1 00:00:03,840 --> 00:00:06,480 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,519 --> 00:00:08,760 Speaker 1: for Monday, the twelfth of August twenty twenty four. I'm 3 00:00:08,800 --> 00:00:11,680 Speaker 1: Sean Aelmer. Every afternoon, we've got the five stories that 4 00:00:11,760 --> 00:00:14,120 Speaker 1: happened today that you need to know about. Straightum On on 5 00:00:14,200 --> 00:00:16,239 Speaker 1: the S and PA six two hundred finished up half 6 00:00:16,360 --> 00:00:20,040 Speaker 1: percent today to eight hundred and fourteen points, with information 7 00:00:20,120 --> 00:00:24,599 Speaker 1: technology and consumer discretionary stocks doing best. The former reflects 8 00:00:24,600 --> 00:00:27,000 Speaker 1: what happened on Wall Street over the weekend. The latter 9 00:00:27,000 --> 00:00:30,880 Speaker 1: reflects the confidence the JB High Fire result gave investors now. 10 00:00:30,960 --> 00:00:34,479 Speaker 1: JB High Fire today announced a sixteen percent drop in 11 00:00:34,600 --> 00:00:37,640 Speaker 1: underlying profit, but it was better than analysts expected, and 12 00:00:37,680 --> 00:00:40,920 Speaker 1: its share price searched ten percent. Wyseat Global was the 13 00:00:40,920 --> 00:00:42,720 Speaker 1: best of the large caps, ending up two and a 14 00:00:42,800 --> 00:00:45,680 Speaker 1: half percent, but it had plenty of friends, National Australia 15 00:00:45,720 --> 00:00:49,840 Speaker 1: Bank and Z West Farmer's Macquarie, Goodman Group, Ristocrat Leisure QB. 16 00:00:50,120 --> 00:00:52,880 Speaker 1: They all closed up more than one percent. Rio Tinto, 17 00:00:52,960 --> 00:00:55,480 Speaker 1: Fortes q middles Group and Aria were among the worst 18 00:00:55,480 --> 00:00:58,520 Speaker 1: performers of the large caps. At least. Beach Energy share 19 00:00:58,520 --> 00:01:01,840 Speaker 1: price fell twelve percent after it downgraded reserves at a 20 00:01:01,840 --> 00:01:04,640 Speaker 1: field in Victoria that started up only two months ago. 21 00:01:04,760 --> 00:01:06,760 Speaker 1: It was the worst of the top two hundred. Best 22 00:01:06,840 --> 00:01:08,880 Speaker 1: was tab Corps. He was up more than ten percent. 23 00:01:09,560 --> 00:01:12,720 Speaker 1: Story number two Federal Parliament is back and whether the 24 00:01:12,720 --> 00:01:16,200 Speaker 1: Alberanzi government is helping or hindering rate cuts is going 25 00:01:16,240 --> 00:01:18,000 Speaker 1: to play out in the run up to the next election. 26 00:01:18,520 --> 00:01:21,039 Speaker 1: The election is due by May next year, and today 27 00:01:21,080 --> 00:01:24,679 Speaker 1: Prime Minister Anthony Alberizi maintained that Labor is helping the 28 00:01:24,720 --> 00:01:27,840 Speaker 1: Reserve Bank in its fight against price pressures. He added 29 00:01:27,880 --> 00:01:30,720 Speaker 1: that inflation has halved since Labour came into office. He 30 00:01:30,800 --> 00:01:33,800 Speaker 1: also defended his government's cost of living plans while criticizing 31 00:01:33,840 --> 00:01:37,640 Speaker 1: the coalitions own economic credentials and treasure Jim Chalmers has 32 00:01:37,680 --> 00:01:42,200 Speaker 1: accused Opposition treasury spokesperson Angus Taylorm of desperately wanting inflation 33 00:01:42,360 --> 00:01:46,200 Speaker 1: and interest rates to push higher for his own political advantage. 34 00:01:46,360 --> 00:01:48,200 Speaker 1: We're going to hear lots more of this over the 35 00:01:48,200 --> 00:01:51,639 Speaker 1: next few months. Story number three Rayle Harlidge Group arise 36 00:01:51,680 --> 00:01:54,160 Speaker 1: and has announced a twenty five percent jump in annual 37 00:01:54,160 --> 00:01:56,760 Speaker 1: net profit and will spend one hundred and fifty million 38 00:01:56,800 --> 00:01:59,800 Speaker 1: dollars buying back shares. But it didn't meet its growth 39 00:01:59,800 --> 00:02:02,240 Speaker 1: target for the network and coal businesses, and the result 40 00:02:02,360 --> 00:02:06,040 Speaker 1: was below expectations. As a result, its share price tumbled 41 00:02:06,200 --> 00:02:09,280 Speaker 1: nine percent. While the coal business did well, the consumer 42 00:02:09,360 --> 00:02:13,560 Speaker 1: goods transport business isn't doing so well, with chief executive 43 00:02:13,560 --> 00:02:17,600 Speaker 1: Andrew Harding saying the containerized freight market is softer than 44 00:02:17,720 --> 00:02:21,720 Speaker 1: industry would expect. He blamed inflation and higher interest rates. 45 00:02:21,720 --> 00:02:24,880 Speaker 1: Horizon has primarily been a coal haulage company, but it's 46 00:02:24,919 --> 00:02:27,560 Speaker 1: pushing into soft goods, particularly long the East Coast. The 47 00:02:27,600 --> 00:02:30,760 Speaker 1: group's share price is off fourteen percent this year. Story 48 00:02:30,840 --> 00:02:33,880 Speaker 1: Number four. Trade unions are making inroads into the big miners, 49 00:02:33,919 --> 00:02:37,280 Speaker 1: with BHP being forced in the negotiating table and reow 50 00:02:37,360 --> 00:02:40,520 Speaker 1: tinto under pressure to do the same. BHP will need 51 00:02:40,560 --> 00:02:44,600 Speaker 1: to negotiate under recent industrial relations changes introduced by Labour, 52 00:02:45,040 --> 00:02:47,880 Speaker 1: despite assurances that the laws would not affect the sector. 53 00:02:47,960 --> 00:02:50,760 Speaker 1: According to a report and financial review, the move has 54 00:02:50,800 --> 00:02:53,720 Speaker 1: already drawn the ire of the Minerals Council, whose chief 55 00:02:53,720 --> 00:02:56,640 Speaker 1: executive Tenure Constable said it was the start of a 56 00:02:56,800 --> 00:03:00,320 Speaker 1: union power grab. Before the changes, unions would've had to 57 00:03:00,480 --> 00:03:04,680 Speaker 1: establish that they represented most workers before BHP in Rio 58 00:03:04,760 --> 00:03:08,520 Speaker 1: were forced to negotiate with them. Brad Gandhi, the Australian Workers' 59 00:03:08,560 --> 00:03:11,799 Speaker 1: Union State secretary, said wages and conditions for iron ore 60 00:03:11,840 --> 00:03:16,440 Speaker 1: miners were not as good as many people thought. Maybe 61 00:03:16,480 --> 00:03:19,359 Speaker 1: we checked government agency jobs and skills. Australia estimates of 62 00:03:19,400 --> 00:03:22,720 Speaker 1: the median wage in the mining industry is twy four 63 00:03:22,800 --> 00:03:25,480 Speaker 1: hundred and fifty two dollars per week. That's about sixty 64 00:03:25,480 --> 00:03:29,560 Speaker 1: percent higher than the overall median across the economy and 65 00:03:29,600 --> 00:03:32,320 Speaker 1: story number five. Foreign investors pulled a record amount of 66 00:03:32,360 --> 00:03:36,200 Speaker 1: money from China last quarter, likely reflecting deep pessimism about 67 00:03:36,200 --> 00:03:40,520 Speaker 1: the world's second largest economy. China's direct investment liabilities in 68 00:03:40,560 --> 00:03:43,960 Speaker 1: its balance of payments dropped almost fifteen billion dollars in 69 00:03:44,000 --> 00:03:46,920 Speaker 1: the April to June period, marking only this second time 70 00:03:46,960 --> 00:03:50,040 Speaker 1: this figure has turned negative. It was down about five 71 00:03:50,080 --> 00:03:53,080 Speaker 1: billion dollars for the first six months. If it continues 72 00:03:53,120 --> 00:03:54,800 Speaker 1: for the year, it would be the first annual net 73 00:03:54,840 --> 00:03:58,280 Speaker 1: outflow since at least nineteen ninety that's when data began 74 00:03:58,400 --> 00:04:01,480 Speaker 1: being collected. We've heard lots of stories about foreign investors 75 00:04:01,480 --> 00:04:03,640 Speaker 1: pulling out of China and putting it into other regional 76 00:04:03,680 --> 00:04:07,040 Speaker 1: assets like Commonwealth Bank shares, This is the first half 77 00:04:07,040 --> 00:04:10,600 Speaker 1: of that story in numbers. The fore comes despite Beijing's 78 00:04:10,640 --> 00:04:13,560 Speaker 1: growing efforts to attract and retain a foreign investment. According 79 00:04:13,600 --> 00:04:16,240 Speaker 1: to Bloomberg, the government wants to show it remains open 80 00:04:16,279 --> 00:04:19,080 Speaker 1: and attractive to foreign business and the hope that companies 81 00:04:19,080 --> 00:04:21,760 Speaker 1: will bring advanced technologies and resist pressure from the US 82 00:04:21,960 --> 00:04:25,839 Speaker 1: and elsewhere to decouple from China. That's it the Afternoon 83 00:04:25,880 --> 00:04:28,240 Speaker 1: Report for Monday, the twalfth of August twenty twenty four. 84 00:04:28,520 --> 00:04:30,560 Speaker 1: Michael Thompson and I will be back tomorrow morning with 85 00:04:30,560 --> 00:04:33,360 Speaker 1: a Tuesday edition of Feer and Greed Business News. I'm 86 00:04:33,400 --> 00:04:35,080 Speaker 1: Sean Elmer. Enjoy your evening.