1 00:00:03,720 --> 00:00:06,160 Speaker 1: Welcome to the Fear and Greed business Years. The Afternoon 2 00:00:06,200 --> 00:00:08,840 Speaker 1: Report for Wednesday, the third of July twenty twenty four, 3 00:00:08,880 --> 00:00:11,280 Speaker 1: I'm Sean A Elmer. Every afternoon, we've got the five 4 00:00:11,320 --> 00:00:13,280 Speaker 1: stories that happened today that you need to know about 5 00:00:13,280 --> 00:00:16,080 Speaker 1: Storing Tom, I'm the SMPA. Six two hundred closed up 6 00:00:16,200 --> 00:00:19,200 Speaker 1: zero point three percent today to seven seven hundred and 7 00:00:19,200 --> 00:00:21,759 Speaker 1: forty points, with the tech stocks leading the way thanks 8 00:00:21,800 --> 00:00:24,560 Speaker 1: to a strong knight on Wall Street. Wistech Global reversed 9 00:00:24,640 --> 00:00:28,400 Speaker 1: some of yesterday's losses, finishing up nearly two percent. Zero 10 00:00:28,560 --> 00:00:30,800 Speaker 1: also did well. It was a good day of the miners, 11 00:00:30,800 --> 00:00:32,400 Speaker 1: with the best on the Morse, or at least among 12 00:00:32,479 --> 00:00:36,000 Speaker 1: the top two hundred, being Uranium Stock Deep Yellow, while 13 00:00:36,000 --> 00:00:39,240 Speaker 1: the energy stocks did well also. BHP four to squ 14 00:00:39,320 --> 00:00:41,480 Speaker 1: Metals and Rio all closed up one percent or better. 15 00:00:41,840 --> 00:00:45,440 Speaker 1: Worst was line Town Resources, which actually was the best yesterday, 16 00:00:45,720 --> 00:00:47,960 Speaker 1: so there was a bit of profit taking going on there. 17 00:00:48,240 --> 00:00:51,040 Speaker 1: The big banks were all lower. Online book retailer book 18 00:00:51,080 --> 00:00:54,640 Speaker 1: Topia has been placed in voluntary administration. Shares will remain 19 00:00:54,680 --> 00:00:57,080 Speaker 1: suspended after they were halted in mid June as the 20 00:00:57,120 --> 00:01:00,920 Speaker 1: company searched for more funding, and APA Group shares fell 21 00:01:01,000 --> 00:01:03,680 Speaker 1: after it said it expected a non cash impairment of 22 00:01:03,680 --> 00:01:05,839 Speaker 1: one hundred and forty five million dollars to its member 23 00:01:05,840 --> 00:01:09,440 Speaker 1: Sydney Ethane Pipeline Straight Number two. The broad based SMP 24 00:01:09,560 --> 00:01:14,480 Speaker 1: five hundred closed above five five hundred points overnight for 25 00:01:14,520 --> 00:01:17,800 Speaker 1: the first time ever. Was pushed higher by the tech stocks, 26 00:01:17,840 --> 00:01:20,760 Speaker 1: notably Tesla, which finished up ten percent. The tech heavy 27 00:01:20,840 --> 00:01:23,759 Speaker 1: Nasdaq also finished at a record above eighteen thousand points 28 00:01:23,800 --> 00:01:26,440 Speaker 1: for the first time. The jump came after US Federal 29 00:01:26,480 --> 00:01:30,040 Speaker 1: Reserve chair Jerum Powell said he'd seen some really good 30 00:01:30,240 --> 00:01:33,880 Speaker 1: progress in a recent decline in the Fed's preferred measure 31 00:01:33,880 --> 00:01:37,120 Speaker 1: of inflation. In commodity markets, oil prices remained on an 32 00:01:37,200 --> 00:01:39,679 Speaker 1: upward trend, with Brent fetching close to eighty seven US 33 00:01:39,720 --> 00:01:42,720 Speaker 1: dollars a barrel. Goals also trading higher around twenty three 34 00:01:42,920 --> 00:01:46,720 Speaker 1: thirty US dollars announce I all prices earlier in the 35 00:01:46,760 --> 00:01:49,680 Speaker 1: month were forecast to drop below one hundred US dollars 36 00:01:49,720 --> 00:01:51,880 Speaker 1: a ton, but they've shown some resilience. They're trading around 37 00:01:51,920 --> 00:01:54,000 Speaker 1: one hundred and eight US dollars a ton level. In 38 00:01:54,080 --> 00:01:57,600 Speaker 1: currency markets, Bitcoin's worth just under sixty one thousand US 39 00:01:57,640 --> 00:01:59,560 Speaker 1: dollars a unit, and the Aussie dollar is buying sixty 40 00:01:59,600 --> 00:02:03,120 Speaker 1: six point eight US cents. Story number three. There was 41 00:02:03,160 --> 00:02:06,120 Speaker 1: a welcome jump in dwelling approvals in May. The numbers 42 00:02:06,160 --> 00:02:08,600 Speaker 1: jump around a fair bit, but approvals rose by five 43 00:02:08,639 --> 00:02:11,040 Speaker 1: and a half percent during the month, following a near 44 00:02:11,120 --> 00:02:14,320 Speaker 1: two percent rise in April. The increase in May was 45 00:02:14,400 --> 00:02:17,639 Speaker 1: driven by a big jump in approvals for apartments and townhouses. 46 00:02:17,880 --> 00:02:20,480 Speaker 1: They are up mostly in Western Australia, followed by Queensland, 47 00:02:20,520 --> 00:02:23,320 Speaker 1: South Australia, Tasmania and New South Wales. Now, given the 48 00:02:23,360 --> 00:02:26,760 Speaker 1: slump in the building industry post COVID, any good news 49 00:02:26,760 --> 00:02:29,520 Speaker 1: in terms of building approvals is very welcome, but the 50 00:02:29,520 --> 00:02:32,240 Speaker 1: pace of approvals is now running at only one hundred 51 00:02:32,240 --> 00:02:35,760 Speaker 1: and sixty one thousand dwellings per anum. The peak during 52 00:02:35,800 --> 00:02:38,960 Speaker 1: the apartment boom back in twenty sixteen was around two 53 00:02:39,040 --> 00:02:42,560 Speaker 1: hundred and forty thousand, and the underlying demand is about 54 00:02:42,600 --> 00:02:45,679 Speaker 1: two hundred and fifty thousand per year on AMP estimates. 55 00:02:45,880 --> 00:02:48,760 Speaker 1: The chronic undersupply of housing remains a big, big problem 56 00:02:48,840 --> 00:02:51,760 Speaker 1: for the economy and will keep pressure on prices and rents. 57 00:02:52,320 --> 00:02:55,160 Speaker 1: Story A number four. Donald Trump's sentencing hearing in the 58 00:02:55,200 --> 00:02:59,200 Speaker 1: Manhattan hush money case has been pushed back to mid September. 59 00:02:59,360 --> 00:03:02,040 Speaker 1: Mister Trump, who's the first former president to be convicted 60 00:03:02,080 --> 00:03:04,040 Speaker 1: of a crime, was set to be sentenced in a 61 00:03:04,080 --> 00:03:06,919 Speaker 1: week's time, but following the Supreme Court ruling this week 62 00:03:07,160 --> 00:03:10,560 Speaker 1: which said presidents and ext presidents are immune from prosecution 63 00:03:10,639 --> 00:03:14,040 Speaker 1: if undertaking official duties, lawyers for mister Trump wrote to 64 00:03:14,200 --> 00:03:17,880 Speaker 1: Justicewan Merchant, who oversaw the Manhattan trial, and asked for 65 00:03:17,960 --> 00:03:20,920 Speaker 1: more time to appeal the verdict. They argue that some 66 00:03:20,960 --> 00:03:23,280 Speaker 1: of the evidence used at the trial, including social media 67 00:03:23,320 --> 00:03:26,560 Speaker 1: posts and public statements, might have been official acts and 68 00:03:26,600 --> 00:03:31,000 Speaker 1: therefore inadmissible under the same Preme Court's decision. And story 69 00:03:31,120 --> 00:03:34,600 Speaker 1: number five, Tesla's share price jump ten percent overnight after 70 00:03:34,600 --> 00:03:37,760 Speaker 1: the electric vehicle maker reported a second consecutive quarterly drop 71 00:03:38,040 --> 00:03:40,960 Speaker 1: in deliveries on the back of slowing demand and tough 72 00:03:41,040 --> 00:03:45,640 Speaker 1: competition from cheaper Chinese rivals. There was slowing demand, but 73 00:03:45,680 --> 00:03:48,119 Speaker 1: it was less than expected, hence the surge in Tesla's 74 00:03:48,200 --> 00:03:50,600 Speaker 1: share price. Their company stock is now up thirty five 75 00:03:50,640 --> 00:03:52,880 Speaker 1: percent since June eleven, though the value of the company 76 00:03:53,160 --> 00:03:56,360 Speaker 1: is still around sixty percent of its peak in November 77 00:03:56,360 --> 00:03:59,320 Speaker 1: twenty twenty one, Tesla delivered four hundred and forty thousand 78 00:03:59,400 --> 00:04:01,360 Speaker 1: vehicles in the three months. At the end of June, 79 00:04:01,440 --> 00:04:03,840 Speaker 1: It's back as the number one EV maker in the world. 80 00:04:04,080 --> 00:04:06,720 Speaker 1: China's BYD also came out with numbers. It delivered four 81 00:04:06,840 --> 00:04:09,760 Speaker 1: hundred and twenty six thousand vehicles. It was further good 82 00:04:09,760 --> 00:04:13,559 Speaker 1: news for Elon Musk. In recent weeks, shareholders have reapproved 83 00:04:13,600 --> 00:04:17,200 Speaker 1: his fifty six billion dollar pay packet, which had been 84 00:04:17,200 --> 00:04:20,280 Speaker 1: struck down by Delaware court. Shareholders also agreed to move 85 00:04:20,320 --> 00:04:23,280 Speaker 1: the company to Texas and it is being repositioned as 86 00:04:23,279 --> 00:04:26,600 Speaker 1: a robotics and AI company. Infact, the Bravo taxis supposed 87 00:04:26,600 --> 00:04:29,880 Speaker 1: to be unveiled on August eighth. As always plenty going 88 00:04:29,920 --> 00:04:33,000 Speaker 1: on around Elon Musk. That's it for the afternoon report 89 00:04:33,040 --> 00:04:35,560 Speaker 1: for Wednesday, the third of July twenty twenty four. Michael 90 00:04:35,560 --> 00:04:37,680 Speaker 1: Thompson and I will be back tomorrow morning with the 91 00:04:37,720 --> 00:04:41,159 Speaker 1: Thursday edition of You'ring Greed Business News. I'm Sean Elmer. 92 00:04:41,520 --> 00:04:42,240 Speaker 1: Enjoy your evening.