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Speaker 1: Welcome to Fear and Greed business news you can use. Today.

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Speaker 1: The local share market braces for another week of big

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Speaker 1: swings as the reporting season roller coaster rolls on. James

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Speaker 1: Hardy under fire after its share price falls nearly forty

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Speaker 1: percent in just two days, and a still a start

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Speaker 1: to the financial year for super funds plus auction clearance

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Speaker 1: rates saw and supermarket staff issued with body cameras to

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Speaker 1: combat rising crime. It is Monday, the twenty fifth of

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Speaker 1: August twenty twenty five. I'm Michael Thompson and good morning

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Speaker 1: Natalie McDonald. Good morning Michael, Natalie. Sean Aylmer. Our colleague

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Speaker 1: is two weeks into his European trip, two weeks to go.

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Speaker 1: How are you enjoying reporting season in his absence?

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Speaker 2: Yeah, I do enjoy how well he timed that, but

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Speaker 2: loving loving being back in that also loving you know,

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Speaker 2: I hastened to add I did win my first weekend edition.

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Speaker 2: So if you haven't taken a listen to that already,

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Speaker 2: do suggest going back.

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Speaker 1: It was a glorious victory to you on the weekend,

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Speaker 1: and we mentioned reporting season. That is the main story

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Speaker 1: this morning, Australia's corporate earning season. It has just over

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Speaker 1: a week left to go, and really to say it

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Speaker 1: has been a rollercoaster would probably be a bit of

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Speaker 1: an understatement because investor reactions have been extreme, and that's

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Speaker 1: even been for the market giants. We had CBA Commonwealth

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Speaker 1: Bank dropping five percent in one day off the back

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Speaker 1: of its results. CSL tumbled seventeen percent, then kept going.

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Speaker 1: James Hardy lost nearly forty percent last week and these moves

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Speaker 1: then saw wide swings in share market performance on both sides,

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Speaker 1: up and down. It punched through the nine thousand point

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Speaker 1: mark last week, but still with the underlying warning of

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Speaker 1: what could emerge this week.

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Speaker 2: It's really laid there five very big lessons for corporate

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Speaker 2: Australia right now. First, productivity pays and I can't believe

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Speaker 2: we're still talking about product activity. Borrel's results prove that

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Speaker 2: tighter pricing and discipline deliver while giants like Telstra Origin

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Speaker 2: CBA are betting billions on tech and renewables. Second, consumers

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Speaker 2: are back, tax cuts, easing rates are lifting household spending.

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Speaker 2: Nick Scarley and Baby Bunting are for lying, and even

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Speaker 2: a crime spree at Rebel Sport couldn't keep results down.

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Speaker 2: For Super retail. But if you're not riding that wave,

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Speaker 2: get out of the water, as Ingham has proved. On Friday,

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Speaker 2: It's share price closed twenty percent lower on weaker outlook

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Speaker 2: out of the back of Walworth changing its contract for

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Speaker 2: chicken supplies. Third, leadership, it really matters. JB High Fire

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Speaker 2: dropped eight percent on a CEO change, while Aria and

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Speaker 2: Brevel one investor backing for pretty strong management.

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Speaker 1: Yeah, it was interesting the JBA High Fire result, wasn't it,

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Speaker 1: Because that was a strong set of numbers, and then

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Speaker 1: it just plummeted because the CEO was going, And that

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Speaker 1: was a company that has really thrived on strong, stable

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Speaker 1: management for a very long time time.

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Speaker 2: And it really speaks to that idea of you know,

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Speaker 2: where you've got moves that are being punished hard, are

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Speaker 2: things like leadership changes or even poor strategic movements. You know,

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Speaker 2: CSL's vaccine spin off, James Hardy's fourteen billion dollar push

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Speaker 2: into a weakening US market are really clear examples of those.

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Speaker 2: But also I think the really big overarching one that

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Speaker 2: we've discussed a couple of times is valuations. They are

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Speaker 2: sky high. CBA the og Post, a child of this

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Speaker 2: conversation Gusney Gomez, which fell almost twenty percent on Friday,

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Speaker 2: highlighting that maybe good enough, just in this environment and

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Speaker 2: in this context, just isn't good enough. Yeah.

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Speaker 1: Indeed, I do admire your use of the OG poster

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Speaker 1: child terminology. That is something that Sean has never said

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Speaker 1: on this show. So it feels like you're bringing a

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Speaker 1: certain element of youth to this program. Now, we did

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Speaker 1: mention James Hardy a couple of times there. It is

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Speaker 1: facing fresh scrutiny after an LA law firm launch an

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Speaker 1: investigation into whether the company misled investors following a shock

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Speaker 1: sixty percent fall in quarterly net profit, as we mentioned,

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Speaker 1: wiping almost forty percent of its value in just two days.

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Speaker 1: How do we go though, from poor results to a

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Speaker 1: potential lawsuit.

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Speaker 2: It's really down to that sell off, which has reignited

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Speaker 2: anger over James Hardy's controversial fourteen billion US dollar acquisition

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Speaker 2: of US decking Company AZC, completed earlier this year, which

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Speaker 2: some investors said was overpaid for at a time when

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Speaker 2: US construction was already showing signs of slowing. I mentioned

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Speaker 2: last week that this was the deal that shifted the

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Speaker 2: company's primary listing to New York now. The law firm

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Speaker 2: involved said that its inquiries would focus on whether the

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Speaker 2: ASX and New York listed James Hardy issued false and

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Speaker 2: or misleading statements and or failed to disclose information persinent

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Speaker 2: to investors. Should also note that the company is actually

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Speaker 2: already defending aus separate class action in Australia over past

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Speaker 2: disclosure practices.

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Speaker 1: All right, we clearly then have a very big weak

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Speaker 1: ahead of us. What are the expectations for the market today.

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Speaker 2: Well, given that momentum from breaking through the nine thousand

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Speaker 2: point mark, plus the adrenaline hit that Federal Reserve chair

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Speaker 2: during Powell unleash or Moore Street more on that in

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Speaker 2: just a minute, future suggests the running of the bulls

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Speaker 2: isn't over just yet. But just today we've got results

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Speaker 2: from Santos, Pilgrim Minerals, Reader's healthcare, Vicinity centers for Discue,

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Speaker 2: nob Southern Crossosteria, and so many more. It's really anybody's game.

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Speaker 1: Yeah. Indeed, now you did mention Jerome Power there. Wall

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Speaker 1: Street surged after the Fed chair hinted that a September

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Speaker 1: rate cut could well be on the table.

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Speaker 2: Michael, most people wait their entire life for those three

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Speaker 2: little words. But in the case of US markets, all

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Speaker 2: it took was quote, the baseline outlook and the shifting

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Speaker 2: balance of risks may warrant adjusting our policy stance, and

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Speaker 2: that was it. They were off. The s and P

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Speaker 2: five hundred climbed within three points of a record high,

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Speaker 2: the Dow sawed nearly nine hundred and fifty points to

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Speaker 2: a new peak, and the Nasdaq bounced back from its

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Speaker 2: midweek slump. Small cap stocks yep, throw them into They

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Speaker 2: also rallied well. Bond yields fell sharply as trade is

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Speaker 2: priced in and eighty percent chance of a cut, investors

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Speaker 2: see September as nearly a done deal and less jobs

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Speaker 2: data rebounds or inflation comes in hotter than expected.

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Speaker 1: Okay, all right, let's take a very quick break. We'll

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Speaker 1: come back in a moment with the rest of the

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Speaker 1: day's business news. Natalie's super funds are off to a

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Speaker 1: flying start to the new financial year, with the median

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Speaker 1: growth fund up two point seven percent over the first

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Speaker 1: seven weeks of FY twenty six. This is according to

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Speaker 1: data from chant West.

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Speaker 2: July alone delivered a one point five percent left for

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Speaker 2: growth funds, supported by rising global share markets, US corporate

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Speaker 2: earnings and progress on trade negotiations. Emerging markets were in

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Speaker 2: fact the leader of the pack with gains of three

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Speaker 2: point eight percent, while Australian shares rose two point four percent.

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Speaker 2: Chart West reporting that despite ongoing global uncertainty, Super is

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Speaker 2: still delivering for the long haul, with growth funds averaging

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Speaker 2: eight percent a year since compulsory super began more than

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Speaker 2: three decades ago.

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Speaker 1: Now, we talked last week about auction clearance rates rising

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Speaker 1: off the back of the Reserve Bank's decision to cut

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Speaker 1: interest rates, and it just keeps on going. Now the

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Speaker 1: rates have hit their highest level since February of last year,

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Speaker 1: and it certainly doesn't hurt the financial markets are tipping

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Speaker 1: between two and three more rate cuts by mid next year.

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Speaker 1: There is clearly a lot of confidence out there.

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Speaker 2: It's proving to be the perfect storm. Across Australia's capital cities.

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Speaker 2: The combined preliminary auction clearance rate climbed to seventy five

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Speaker 2: point three percent, driven by strong growth in Sydney coming

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Speaker 2: in at seventy nine percent, while Melbourne logged a clearance

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Speaker 2: rate of seventy five point four percent. I did, however, Michael,

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Speaker 2: you're going to enjoy this stumble across a negative for

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Speaker 2: rising house prices though, and that's that rising living costs,

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Speaker 2: including maintaining two properties, are forcing more divorced couples to

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Speaker 2: keep living under the same roof. I'm like filing this

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Speaker 2: under one of my fun facts, but not fun. Data

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Speaker 2: from the Family Court found that nineteen percent of twenty

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Speaker 2: four to twenty five divorce applications involve couples cohabiting, and

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Speaker 2: the divorce rate in Australia is actually at its lowest

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Speaker 2: level since the introduction of no fault divorce in nineteen

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Speaker 2: seventy six, something that again lawyers are putting down to

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Speaker 2: the fact that couples cannot afford in the current property

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Speaker 2: climate to be maintaining two households.

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Speaker 1: Wow, that is extraordinary. I'll tell you what else is extraordinary,

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Speaker 1: this next one. Because Sean and I had talked about

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Speaker 1: this last year, the potential for this to happen. Rising

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Speaker 1: crime in Victoria has prompted Woolies and Coals to issue

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Speaker 1: body cameras to hundreds of frontline staff and to train

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Speaker 1: thousands in basically in de escalation, including using VR simulations

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Speaker 1: to do it.

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Speaker 2: So let me give you some numbers on that. So

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Speaker 2: Woolworth reported forty five store lockdowns this year, while Coles

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Speaker 2: saw forty percent more incidents than in their new South

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Speaker 2: Wales stores. The Victorian government has responded with tougher bail laws,

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Speaker 2: machete bands and increased police powers, but retailers are calling

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Speaker 2: for stronger security measures to protect staff and customers, and

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Speaker 2: clearly they see the body cameras as being part of this.

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Speaker 2: It does come just days after Super Retail chief executive

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Speaker 2: Anthony Heriti described industrial scale theft at its Rebel Sports

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Speaker 2: stores in Victoria as being out of control and denting

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Speaker 2: Rebel's gross margins for the year.

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Speaker 1: This is interesting toilet paper company, who gives a crap

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Speaker 1: is cutting nearly a fifth of its global workforce as

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Speaker 1: part of a ma race structure, and the CEO and

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Speaker 1: the very modern tradition took to LinkedIn to share why.

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Speaker 2: And this is actually where I came across this story.

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Speaker 2: Michael CEO and co founder Simon Griffiths told staff about

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Speaker 2: fifty rolls so mostly outside of Australia will go, with

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Speaker 2: many to be rehired in Australian time zones, which isn't

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Speaker 2: really a jump that you see being made that often

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Speaker 2: and In a show of real transparency, Griffiths published an

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Speaker 2: email that he had sent to the team in a

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Speaker 2: post to LinkedIn, acknowledging that despite everyone's best efforts, working

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Speaker 2: across time zones with limited overlap in our working hours

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Speaker 2: has made it harder for us to do our best work,

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Speaker 2: saying that calendars are overloaded and it often takes weeks

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Speaker 2: instead of hours or days for live conversations to happen.

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Speaker 2: Stressing that the business remains financially healthy, Griffith said that

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Speaker 2: the move will cut costs, improve collaboration and ultimately bear

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Speaker 2: in mind that this is who gives the craps fundamental

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Speaker 2: mission allow it to donate more to providing clean water

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Speaker 2: and toilets worldwide through its donations model.

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Speaker 1: Ultraviolet is recalling its cult Lean Screen sunscreen globally after

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Speaker 1: fresh tests showed SBF protection ranging from just four up

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Speaker 1: to sixty four, with a lot of those results coming

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Speaker 1: in under the SPF fifty plus claim that the products make.

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Speaker 2: The brand has defended the product against Choice testing earlier

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Speaker 2: this year and spent months arguing that the consumer advocacy

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Speaker 2: organization was incorrect, before u turning to admit that the

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Speaker 2: results did in fact show significant and atypical variability. Customers

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Speaker 2: are receiving refunds and vouchers, and the brand has cut

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Speaker 2: ties with its manufacture and testing labs, although they haven't

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Speaker 2: shared the financial ramifications of this. The TGA is investigating

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Speaker 2: SPF testing standards after several popular sunscreen brands also failed

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Speaker 2: to meet their claims.

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Speaker 1: Now, I like this is great Australia's date industry. We're

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Speaker 1: talking about dates that I suppose they're a fruit, aren't

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Speaker 1: they They're not a vegetable. Yeah, the fruit it might

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Speaker 1: be small, but it's ripening fast and it could become

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Speaker 1: a major export earner according to growers.

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Speaker 2: So most of the world dates you may not be

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Speaker 2: aware of this are grown in the Northern Hemisphere.

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Speaker 1: I think considering I wasn't sure whether it was a

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Speaker 1: fruit or a vegetable, I think you can safely assume

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Speaker 1: I'm not going to be aware of whatever you're going

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Speaker 1: to say.

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Speaker 2: Most are grown in the Northern Hemisphere, meaning that Australian

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Speaker 2: growers are actually poised to capitalize on strong demand in

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Speaker 2: markets like the Middle East, Indonesia and of course here

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Speaker 2: at home in the off season. So really kind of

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Speaker 2: taking advantage of that season diversity. I guess global demand

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Speaker 2: is surging. Growers are getting between twenty and thirty dollars

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Speaker 2: a kilo, and the global date market is actually valued

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Speaker 2: at about thirty billion US dollars. Date growing is a

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Speaker 2: long game though, and this was a fun fact that

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Speaker 2: I was not aware of. Up to ten years for

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Speaker 2: palms to reach full production. Oh wow, yeah, so if

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Speaker 2: you're doing it, you are, You're having to think really

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Speaker 2: long term. So no one to the grow as they're

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Speaker 2: talking at a.

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Speaker 1: Yeah, absolutely, all right. Turning to international news now, Natalie

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Speaker 1: and US President Donald Trump has struck a deal giving

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Speaker 1: the US government an almost ten percent stake in Intel.

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Speaker 1: It's part of an unconventional package to revive the struggling

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Speaker 1: chip maker and try and boost domestic production.

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Speaker 2: The nearly fourteen billion dollar and this is Australian dollars

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Speaker 2: investment will be funded through the Chips and Science Act,

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Speaker 2: but the government will actually be a passive investor. There'll

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Speaker 2: be no board seat. Intel's CEO welcome to the back end,

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Speaker 2: calling it vital for US tech leadership, and Trump hailed

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Speaker 2: it as a great deal for America, framing semiconductor production

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Speaker 2: as a national security issue. It comes just weeks after

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Speaker 2: Nvidia and AMD agreed to pay the US government fifteen

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Speaker 2: percent of their semikind do to sales in China in

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Speaker 2: a deal to secure export licenses.

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Speaker 1: Finally, China has reached something of a crossroads in electric

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Speaker 1: vehicle technology, balancing fast charging with batteries swapping.

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Speaker 2: So take Neo, which is a US listed Chinese EV

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Speaker 2: startup that runs over three thousand swap stations. They replace

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Speaker 2: a car's battery in three minutes, which I think must

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Speaker 2: be like close to F one standards, while battery giant

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Speaker 2: coatl plans ten thousand stations by twenty twenty eight, including

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Speaker 2: in fact for heavy trucks swapping that suits dense cities

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Speaker 2: and reduces EV costs. But analyst is still saying that

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Speaker 2: the two technologies can complement each other with fast charging

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Speaker 2: infrastructure expanding to EV sales in China are actually expected

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Speaker 2: to surpass petrol powered cars for the first time this.

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Speaker 1: Year, and that is really that the holy grail is

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Speaker 1: to try and get a charge that takes place in

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Speaker 1: the same time that it takes to fill up a

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Speaker 1: with petrol, or in this particular case, just swap the

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Speaker 1: battery over one for one. That's already charged and you

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Speaker 1: will be in and out within a couple of minutes.

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Speaker 2: I would I would love to understand the environmental and

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Speaker 2: sustainability flow through impact, though that does come with swapping batteries.

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Speaker 2: That would be my only sort of hesitation.

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Speaker 1: I suppose as long as those are then recharged and

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Speaker 1: go into another one, it just creates a circular battery economy.

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Speaker 2: Right, yeah, I wonder well, we'll look into it.

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Speaker 1: Yes, either that or we've just solved half the world's

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Speaker 1: problems on this episode. All right. Up next is the

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Speaker 1: Fear and Greed Q and A. Today we are speaking

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Speaker 1: with Stephen Coucoulis, our resident economist, all about what is

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Speaker 1: coming up this week in the economy, including why Stephen

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Speaker 1: is now more optimistic about the outlook for the Australian economy.

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Speaker 1: And he hasn't been pessimistic or anything so much as

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Speaker 1: just a realist, but now he is starting to think

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Speaker 1: that maybe we have turned a corner. It is worth

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Speaker 1: a listener's coming up next. Thank you very much much, Natalie,

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Speaker 1: Thank you Michael. It is Monday, the twenty fifth of

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Speaker 1: August twenty twenty five. Make sure you're following the podcast

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Speaker 1: and please join us online on LinkedIn, Instagram, ex TikTok

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Speaker 1: and Facebook and head to Fearangreed dot com dot au

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Speaker 1: and sign up for our free daily newsletter our Michael

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Speaker 1: Thompson's Fear and Greed. Have a great day.