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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the first of August twenty twenty four. I'm

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Speaker 1: sure in Aelma every afternoon we've got the five stories

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Speaker 1: that happened today that you need to know about. Storry

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Speaker 1: number one. The SMPA six two hundred closed up zero

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Speaker 1: point three percent today to eight hundred and fifteen points,

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Speaker 1: pushing through that eighty one hundred point mark for the

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Speaker 1: first time. In early morning trading, the market hit as

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Speaker 1: high as eighty one forty five points. There was a

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Speaker 1: bunch of stocks that were doing okay, although some of

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Speaker 1: them faded later in the day. The rise comes after

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Speaker 1: the better than expected inflation figures yesterday. National Australia Bank

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Speaker 1: ended the day down more than one percent. That was

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Speaker 1: about the worst of the lot of Commonwealth Bank was

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Speaker 1: off zero point seven percent. At least thy were the

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Speaker 1: worst of the large caps. It was a tech stocks

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Speaker 1: and real estate investment trust that did best. Goodman Group

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Speaker 1: jump three point six percent. Zero was up two percent

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Speaker 1: Rio following its bumper profit yesterday jump two percent. Wile,

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Speaker 1: Woodside and Willis also did well. In corporate news, Australian

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Speaker 1: Indigenous leader Social advocate and lawyer Noel Pearson has joined

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Speaker 1: the board of iron All Minor Fortescue as a non

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Speaker 1: executive director. Australia's competition watchdogs and it won't oppose Louis

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Speaker 1: Dreyfus's proposed acquisition of Nemoy Cotton, despite concerns the deal

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Speaker 1: could lessen competition in the supply of cotton ginning services

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Speaker 1: in the north of Western Australia and the Northern Territory.

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Speaker 1: Memoy's share price jumped six percent today and defense technology

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Speaker 1: group Drone Shield completed its one hundred and twenty million

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Speaker 1: dollar capital rays and began training again. The share price

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Speaker 1: was down fifteen percent. Story number two. The Federal Reserve

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Speaker 1: has said it could start lowering interest rates in the

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Speaker 1: world's largest economy as soon as September, after holding borrowing

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Speaker 1: costs at a twenty three year high for eight meetings

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Speaker 1: in a row. The FED chair J Powell said there'd

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Speaker 1: been a real discussion at the FED Open Market Committee

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Speaker 1: about cutting rates. In the US, the FOMC flagged further

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Speaker 1: progress towards luring inflation to its two percent goal, but

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Speaker 1: it maintained that officials would need even greater confidence before

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Speaker 1: they're willing to cut. However, markets have now priced in

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Speaker 1: a cut in September significantly. Mister Powell noted that the

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Speaker 1: FED does not need to see further weakening across the

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Speaker 1: labor market to believe it has a handle on inflation.

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Speaker 1: Story number three Albumar, the world's largest lithium producer, or

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Speaker 1: cut three hundred jobs from its Australian operations and slow

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Speaker 1: down its production of the commodity. Today, the group said

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Speaker 1: it will stop constructing the third production unit at its

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Speaker 1: Chemeton facility south of Perth and put the second unit

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Speaker 1: into care and maintenance. Instead, it will focus on ramping

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Speaker 1: up Unit one within the lithium hydroxide processing facility. It

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Speaker 1: follows the sharp drop in lithium spotamine prices, which are

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Speaker 1: down eighty eight percent from their peak back in twenty

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Speaker 1: twenty two. Western Australia has now lost around seven thousand

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Speaker 1: jobs in the nickel and lithium industries since prices of

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Speaker 1: both commodities started tumbling. Story number four Meta founder Mark

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Speaker 1: Zuckerberg said strengthen the group's core advertising business will allow

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Speaker 1: the company to continue spending heavily on urs official intelligence

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Speaker 1: next year and beyond, triggering an eight percent jump and

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Speaker 1: its share price overnight. The company's Meta AI chatbot was

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Speaker 1: also on track to become the most used AI assistant

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Speaker 1: in the world by the end of the year, mister

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Speaker 1: Zuckerberg said. He also said that while products such as

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Speaker 1: chatbots would increase engagement with Meta's platform, it would take

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Speaker 1: years for the monetization of any of those things by themselves.

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Speaker 1: Revenue at the social media group jump twenty two percent

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Speaker 1: to thirty nine billion dollars in the three months to

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Speaker 1: the end of June. That was better than people had forecasts.

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Speaker 1: Net income at Meta, which of course includes Facebook, Instagram,

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Speaker 1: and WhatsApp, rose seventeen to three percent the third and

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Speaker 1: and a half billion dollars and finally, story number five.

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Speaker 1: Not sure what to make of this one, Donald Trump

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Speaker 1: has questioned Vice President Carmela Harris's identity as a black

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Speaker 1: woman in front of an audience of black journalists, suggesting

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Speaker 1: his opponent for the presidency had adopted her racial profile

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Speaker 1: as a way to gain a political advantage. In comments

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Speaker 1: that were jeered by the audience, mister Trump said, and

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Speaker 1: I quote, she was Indian all the way, and then

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Speaker 1: all of a sudden, she made a turn, and she

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Speaker 1: became a black person. End of quote. Miss Harris's mother

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Speaker 1: is Indian American, her father is Jamaican. Miss Harris has

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Speaker 1: always identified as a black woman. According to The New

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Speaker 1: York Times, Now, mister Trump's remarks prompted guests and jeers

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Speaker 1: from the audience of the National Association of Black Journalists

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Speaker 1: in Chicago. The former president's combative appearance was one of

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Speaker 1: the more unusual of the campaign so far, as he

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Speaker 1: sparred with reporters of a diversity efforts, repeated falsethoods about

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Speaker 1: a range of subjects, and told the group that he

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Speaker 1: was the best president for the black population since Abraham Lincoln.

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Speaker 1: That's it for the Afternoon Report for Thursday, the first

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Speaker 1: of August twenty twenty four. Don't forget to follow on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Joined Michael Thompson and I Tomorrow

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Speaker 1: Morning for the Fast Five by Fear and Greed, the

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Speaker 1: top five business stories you need to know in just

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Speaker 1: five minutes. I'm Sean Elmer. Enjoy your eating