1 00:00:03,720 --> 00:00:06,320 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,360 --> 00:00:08,879 Speaker 1: for Thursday, the twenty seventh of June twenty twenty four. 3 00:00:08,920 --> 00:00:11,319 Speaker 1: I'm Sean e Elma. Every afternoon, We've got the five 4 00:00:11,320 --> 00:00:13,319 Speaker 1: stories that happened today that you need to know about. 5 00:00:13,360 --> 00:00:16,360 Speaker 1: Story number one, here's some PI six two hundred tumbled 6 00:00:16,360 --> 00:00:19,319 Speaker 1: more than one percent in early training this morning, only 7 00:00:19,360 --> 00:00:22,239 Speaker 1: to clamber its way back, closing the session just zero 8 00:00:22,280 --> 00:00:25,160 Speaker 1: point three percent lower at seven seven one hundred and 9 00:00:25,200 --> 00:00:28,319 Speaker 1: sixty points. Interst Rate sensitive stocks fell most, with the 10 00:00:28,360 --> 00:00:31,600 Speaker 1: real estate Investment Trusts index down more than two percent. 11 00:00:31,960 --> 00:00:34,479 Speaker 1: Today's trading was all about interest rates, with bond markets 12 00:00:34,479 --> 00:00:36,360 Speaker 1: now pricing in a forty percent chance of a rate 13 00:00:36,400 --> 00:00:39,000 Speaker 1: hike in August. Tech stocks did best today among the 14 00:00:39,080 --> 00:00:41,400 Speaker 1: large caps. There wasn't a huge amount of movement, while 15 00:00:41,400 --> 00:00:44,479 Speaker 1: Transurban closed down nearly three percent and Weistech finished up 16 00:00:44,479 --> 00:00:46,479 Speaker 1: two and a half percent. Most of the other top 17 00:00:46,520 --> 00:00:48,960 Speaker 1: twenty stocks ended not too far from where they started 18 00:00:48,960 --> 00:00:52,440 Speaker 1: the day. Story number two. Julian Assange is back in 19 00:00:52,479 --> 00:00:56,080 Speaker 1: the country, and perhaps not surprisingly, his arrival triggered a 20 00:00:56,120 --> 00:01:00,440 Speaker 1: political staus in Canberra. Misters Siance's first phone when he 21 00:01:00,520 --> 00:01:03,960 Speaker 1: touched down last night was to Anthony Albernezi. He told 22 00:01:03,960 --> 00:01:07,360 Speaker 1: the Prime Minister he had saved his life. Misters Sange's 23 00:01:07,400 --> 00:01:10,240 Speaker 1: return followed a deal whereby he pled guilty to a 24 00:01:10,319 --> 00:01:14,840 Speaker 1: single criminal count of conspiring to obtain and disclosed classified 25 00:01:15,000 --> 00:01:18,880 Speaker 1: US national defense documents. Both sides of politics have worked 26 00:01:18,920 --> 00:01:21,160 Speaker 1: to get him back to Australia. He had been in 27 00:01:21,160 --> 00:01:23,640 Speaker 1: a British prison for five years. Prior to that, he 28 00:01:23,720 --> 00:01:27,200 Speaker 1: was in the Ecuadorian embassy in London for seven years. 29 00:01:27,560 --> 00:01:33,160 Speaker 1: But today Opposition Foreign Affairs spokesperson Simon Birmingham broke the bipartisanship. 30 00:01:33,360 --> 00:01:35,840 Speaker 1: He said it was inappropriate. The Prime Minister spoke to 31 00:01:35,880 --> 00:01:38,880 Speaker 1: mister Assange, saying, while it's a good thing the legal 32 00:01:38,920 --> 00:01:42,479 Speaker 1: sago is over, he shouldn't receive the same homecoming as 33 00:01:42,560 --> 00:01:45,960 Speaker 1: others who have been and I quote this truthfully truly 34 00:01:46,160 --> 00:01:50,280 Speaker 1: wrongfully detained. Story number three. The number of job vacancies 35 00:01:50,320 --> 00:01:52,640 Speaker 1: in Australia has fallen to three hundred and fifty three 36 00:01:52,680 --> 00:01:56,560 Speaker 1: thousand across the country, suggesting the heat is definitely coming 37 00:01:56,560 --> 00:01:59,280 Speaker 1: out of the labor market. The Bureau of Statistics figures 38 00:01:59,360 --> 00:02:02,240 Speaker 1: show that job vacancies peaked two years ago and have 39 00:02:02,360 --> 00:02:05,000 Speaker 1: been falling ever since, though they remain above their pre 40 00:02:05,080 --> 00:02:08,440 Speaker 1: pandemic level. This is particularly the case in public facing 41 00:02:08,520 --> 00:02:12,600 Speaker 1: industries such as accommodation and food services and arts recreation. 42 00:02:13,120 --> 00:02:14,919 Speaker 1: In fact, there are still around one hundred and twenty 43 00:02:14,960 --> 00:02:19,160 Speaker 1: five thousand more vacancies than there were in February twenty twenty. 44 00:02:19,400 --> 00:02:22,600 Speaker 1: Pre pandemic vacancies are a leading indicator of what's going 45 00:02:22,680 --> 00:02:24,880 Speaker 1: to happen to the labor market and the unemployment rate. 46 00:02:25,360 --> 00:02:28,960 Speaker 1: Thus far this economic cycle, the labor market has, in 47 00:02:29,000 --> 00:02:33,040 Speaker 1: Reserve Bank Governor Michelle Bullock's words, remained tight. It needs 48 00:02:33,080 --> 00:02:36,160 Speaker 1: to liosten a bit basically, and fewer job vacancies suggest 49 00:02:36,440 --> 00:02:39,200 Speaker 1: that's what is happening. Over the quarter to the end 50 00:02:39,200 --> 00:02:42,520 Speaker 1: of May, vacancies fell sharply in wholeshold trade and manufacturing 51 00:02:43,120 --> 00:02:45,799 Speaker 1: storing Number four Minor Liners will start production of two 52 00:02:45,840 --> 00:02:50,760 Speaker 1: heavy rare earths metals dysprosium and urbium, processing them from 53 00:02:50,800 --> 00:02:54,679 Speaker 1: its Malaysian plant, breaking China's stranglehold on the metals used 54 00:02:54,680 --> 00:02:57,600 Speaker 1: in modern weapons systems. The US and Australian governments are 55 00:02:57,639 --> 00:03:00,000 Speaker 1: taking a harder line on who owns and produces minerals 56 00:03:00,120 --> 00:03:03,200 Speaker 1: used in the electrification of economies wanting to reduce reliance 57 00:03:03,240 --> 00:03:06,640 Speaker 1: on China, and Linus has been a beneficiary. The heavy 58 00:03:06,760 --> 00:03:10,120 Speaker 1: rare earths will be sourced from the company's Mount World 59 00:03:10,320 --> 00:03:15,120 Speaker 1: mine in Western Australia. Along with Linus's light rare earths, 60 00:03:15,400 --> 00:03:19,840 Speaker 1: It's now the biggest non Chinese supplier of rare earth minerals. 61 00:03:20,080 --> 00:03:23,440 Speaker 1: Rare earths aren't particularly rare, but they are difficult to process, 62 00:03:23,440 --> 00:03:26,720 Speaker 1: and Linus's Malaysian facility is a critical part of that process. 63 00:03:26,960 --> 00:03:30,880 Speaker 1: Managing Director Amanda Lakes said that Linus was poised to 64 00:03:30,960 --> 00:03:34,079 Speaker 1: break the Chinese monopoly on heavy rare earths and less 65 00:03:34,080 --> 00:03:36,480 Speaker 1: than the threat posed if Beijing opted to cutoff supply 66 00:03:36,840 --> 00:03:39,960 Speaker 1: to the US and its allies. And story number five 67 00:03:40,040 --> 00:03:42,920 Speaker 1: finishing off for Corporate News Today ATV and Radio broadcast 68 00:03:42,920 --> 00:03:45,760 Speaker 1: A Southern Cross Media has rejected an offer whereby it 69 00:03:45,800 --> 00:03:50,240 Speaker 1: would take over Australian Community Medium. Japan'smitsubishi Motors has taken 70 00:03:50,240 --> 00:03:53,640 Speaker 1: a five percent stake in ASX listed business Flick Partners. 71 00:03:53,880 --> 00:03:56,880 Speaker 1: And an update on Guzman Egomes, the fast food group 72 00:03:56,880 --> 00:03:59,360 Speaker 1: that floated on the AX last week. The issue price 73 00:03:59,400 --> 00:04:02,200 Speaker 1: was twenty two on day one at closed at thirty bucks. 74 00:04:02,240 --> 00:04:04,800 Speaker 1: That was the peak, though it has stayed mostly above 75 00:04:04,840 --> 00:04:07,720 Speaker 1: twenty nine dollars a share. What's emerged is that there 76 00:04:07,720 --> 00:04:10,880 Speaker 1: are a number of short sellers in Guzman investors betting 77 00:04:11,240 --> 00:04:14,000 Speaker 1: that the group's share price will fall. We have to 78 00:04:14,000 --> 00:04:15,680 Speaker 1: wait and see on that one. That's it for the 79 00:04:15,760 --> 00:04:18,440 Speaker 1: afternoon Report for Thursday, the twenty seventh of June twenty 80 00:04:18,480 --> 00:04:20,880 Speaker 1: twenty four. Michael Thompson and I will be back tomorrow 81 00:04:20,920 --> 00:04:24,239 Speaker 1: morning with the Friday edition of Beer and Greed Business News. 82 00:04:24,440 --> 00:04:26,400 Speaker 1: I'm sure I ELMA enjoy your evening.