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Speaker 1: It's Monday, the nineteenth of August twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in US five minutes. Are Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Good morning Michael Seawan.

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Speaker 1: Five big stories to get through in five minutes, so

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Speaker 1: we better get going story number one. Almost one third

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Speaker 1: of companies on the ASX have reported their June earnings,

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Speaker 1: and with results slightly better than expected, the boss has

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Speaker 1: lifted and that supports Reserve Bank confidence that the economy

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Speaker 1: is still chugging along.

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Speaker 2: Thus far, there have been fewer surprisingly strong and surprisingly

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Speaker 2: weak results. Their normal consensus expectations are for a three

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Speaker 2: point six percent drop in profits for the last financial year.

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Speaker 2: Energy is expected to contribute to that, mostly also mining,

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Speaker 2: consumer staples, IT and financial sectors. That's according to omp Shane,

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Speaker 2: all of them. There have been some strong results jb HI,

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Speaker 2: fid Com, off Bank, but also signs of a slowing economy,

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Speaker 2: with some consumer spending groups and media companies demonstrating weakness. Also,

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Speaker 2: the online property players Domain and Aria have reported high

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Speaker 2: levels of listings, which might reflect housing distress, while the

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Speaker 2: komof Bank and National Australia Bank both reported a jump

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Speaker 2: in loan areas. But really, there is still a bit

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Speaker 2: of woolf in the economy, Michael on The Reserve Bank

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Speaker 2: knows it. On Friday, Governor Michelle Bullet repeated that interest

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Speaker 2: rates are not going to rise all four anytime soon,

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Speaker 2: saying current rate settings appeared likely to bring inflation down

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Speaker 2: to manageable levels.

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Speaker 1: Sure so the local markets doing well, what about overseas?

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Speaker 2: Been a cracking week last week? Global stocks recorded their

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Speaker 2: best week since November. Give you a few examples. Wall streets,

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Speaker 2: SMP five hundred broke a four week losing streak, closed

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Speaker 2: up four percent. Now it's just two percent below it's

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Speaker 2: all time high. Japanese docks, they'd been sold off, really

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Speaker 2: bore the brunt of the global sell off at the

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Speaker 2: start of August. They jumped eight percent last week. The

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Speaker 2: stocks Europe six hundred top six hundred stocks in Europe

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Speaker 2: there are two point four percent. Is just a bit

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Speaker 2: confident that the global economy isn't heading for a recession.

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Speaker 1: Okay, moving on to story number two. Now, National Australia

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Speaker 1: Bank has warned that interest rates and persistent inflation are

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Speaker 1: hurting customers, with delinquent loans rising in the June quarter.

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Speaker 2: In a June quarter update, the country's second largest bank

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Speaker 2: said non performing loans had risen to one point three

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Speaker 2: one percent of the book compared to one point two

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Speaker 2: percent at thirty June. Doesn't sound like much, but it's

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Speaker 2: a ten percent increase in bad loans. The increase reflects

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Speaker 2: a continued broad based deterioration in business and private banking,

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Speaker 2: combined with higher arrears for mortgage holders. Chief executive Andrew

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Speaker 2: Ervine said he was unsurprised by the increase and the

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Speaker 2: bank had set aside money, adding it showed that the

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Speaker 2: economic environment is challenging for customers. NAB, which has a

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Speaker 2: September thirty balloons State, reported to third quarter profit for

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Speaker 2: one point seventy five at billion dollars that was flat.

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Speaker 2: The lender is growing its mortgage book slower than its competitors,

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Speaker 2: and it's been unseated as a number three mortgage bank

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Speaker 2: by an Z's acquisition of Sun Corp. Its share price

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Speaker 2: finished one point six percent higher on Friday.

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Speaker 1: Sean story number three. Good news for anyone who loves

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Speaker 1: heading along to an auction on a Saturday morning. The

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Speaker 1: spring selling season almost upon US. The number of auctions

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Speaker 1: is picking up, with preliminary clearance rates almost hitting seventy

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Speaker 1: one percent.

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Speaker 2: A number of auctions over the past week was just

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Speaker 2: short of two thousand, the highest number since June, with

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Speaker 2: the rise in the preliminary clearance rate being driven by

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Speaker 2: Sydney came in at seventy five percent according to core Logic.

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Speaker 2: Melbourne was sixty seven percent, Adelaide eighty four percent, Brisbane

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Speaker 2: sixty three percent. But it's really the preseason, with a

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Speaker 2: number of houses going up for sale rising over the

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Speaker 2: next couple of months. Core Logic figures show that the

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Speaker 2: number of new listings is tracking higher than last year

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Speaker 2: and it's about eleven percent above the five year average.

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Speaker 2: Story number four. Domino's Pizza has found a new boss

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Speaker 2: of its local operations and Sean it's the CEO's sister,

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Speaker 2: Kerry Hayman is her name, sister of Don May, and

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Speaker 2: will take over the Australian New Zealand part of the business.

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Speaker 2: Mister May had been living in the US before moving

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Speaker 2: home in the middle of last year to help run

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Speaker 2: the struggling local operations. Now he's heading back to look

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Speaker 2: after the overseas part of the group which has been

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Speaker 2: having its own struggles, particularly Japan and Frances Hayman is

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Speaker 2: no novice. She has spent thirty six years in the business,

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Speaker 2: initially working for her brother when he was a store manager.

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Speaker 2: Since its peak in twenty twenty one, when COVID restrictions

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Speaker 2: were encouraging people to buy lots of pizza, Domino's share

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Speaker 2: price has gone for more than one hundred and sixty

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Speaker 2: dollars to about thirty three dollars.

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Speaker 1: Last one story number five KRMLA. Harris fronts the Democratic

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Speaker 1: National Convention this week, effectively introducing her to millions of

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Speaker 1: voters who haven't been engaged in the race for president yet.

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Speaker 2: It's eight days still election day, and most of the

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Speaker 2: Miss Harris's public statements so far have been focused on

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Speaker 2: the personality fight between her and Donald Trump. Over the weekend,

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Speaker 2: she released a policy on cracking down price gouging and

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Speaker 2: subsidies to burst housing supply, both which received a mixed response.

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Speaker 2: Shall we say the convention this week will set the

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Speaker 2: tone for whether the election is about personality, where Karmala

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Speaker 2: Harris is doing pretty well at the moment, or policy

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Speaker 2: where the Republicans are holding their ground. President Biden will

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Speaker 2: give a major speech on Wednesday, Ossie Time, in what

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Speaker 2: will be a symbolic handover of the Democratic nomination to

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Speaker 2: the vice president.

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Speaker 1: All right, there we go, the top five business stories

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Speaker 1: in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It's Monday, the nineteenth of August twenty twenty four. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: isn't enough, you can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael

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Speaker 1: Thompson and that was the fast five business news by

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Speaker 1: Fear and Greed. Have a great day.