1 00:00:03,760 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,440 --> 00:00:08,960 Speaker 1: for Thursday, v thirteenth of June twenty twenty four. I'm 3 00:00:08,960 --> 00:00:11,600 Speaker 1: sean al month every afternoon. We've got the five stories 4 00:00:11,640 --> 00:00:13,760 Speaker 1: that happened today that you need to know about. Story 5 00:00:13,840 --> 00:00:16,560 Speaker 1: number one. The unemployment rate fell to four percent last 6 00:00:16,640 --> 00:00:20,479 Speaker 1: month after net forty thousand new jobs were created according 7 00:00:20,520 --> 00:00:23,439 Speaker 1: to the Australian Bureau Statistics. The labor four stata didn't 8 00:00:23,480 --> 00:00:25,760 Speaker 1: move markets much, though over night news and the US 9 00:00:25,800 --> 00:00:27,920 Speaker 1: did more on that shortly, the S and p ASX 10 00:00:27,960 --> 00:00:30,120 Speaker 1: two hundred closed up to zero point four percent to 11 00:00:30,160 --> 00:00:33,040 Speaker 1: seven seven hundred and fifty points. The banks were strong. 12 00:00:33,120 --> 00:00:36,000 Speaker 1: National Australia Bank hit a new nine year high, Goodman 13 00:00:36,040 --> 00:00:38,680 Speaker 1: and Ria Group were up three percent, CESL and Weistech 14 00:00:38,720 --> 00:00:41,680 Speaker 1: Global jump two percent, and Wes Farmers rose one point 15 00:00:41,720 --> 00:00:44,120 Speaker 1: three percent. The lag art among the large caps was 16 00:00:44,159 --> 00:00:47,080 Speaker 1: mcquarie Group, which fell one point three percent. In corporate news, 17 00:00:47,159 --> 00:00:51,400 Speaker 1: Asex Limited shares tumbled after the market operator flagged that 18 00:00:51,440 --> 00:00:54,960 Speaker 1: its forecast four technology spending in the financial year will 19 00:00:55,000 --> 00:00:58,800 Speaker 1: be elevated now. Technology spending and the failure to introduce 20 00:00:59,000 --> 00:01:02,160 Speaker 1: new technology has been a bugbear for several years at 21 00:01:02,200 --> 00:01:05,160 Speaker 1: the exchange. His share price closed down eight percent today, 22 00:01:05,280 --> 00:01:08,040 Speaker 1: worst among the top two hundred. Story number two. It 23 00:01:08,080 --> 00:01:10,399 Speaker 1: was a very busy night on Wall Street. May consumer 24 00:01:10,440 --> 00:01:13,360 Speaker 1: Price Index figures were released in the US and they 25 00:01:13,400 --> 00:01:18,000 Speaker 1: show a general easing of price pressures. Equity markets rallied. 26 00:01:18,240 --> 00:01:20,880 Speaker 1: Then the FED released it's updated economic projections that made 27 00:01:20,920 --> 00:01:23,360 Speaker 1: it clear there is one rate cut on the horizon 28 00:01:23,400 --> 00:01:27,920 Speaker 1: this year, not three as previously forecast. Wall Street then fell. 29 00:01:28,200 --> 00:01:30,560 Speaker 1: Fed Chair jer Own Powell said the CPI figures were 30 00:01:30,560 --> 00:01:33,679 Speaker 1: confidence building, and he reiterated that what the FED does 31 00:01:33,800 --> 00:01:37,480 Speaker 1: is data dependent. The three month annualized core CPI was 32 00:01:37,520 --> 00:01:39,680 Speaker 1: three point three percent for those three months at the 33 00:01:39,760 --> 00:01:41,959 Speaker 1: end of May, down from four point two percent for 34 00:01:42,000 --> 00:01:44,080 Speaker 1: the three months at the end of February. That's good news. 35 00:01:44,240 --> 00:01:48,000 Speaker 1: The bottom line to all this inflation is unambiguously falling 36 00:01:48,400 --> 00:01:50,360 Speaker 1: and the FED is thinking about when to cut rates. 37 00:01:50,600 --> 00:01:53,760 Speaker 1: Markets reacted with a broad based SMP five hundred finishing 38 00:01:53,760 --> 00:01:56,520 Speaker 1: nearly one percent higher to a record closing level. The 39 00:01:56,560 --> 00:02:00,440 Speaker 1: tech heavy NASDAT composite jumped one point six percent, also 40 00:02:00,720 --> 00:02:03,560 Speaker 1: to a record closing level. Story A number three. A 41 00:02:03,600 --> 00:02:06,320 Speaker 1: Senate inquiry has found that the Big four accounting firms 42 00:02:06,600 --> 00:02:10,520 Speaker 1: should be subject to stricter oversight and regulations more in 43 00:02:10,560 --> 00:02:13,799 Speaker 1: line with other businesses their size, and contracts over fifteen 44 00:02:13,800 --> 00:02:16,880 Speaker 1: million dollars should be approved by parliament. The Senate committee 45 00:02:16,880 --> 00:02:19,960 Speaker 1: found the Big Four operated in a gray area, and 46 00:02:20,000 --> 00:02:22,840 Speaker 1: it recommended sweeping changes to how the firms are regulated, 47 00:02:23,120 --> 00:02:27,480 Speaker 1: including a review of legislation governing partnerships and parliamentary examination 48 00:02:27,560 --> 00:02:31,400 Speaker 1: of consultants and professional bodies. The recommendations include putting government 49 00:02:31,440 --> 00:02:34,840 Speaker 1: contracts worth more than two million dollars under much heavier scrutiny, 50 00:02:35,120 --> 00:02:38,359 Speaker 1: establishing a committee to approve any project over fifteen million dollars, 51 00:02:38,639 --> 00:02:42,640 Speaker 1: tougher guidelines for managing conflicts, and tighter transparency measures. The 52 00:02:42,680 --> 00:02:46,280 Speaker 1: inquiry follows a scandal involving PwC, where a former partner 53 00:02:46,320 --> 00:02:49,679 Speaker 1: shared confidential tax information with others in the firm, then 54 00:02:49,960 --> 00:02:53,440 Speaker 1: used it to win new clients. Story number four Building 55 00:02:53,440 --> 00:02:56,079 Speaker 1: Group CSR is set to be delisted from the AX 56 00:02:56,160 --> 00:02:58,840 Speaker 1: after shareholders today voted in favor of the buyout offer 57 00:02:58,960 --> 00:03:03,120 Speaker 1: from French companies Bain. It follows shareholders yesterday vaiting for 58 00:03:03,160 --> 00:03:05,480 Speaker 1: Adbry to be taken over by an Irish group and 59 00:03:05,520 --> 00:03:08,120 Speaker 1: we'll take the number of dlisted ASEX companies this year 60 00:03:08,160 --> 00:03:11,359 Speaker 1: to around thirty three. CSR is the owner of jip 61 00:03:11,440 --> 00:03:14,760 Speaker 1: Rock paster Board and Mania roof Tiles. It's been part 62 00:03:14,800 --> 00:03:18,360 Speaker 1: of the Australian business landscape since eighteen fifty five, currently 63 00:03:18,400 --> 00:03:21,679 Speaker 1: has twenty six hundred employees. The board recommended the nine 64 00:03:21,720 --> 00:03:26,519 Speaker 1: dollars share offer and yesterday's shareholders voted overwhelmingly in favor 65 00:03:26,560 --> 00:03:29,280 Speaker 1: of it. Now CSR again Life is a colonial sugar 66 00:03:29,400 --> 00:03:33,359 Speaker 1: refining company ultimately morphed into a building products group. There 67 00:03:33,360 --> 00:03:36,440 Speaker 1: are now three building companies on the AX, CSR AD 68 00:03:36,440 --> 00:03:41,200 Speaker 1: Brian Borel that have or will leave the Boss and 69 00:03:41,240 --> 00:03:44,040 Speaker 1: Story Number five. The Federal Opposition is backing a campaign 70 00:03:44,080 --> 00:03:46,960 Speaker 1: to lift the age limit on social media from thirteen 71 00:03:47,040 --> 00:03:50,000 Speaker 1: to sixteen years, with Opposition Leader Peter Dutton calling it 72 00:03:50,040 --> 00:03:53,480 Speaker 1: a sensible measure and a well balanced approach. Mister Dutton 73 00:03:53,520 --> 00:03:56,040 Speaker 1: said he would lift the minimum age to sixteen within 74 00:03:56,080 --> 00:03:59,320 Speaker 1: one hundred days of taking office if elected. The thirty 75 00:03:59,320 --> 00:04:03,280 Speaker 1: six Months campaign, fronted by Nova's Michael Whipper Whipley, has 76 00:04:03,400 --> 00:04:05,680 Speaker 1: been pushing at the lift in the minimum age. Mister 77 00:04:05,720 --> 00:04:08,800 Speaker 1: Dutton said it's a huge confronting world for kids and 78 00:04:08,880 --> 00:04:11,320 Speaker 1: the idea is a sensible measure, he said. We need 79 00:04:11,360 --> 00:04:13,520 Speaker 1: to call out the companies who are only interested in 80 00:04:13,560 --> 00:04:16,560 Speaker 1: profit and the number of subscribers rather than the welfare 81 00:04:16,760 --> 00:04:20,040 Speaker 1: of the viewers. That's it for the Afternoon Report for Thursday, 82 00:04:20,120 --> 00:04:22,800 Speaker 1: d thirteenth of June twenty twenty four. Michael Thompson and 83 00:04:22,839 --> 00:04:24,840 Speaker 1: I will be back tomorrow morning with a Friday edition 84 00:04:24,920 --> 00:04:27,839 Speaker 1: of Fear and Greed Business News. I'm Sean Elmer. Enjoy 85 00:04:27,880 --> 00:04:28,360 Speaker 1: your evening.