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Speaker 1: It's Thursday, the twenty seventh of February twenty twenty five.

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Speaker 1: Welcome to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Ale.

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Speaker 2: One morning Michael Shawn.

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Speaker 1: Five big stories to get through in five minutes. Let's

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Speaker 1: go a story number one. The Magnificent seven tech stocks

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Speaker 1: that powered a fifty four percent surge on Wall Street

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Speaker 1: over the past two years are officially in correction territory. Yesterday,

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Speaker 1: the Bloomberg Magnificent seven index dropped more than three percent,

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Speaker 1: taking the slide since the December seventeen peak past ten percent,

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Speaker 1: and that slide has seen about two and a half

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Speaker 1: trillion dollars worth of value wiped off the stocks, led

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Speaker 1: by a thirty seven percent plunge in Tesla' share prices.

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Speaker 1: A bit in this sure is.

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Speaker 2: Tesnisa's market value fell back below one trillion US dollars

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Speaker 2: yesterday morning, following an eight percent sell off after Tesla

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Speaker 2: sales and Europe dropped forty five percent last month, even

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Speaker 2: though ev sales jumped by about thirty seven percent in

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Speaker 2: that region, Amazon, Microsoft, and Alphabit have lost at ten

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Speaker 2: percent since mid December, Apple and n Video around two percent.

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Speaker 2: Meta Platforms is the only winner, up five percent. So's

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Speaker 2: the golden run for the tech sector over can't really

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Speaker 2: answer that those small caps in the US are actually

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Speaker 2: outperforming the broader s and P five hundred is definitely

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Speaker 2: outperforming tech stocks at the moment.

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Speaker 1: Why is this happening? Sean?

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Speaker 2: The immediate reason includes the fact that Trump two point

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Speaker 2: zero is so focused on tariffs, and every tech giant

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Speaker 2: imports goods and services, it'll cost them more that'll hurt earnings.

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Speaker 2: There's more to it, though, Trump two point zero is

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Speaker 2: also focused on Middle America steel works manufacturing that type

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Speaker 2: of stuff. Their industry is gaining from the new government,

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Speaker 2: making them relatively more attractive to investment options to investors.

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Speaker 2: Then there's the emergence of companies like Deep Seek out

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Speaker 2: of China, proving competition in boom areas Like Ain. Of course,

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Speaker 2: they're very expensive to buy just quickly.

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Speaker 1: The textocks aren't the only kind of wobbly assets on

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Speaker 1: Wall Street. Bitcoins values fallen sharply, including more than eight

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Speaker 1: percent yesterday.

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Speaker 2: Currently it's trading around eighty seven thousand US dollars unit,

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Speaker 2: down about twenty percent since Donald Trump's inauguration. Are the

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Speaker 2: cryptos of falling as well the whole tariff issue. The

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Speaker 2: stands the combative stance against allies rials working against the

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Speaker 2: sector at the moment, all right.

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Speaker 1: Moving on to story number two, Annual inflation remained steady

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Speaker 1: at two point five percent last month, though underlying inflation,

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Speaker 1: which shawn the Reserve Bank watches so closely, rose a touch.

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Speaker 2: The underlying rate rose slightly to two point eight percent,

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Speaker 2: which was expected and mostly due to some electricity rebates ending.

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Speaker 2: The main reason for the increase in inflation were food

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Speaker 2: and non alcoholic beverages, housing, alcohol and tobacco treasure. Jim

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Speaker 2: Chalmers said the fact that underlying inflation is within the

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Speaker 2: Reserve banks two to three percent target range suggests the

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Speaker 2: inflation crisis might be over.

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Speaker 1: Under story number three, Woolworth's net profit tumbled twenty percent

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Speaker 1: last half after its supermarkets lost two hundred and forty

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Speaker 1: million dollars in sales following three weeks of strikes at

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Speaker 1: the supermarket's distribution center ahead of Christmas, so that.

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Speaker 2: The result and the cost of the distribution center dispute.

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Speaker 2: We're both more than expected. That sent Willie's share price

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Speaker 2: down three percent yesterday. If you extract the distribution center issue,

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Speaker 2: earnings are down about five percent. That's on the back

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Speaker 2: of people shifting to lower priced home brand items and

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Speaker 2: deeply discounted specials. The average ticket price during the quart

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Speaker 2: of film by zero point two percent. That's four quarters

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Speaker 2: in a row with the average ticket prices full on it.

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Speaker 2: Willie's new CEO, Amana Bardwell, called the first half difficult

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Speaker 2: and disappointing. She's targeting four hundred million dollars in cost

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Speaker 2: cuts to simplify the business.

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Speaker 1: Story number before Wise. Tech Global has appointed billionaire founder

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Speaker 1: Richard White as executive chairman, marking his return to the

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Speaker 1: top job after a four month absence and despite a

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Speaker 1: number of allegations against mister White being investigated by the

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Speaker 1: company's board.

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Speaker 2: Clearly he won the battle to control the company he

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Speaker 2: founded thirty one years ago. Yesterday, Wi's Tech chair Richardamery,

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Speaker 2: and three independent directors resigned from the board over intractable

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Speaker 2: differences over mister White's role. Mister White told investors he's back,

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Speaker 2: fully engaged and in for the long haul. Earnings for

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Speaker 2: this number half were down due to the slow delivery

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Speaker 2: of new projects. Number three of those projects. This was

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Speaker 2: during a period when mister White was removed as CEO.

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Speaker 2: The inference yesterday was that he needs to be back

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Speaker 2: to keep the company on track. Whitesex's share price fell

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Speaker 2: more than twenty percent on Monday Tuesday raise two percent yesterday,

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Speaker 2: but just the fact that it didn't regain more suggests

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Speaker 2: that there's a lot more to play out in this

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Speaker 2: particular story.

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Speaker 1: Last one story Number five. Center Group, which is the

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Speaker 1: owner of Westfield malls in Australia, plans to build thousands

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Speaker 1: of high rise apartments around its properties.

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Speaker 2: Chief executive Elliot Russa Now said he is prioritizing obtaining

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Speaker 2: as many rezoning applications approvals as possible to allow for

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Speaker 2: high rise towers to be built alongside shopping centers. So far,

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Speaker 2: he has secured rezoning at Hornsby and Sydney fifty three

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Speaker 2: story building there Bill Connen and Canberra twenty eight story

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Speaker 2: building that's about four thousand new homes. Center increased customer

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Speaker 2: visits last year by fourteen million to five hundred and

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Speaker 2: twenty six million, bad among forty two centers nineteen are

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Speaker 2: fully occupied, five just one vacancy. Who said bricks and

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Speaker 2: mortar retailing was dead, Michael.

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Speaker 1: Indeed, there we go, the top five business stories in

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Speaker 1: five minutes. Thank you Sean, Thank you Michael. It is Thursday,

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Speaker 1: the twenty seventh of February twenty twenty five, remembered hit

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Speaker 1: follow on the podcast and if five minutes isn't enough,

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Speaker 1: you can find our longer daily show called Fear and

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Speaker 1: Greed where if you listen to podcasts, I'm Michael Thompson

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Speaker 1: and that was the fast five business news by Fear

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Speaker 1: and Greed. Have a great day.