselves itself sound stupid,

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Speaker 1: but where do they even store that much? That is

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Speaker 1: just so much for every single day. That is extraordinary, extraordinary.

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Speaker 2: Otherwise, gold prices continue to rise, with the precious metal

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Speaker 2: heading back towards twenty four hundred US dollars. Announcer and Michael,

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Speaker 2: the Aussie dollar roaring day yesterday went from sixty seven

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Speaker 2: point four to sixty seven point six US.

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Speaker 1: Since it is climbing in Italy, yeah, just inting its

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Speaker 1: way up now, Shorn. After the show, you have a

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Speaker 1: terrific interview. A bit of a change of pace today

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Speaker 1: with today's interview. You're talking to John Stensholt, a business

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Speaker 1: reporter from The Australian, and it is about a fascinating topic.

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Speaker 2: Yeah, it's all about well, it's a business of sport

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Speaker 2: really that we go more sport than business. To be

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Speaker 2: perfectly honest, John has been following the business of sport

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Speaker 2: for years and years. We don't mind be saying that.

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Speaker 2: We start with Travis Piazana, who is the Sydney Bourne

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Speaker 2: baseballer who went to college over on the West Coast

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Speaker 2: of the US and could well be the number one

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Speaker 2: pick for the major leagues in baseball, sign on bonus

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Speaker 2: of fifteen million dollars. We then go into payments to

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Speaker 2: the basketball It's like Lebron James, whether or not you

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Speaker 2: can make money out of basketball in Australia, how the

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Speaker 2: IFL NRL cricketers perform. And we did the full circle

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Speaker 2: by finishing up with the Olympics. So great chat about

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Speaker 2: the business of sport and how you can make money

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Speaker 2: out of sport and whether they do make money out

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Speaker 2: of sport and no one better to talk to about

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Speaker 2: that than John.

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Speaker 1: Yeah, he knows this space so well. It is a

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Speaker 1: really interesting and fun conversation. Stick around for that one

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Speaker 1: that's coming up after the show. We'll be back in

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Speaker 1: a moment with the rest of the day's business news

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Speaker 1: on Prime Minister Anthony Abernezi says gas has an important

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Speaker 1: role to play in Australia's energy future as the inevitable

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Speaker 1: shift to renewables occurs.

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Speaker 2: Mistrailmaneasi said to ensure energy security during the transition period,

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Speaker 2: gas is needed for firming capacity. Firming capacity basically means

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Speaker 2: keeping the good stable. Given the intermistigency of wind, solar

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Speaker 2: and hydropower. Why they don't say keeping the good stable?

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Speaker 2: What I have to use terms like fermi Dana Michael,

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Speaker 2: But that's what it means anyway, Gas needed for ferming capacity.

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Speaker 2: The Prime Minister also spooked the need for batteries. He

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Speaker 2: took a swipe at the opposition's pro nuclear stands, saying

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Speaker 2: it doesn't stack up economically, citing the International Energy Agency

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Speaker 2: which has said that Australia's comparative advantage is in renewables.

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Speaker 2: He was speaking in Queensland. He covered a bunch of topics.

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Speaker 2: One of them was jo Biden and when asked about

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Speaker 2: Jay Biden, it looked slightly uncomfortable. He said he's dealing

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Speaker 2: with the US president had always been productive, but he

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Speaker 2: really didn't want to talk about what's going on over

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Speaker 2: there at the moment.

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Speaker 1: Well, there's nothing to be gained, is there not from

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Speaker 1: it by being drawn on that like this. There is

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Speaker 1: no benefit at all for an Australian politician to be

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Speaker 1: drawn into this conversation.

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Speaker 2: Yeah, totally agree.

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Speaker 1: It would be dodging up a storm now showing, the

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Speaker 1: Competition Watchdog is suing The Good Guys, alleging the retailer

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Speaker 1: made misleading representations about it store credit and store cash promotions.

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Speaker 2: The Australian Competition and Consumer Commission claims that The Good

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Speaker 2: Guys were in one hundred and sixteen promotions between July

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Speaker 2: twenty nineteen and August twenty twenty three, in which it

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Speaker 2: offered consumers the store credit or store cash if they

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Speaker 2: spent a certain amount of money on qualifying products in

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Speaker 2: its online or physical stores. The Watchdog alleges that The

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Speaker 2: Good Guy said that the only requirement to receive the

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Speaker 2: store credit was to make a qualifying purchase. However, that

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Speaker 2: wasn't the case, sees the hill See, because consumers were

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Speaker 2: also required to opt in to receive marketing communications. THEBC

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Speaker 2: also alleges that the Good Guys represented that store credit

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Speaker 2: and store cash would not expire or would expire after

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Speaker 2: a reasonable period, when in fact, for the majority of

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Speaker 2: promotions it expired within seven to ten days. The Good

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Speaker 2: Guys is a subsidiary of JB. Hi Fi shareholders didn't

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Speaker 2: seem too worried about that, I mentioned earlier on JB's

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Speaker 2: share price hit a new record yesterday, up a couple

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Speaker 2: of percent. But I think it is good when the

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Speaker 2: watchdog comes in, and it may not seem like much

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Speaker 2: to many of us, but the fact that a retailer

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Speaker 2: isn't doing what it says it's doing, or allegedly isn't

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Speaker 2: doing what it says is doing, I please the competition

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Speaker 2: Watchdog's taking a look at it.

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Speaker 1: Yeah. Indeed. Now, in the world of economics, the Commonwealth

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Speaker 1: Bank Household Spending Indicator indicates that renters are pulling back

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Speaker 1: on spending more than mortgage holders.

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Speaker 2: Rent of spending was down nearly one percent last month,

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Speaker 2: whereas outlays by mortgage holders was up one and a

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Speaker 2: half percent. Of course, those who fully own their homes

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Speaker 2: they're spending even more. Their spending was up a couple

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Speaker 2: of percent. Household spending has been overall week, although it

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Speaker 2: picked up zero point six percent over the month of June.

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Speaker 2: It's now about four percent high over the past year.

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Speaker 2: So Yesterday, Assistant Minister for Trade and Manufacturing Tim As

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Speaker 2: came out and said shipping around the world is being

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Speaker 2: buffeted by conflict in the Middle East, including actions by

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Speaker 2: Yemen's hurting militants. He said the problems are pushing up

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Speaker 2: prices for Australian consumers and businesses because they're having an

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Speaker 2: impact on the duration and cost of shipping travel to Australia.

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Speaker 1: This is an interesting one, Sean, A bit of talk

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Speaker 1: about this one. A and Z is under fire for

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Speaker 1: how it operates in the government bond market after allegations

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Speaker 1: at overstated the value of government bonds. It traded by

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Speaker 1: more than fifty billion dollars in twelve months, boosting its

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Speaker 1: prospects of winning lucrative mandates issuing comnwealth debts.

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Speaker 2: It's a little bit inside baseball, and if you're a

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Speaker 2: bond trader, it's really interesting. Now for the rest of us.

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Speaker 2: So where I think this really matters, I mean, certainly

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Speaker 2: it harms its prospects of working with the government when

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Speaker 2: the government's issuing bonds in the future. But it's a

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Speaker 2: really bad look for a major bank to have done this.

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Speaker 2: It basically admitted to the Australian Office of Financial Management,

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Speaker 2: which meant government debt that figures it had supplied detailing

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Speaker 2: the volume of turnover was wrong. Now this is according

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Speaker 2: to report the Financial Review. It's one of nineteen market

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Speaker 2: makers for Australian bonds. You have to be very well

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Speaker 2: regarded to be one of those nineteen market makers. Now

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Speaker 2: ain Zen, like the other eighteen market makers, is required

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Speaker 2: to submit quarterly figures to the agency the AIFM selects

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Speaker 2: the largest traders for issuances. Ain Zid initially said it

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Speaker 2: had facilitated one hundred and thirty eight billion dollars in

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Speaker 2: government bond trades for clients in the year end of

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Speaker 2: June twenty twenty three. The actual number was eighty three

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Speaker 2: billion dollars, a difference of nearly sixty five percent. A

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Speaker 2: and Z's trading of government bonds is already under scrutiny

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Speaker 2: from both the AOFM and ASSEIC. It's being investigated by

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Speaker 2: the regulator for allegedly manipulating the benchmark ten year futures

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Speaker 2: rate when it's appointed a manager for a fourteen billion

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Speaker 2: dollar government bond sale last year. This just adds to

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Speaker 2: dat and the spotlight on bond trading within A and Z. Now, financially,

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Speaker 2: it may not make a huge difference reputationally, though it could.

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Speaker 1: Sean I mentioned this at the top of the show.

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Speaker 1: The number of millionaires in Australia will jump by at

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Speaker 1: least twenty percent in the next four years thanks to

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Speaker 1: higher home values, superannuation balances and gifts and inheritance.

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Speaker 2: That's according to the UBS Global Wealth Report released yesterday.

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Speaker 2: It says Australian's wealth grew by nearly ten percent last year,

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Speaker 2: twice the average rate of the other fifty six countries

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Speaker 2: studied in the report. It says the median wealth per adult,

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Speaker 2: which is probably a better measure, median wealth per adult

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Speaker 2: in Australia is almost four hundred thousand dollars, sitting behind

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Speaker 2: only Luxembourg in the rankings and ahead of Belgium, Hong

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Speaker 2: Kong and New Zealand. Currently, Australia is home to one

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Speaker 2: point nine million US dollar millionaires, so that's actually about

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Speaker 2: one and a half million AUZI dollars, so one point

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Speaker 2: nine million US dollar millionaires with total wealth of about

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Speaker 2: eight trillion dollars. That number is set to hit two

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Speaker 2: point three from one point nine to two point three

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Speaker 2: by twenty twenty eight. The report says, we know the

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Speaker 2: housing and superstory. The intergenerational wealth transfer is particularly interesting.

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Speaker 2: Ubs says the oldest of the baby Boomers are dying,

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Speaker 2: youngest are retiring. That population bolge will lead to a

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Speaker 2: greater transfer of wealth to children, either through inheritance or

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Speaker 2: the bank of Mum and Dad, so that money is

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Speaker 2: shifting down the line to children and creating more millionaires.

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Speaker 1: Fascinating. Sorry, International News Now sean Joe Biden. He's in

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Speaker 1: a bit of trouble. We're senior Democrats, including Senate Majority

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Speaker 1: leader Chuck Schumer, saying they are open to replacing him

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Speaker 1: ahead of the November presidential election.

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Speaker 2: Yes, as many Democrats have pushed to have Joe Biden replaced,

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Speaker 2: Chuck Schumer, one of the most senior members of the party,

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Speaker 2: has stood by the president. But Axios is reporting that

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Speaker 2: Schumer is telling Danas he's open to replacing mister Biden.

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Speaker 2: It came after party heavyweight Nancy Pelosi said the president

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Speaker 2: had a decision to make about his future. Who's also

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Speaker 2: acted George Clooney. He came out and said, mister Biden

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Speaker 2: needs to be replaced as the party's presidential candidate, including

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Speaker 2: is a big fundraiser for Joe Biden. Michael, I think

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Speaker 2: it's fair to say the drums are beating louder and

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Speaker 2: louder for Joe Biden.

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Speaker 1: Yes, and you might say that time is running out

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Speaker 1: a little bit as well, because every week that this

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Speaker 1: conversation then kind of continues is another week lost for campaigning.

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Speaker 2: Yeah. And what's interesting is Donald Trump, who had been

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Speaker 2: very quiet the last forty eight hours or so, he's

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Speaker 2: stepped up once again, and he's starting to pick on

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Speaker 2: Karmala Harris because Karmala Harris is definitely the obvious replacement

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Speaker 2: for Joe Biden. So Donald Trump's attacks are all about

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Speaker 2: Joe Biden and Krmala Harris.

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Speaker 1: Now, yeah, he's looking ahead, isn't he? All? Right? Now?

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Speaker 1: Sean Elon Musk when his brain computer startup, Neuralink aims

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Speaker 1: to implant its device into a second human patient in

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Speaker 1: a week or so, and hopes to have devices in

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Speaker 1: patients numbering in the high single digits by the end

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Speaker 1: of the year.

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Speaker 2: In a wide ranging discussion broadcast on x, mister Mask

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Speaker 2: and several key Neuralink staffers describe the current devices, capabilities

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Speaker 2: and future possibilities such as repairing paralysis and memory loss.

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Speaker 2: Mister Musk said Neurallink can help by creating a closer

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Speaker 2: symbiosis between human intelligence and digital intelligence. The idea, mister

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Speaker 2: Musk said, is and I quote to give people superpowers

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Speaker 2: end quote. That's, according to Bloomberg. In the shorter term,

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Speaker 2: the company won't be giving superpowers. The company aims to

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Speaker 2: help patients with brain injuries and spinal injuries by enabling

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Speaker 2: them to control phones and computers with their minds. It

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Speaker 2: does that by implanting into the skull the device that

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Speaker 2: it calls Telepathy, around disc with electrode threads attached to

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Speaker 2: it that's inserted into the brain tissue. Now, they have

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Speaker 2: done it once before and the point where the electroates

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Speaker 2: were inserted into the brain tissue wasn't particularly successful, So

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Speaker 2: they think they've overcome that and in the next week

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Speaker 2: or so they'll be implanting the device into a second

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Speaker 2: human patient.

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Speaker 1: Samsung is taking on Apple and wearables by launching a

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Speaker 1: smart ring and releasing a new high end watch with

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Speaker 1: a similar look and features as the Apple Watch Ultra.

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Speaker 2: Would you wear a smart ring?

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Speaker 1: I've got very small fingers, so I need to quite

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Speaker 1: a nine sizes apparently, Well, I'm not small like slender

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Speaker 1: fingers slender panist hairs. Sure, and that is a word

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Speaker 1: that you need to make sure that you enunciate very clearly, pianists.

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Speaker 2: And I thought you said that anyway. At Samsung's unpacked

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Speaker 2: event in Paris, the company said it's long anticipated Galaxy

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Speaker 2: Ring will cost four hundred US dollars and monitor aware

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Speaker 2: is fitness and sleep. The ring will have senses for

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Speaker 2: skin temperature, track women's menstrual cycles, and last up to

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Speaker 2: a week on a single charge, according to a report

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Speaker 2: in Bloomberg. Samsung's other major new debut was the Galaxy

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Speaker 2: Watch Ultra, a six hundred and fifty US dollar wearable

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Speaker 2: made of titanium with sleep apnear detection and two day

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Speaker 2: battery life. The Galaxy Ring will be available in nine sizes.

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Speaker 2: Michael hopefully that will fit the penis fingers of yours,

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Speaker 2: and Samsung will also often fitting kits to help users

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Speaker 2: find the right size. The company also said that the

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Speaker 2: device won't require a subscription, distinguishing it from other new wearables.

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Speaker 2: I love the idea of a wearable smart ring.

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Speaker 1: I am. I'm just glad. We're at the end of

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Speaker 1: the show. Coming back from that, is there no up?

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Speaker 1: Next is the Fear and Greed Daily Interview. You're speaking

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Speaker 1: with John Stensalt from The Australian The.

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Speaker 2: Business of sport. Start with the Aussie baseballer Travis Bazana

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Speaker 2: likely earn fifteen million dollars next week when he signs

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Speaker 2: potentially or was picked potentially one, two, three or four

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Speaker 2: in the NBL draft. And we go on to the

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Speaker 2: know how other sports make money.

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Speaker 1: Wouldn't you have a sleepless weekend if you were him,

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Speaker 1: knowing that something that you have worked so hard for

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Speaker 1: is coming and it could go spectacularly Well.

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Speaker 2: You know, I mean you know that. I know Travis

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Speaker 2: from many years ago. He grew up with some of

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Speaker 2: the kids and went to the same school as some

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Speaker 2: of the kids, and he at about the age of

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Speaker 2: fourteen or fifteen, decided that he was going to be

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Speaker 2: the best baseballer and it literally he decided that and

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Speaker 2: has been driven ever since. And I wish him the

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Speaker 2: absolute best of life. He comes from a very great family,

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Speaker 2: great community, all that sort of thing, and I really

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Speaker 2: hope he does well. But he's a very very determined

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Speaker 2: chat Travis.

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Speaker 1: Yeah, deserves every bit of success coming his way. That

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Speaker 1: is a great interview coming up with John Stansholt. Give

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Speaker 1: that one a listen. It is fantastic all around. Up

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Speaker 1: x in the Fear and Greed playlist on your podcast

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Speaker 1: platform or at Fearangreed dot com at dot a you,

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Speaker 1: which is also where you can sign up for the

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Speaker 1: free weekly newsletter. Thank you, Sean, Thank you Michael. It

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Speaker 1: is Friday, the twelfth of July twenty twenty four. Make

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Speaker 1: sure you're following the podcast and please join us as

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Speaker 1: well online on LinkedIn, Instagram, x TikTok and Facebook. I'm

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Speaker 1: Michael Thompson and that was Fear and Greed. Have a

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Speaker 1: great day.