1 00:00:04,200 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,960 --> 00:00:09,680 Speaker 1: for Thursday, the sixteenth of May twenty twenty four. I'm 3 00:00:09,680 --> 00:00:12,520 Speaker 1: Sean Alma. Every afternoon, we've got the five stories that 4 00:00:12,600 --> 00:00:15,040 Speaker 1: happen today that you need to know about more One. 5 00:00:15,320 --> 00:00:17,959 Speaker 1: Two big news events over the past twenty four hours 6 00:00:18,320 --> 00:00:21,560 Speaker 1: have increased the chances of interest rate cuts later this 7 00:00:21,640 --> 00:00:25,600 Speaker 1: year fairly significantly. First, core inflation figures in the US, 8 00:00:25,680 --> 00:00:29,880 Speaker 1: which excludes food and energy costs, rose zero point three 9 00:00:29,920 --> 00:00:33,839 Speaker 1: percent last month, snapping a streak of higher figures. As 10 00:00:33,880 --> 00:00:35,920 Speaker 1: a result, the S and P five hundred hit its 11 00:00:36,040 --> 00:00:40,279 Speaker 1: twenty third record this year. The data provides hope that 12 00:00:40,360 --> 00:00:43,920 Speaker 1: inflation is resuming its downward trend in the US, which 13 00:00:43,920 --> 00:00:47,320 Speaker 1: would open the way for interstraight cuts there. Then, locally, 14 00:00:47,479 --> 00:00:51,000 Speaker 1: the April unemployment data came out. It showed a jump 15 00:00:51,000 --> 00:00:54,000 Speaker 1: from three point nine percent in March to a rate 16 00:00:54,040 --> 00:00:56,720 Speaker 1: of four point one percent last month. There was a 17 00:00:56,760 --> 00:00:58,960 Speaker 1: surge in job numbers, but there are even more people 18 00:00:59,240 --> 00:01:02,840 Speaker 1: looking for work. Combined, the US inflation and local unemployment 19 00:01:02,960 --> 00:01:06,640 Speaker 1: figure convinced bond investors to price out any chance of 20 00:01:06,680 --> 00:01:09,080 Speaker 1: a rate high in Australia and price in a fifty 21 00:01:09,080 --> 00:01:12,640 Speaker 1: percent chance of a rate cut later this year. Certainly 22 00:01:12,760 --> 00:01:15,920 Speaker 1: was a market moving twenty four hours a storing number two. 23 00:01:16,040 --> 00:01:17,800 Speaker 1: As a result of the interest rate news, the S 24 00:01:17,840 --> 00:01:21,520 Speaker 1: and PASX two hundred closed up one point seven percent 25 00:01:21,560 --> 00:01:24,479 Speaker 1: to seven eight hundred and eighty one points. Interst Rate 26 00:01:24,600 --> 00:01:27,400 Speaker 1: sensitive stocks rose most Goodman Group was up four point 27 00:01:27,480 --> 00:01:30,880 Speaker 1: six percent and WISTE Global jumped four point two percent. 28 00:01:31,160 --> 00:01:33,600 Speaker 1: In fact, the real estate and tech in disease were 29 00:01:33,680 --> 00:01:37,279 Speaker 1: up most today, but really all the large caps were higher, 30 00:01:37,280 --> 00:01:39,520 Speaker 1: with the exception of the two energy companies Woodside and 31 00:01:39,600 --> 00:01:42,679 Speaker 1: Santos National. Australian Bank and AMS edited the banks higher, 32 00:01:42,959 --> 00:01:45,319 Speaker 1: both up more than two percent, but Quarry was up 33 00:01:45,440 --> 00:01:47,680 Speaker 1: nearly three percent. The big miners were higher, so to 34 00:01:47,720 --> 00:01:52,120 Speaker 1: the retailers, Transurban, Telstra. The list goes on. In corporate news, 35 00:01:52,240 --> 00:01:54,920 Speaker 1: the bidding war for Nemoy Cotton has been hit by 36 00:01:54,960 --> 00:01:58,120 Speaker 1: the Australian Competition and Consumer Commission, saying a sale to 37 00:01:58,200 --> 00:02:04,120 Speaker 1: France's Louis Dreyfuss would substantially lessen competition. That sent Naimoy's 38 00:02:04,240 --> 00:02:07,520 Speaker 1: share price tumbling and it puts Singapore's Olam in the 39 00:02:07,560 --> 00:02:11,600 Speaker 1: box seat to win that battle. Problem is that Louis 40 00:02:11,639 --> 00:02:14,040 Speaker 1: Dreyfus already owned sixteen point nine to nine percent of 41 00:02:14,200 --> 00:02:18,520 Speaker 1: Nimoi Story number three, evan Awata's administrator, so the airline 42 00:02:18,600 --> 00:02:21,040 Speaker 1: was clearly not in a position to meet its financial 43 00:02:21,080 --> 00:02:24,480 Speaker 1: commitments well before it collapsed a week ago, owing more 44 00:02:24,520 --> 00:02:27,320 Speaker 1: than ninety nine million dollars to customers, staff and lenders. 45 00:02:27,720 --> 00:02:30,600 Speaker 1: Liquidator Ernst and Young said evan Awatu had a high 46 00:02:30,680 --> 00:02:33,560 Speaker 1: cost base for the size of its operations and a 47 00:02:33,600 --> 00:02:36,239 Speaker 1: significant level of debt, employing a high number of staff 48 00:02:36,240 --> 00:02:39,040 Speaker 1: for an operation of its size and nature. The carrier 49 00:02:39,040 --> 00:02:42,720 Speaker 1: has been supported financially by the government of Vanuatu. Evanhaitu 50 00:02:42,800 --> 00:02:45,000 Speaker 1: flew to Brisbane, Sydney, Melbourne and Auckland, as well as 51 00:02:45,120 --> 00:02:48,320 Speaker 1: Nadi in Fiji and Eumeya in New Caledonia. It also 52 00:02:48,400 --> 00:02:53,000 Speaker 1: operated a small domestic fleet, Story number four. Interitec's share 53 00:02:53,000 --> 00:02:55,640 Speaker 1: price hit a year high even though the group lost 54 00:02:55,720 --> 00:02:58,280 Speaker 1: money over the last six months. The group announced an 55 00:02:58,280 --> 00:03:00,560 Speaker 1: interim loss of one hundred and forty eight million dollars 56 00:03:00,600 --> 00:03:04,200 Speaker 1: in the back of impairments from its fertilizer's business this morning. 57 00:03:04,480 --> 00:03:06,639 Speaker 1: Now they were somewhat offset by the sale of its 58 00:03:06,720 --> 00:03:10,800 Speaker 1: wagonman Ammonia manufacturing plants in the US. Investors focused on 59 00:03:10,880 --> 00:03:13,880 Speaker 1: underlying gains of eighteen percent at the company, also on 60 00:03:13,960 --> 00:03:17,760 Speaker 1: talks to offload the fertilizer business insitek is negotiations for 61 00:03:17,800 --> 00:03:20,720 Speaker 1: the sale of the fertilizer's business to an Indonesian group 62 00:03:21,080 --> 00:03:24,560 Speaker 1: and story number five. France has declared state of emergency 63 00:03:24,639 --> 00:03:27,760 Speaker 1: in its specific territory of New Caledonia as it seeks 64 00:03:27,800 --> 00:03:31,320 Speaker 1: to quell deadly riots spiked by a controversial electoral reform. 65 00:03:31,600 --> 00:03:34,680 Speaker 1: Four people, including one police officer, have died in unrest 66 00:03:34,800 --> 00:03:37,600 Speaker 1: that has raged this week, despite the deployment of extra 67 00:03:37,640 --> 00:03:41,160 Speaker 1: police and imposition of a curfew. According to The Financial Times, 68 00:03:41,560 --> 00:03:45,760 Speaker 1: President Manuel Macron condemned the unacceptable violence and called for 69 00:03:45,760 --> 00:03:48,560 Speaker 1: the resumption of talks to negotiate a political solution to 70 00:03:48,600 --> 00:03:51,640 Speaker 1: the crisis. Declaring a state of emergency allows the government 71 00:03:51,640 --> 00:03:55,880 Speaker 1: to restrict certain freedoms without judicial review, including banning protests, 72 00:03:56,040 --> 00:03:59,200 Speaker 1: limiting travel, and carrying out searches. That's it for the 73 00:03:59,200 --> 00:04:02,240 Speaker 1: Afternoon Report for Thursday, the sixteenth of May twenty twenty four. 74 00:04:02,520 --> 00:04:04,800 Speaker 1: Don't forget to follow on the podcast and find Fear 75 00:04:04,800 --> 00:04:08,120 Speaker 1: and Greed on LinkedIn Instagram. X TikTok and Facebook. Join 76 00:04:08,200 --> 00:04:10,120 Speaker 1: Michael Thompson and I Tomorrow. I'm Morning for the Fast 77 00:04:10,160 --> 00:04:12,680 Speaker 1: Five by Fear and Greed, the top five business stories 78 00:04:12,720 --> 00:04:15,480 Speaker 1: you need to know in just five minutes. I'm Suan Elma. 79 00:04:15,960 --> 00:04:16,600 Speaker 1: Enjoy your reading.