1 00:00:00,520 --> 00:00:03,199 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:03,240 --> 00:00:05,600 Speaker 1: for Friday, the fifth of July twenty twenty four. I'm 3 00:00:05,640 --> 00:00:08,080 Speaker 1: Shan Almam. Every afternoon, we've got the five stories that 4 00:00:08,119 --> 00:00:10,719 Speaker 1: happen today that you need to know. Story number one. 5 00:00:10,920 --> 00:00:13,680 Speaker 1: The smp ASEX two hundred closed down just to touch 6 00:00:13,760 --> 00:00:16,880 Speaker 1: zero point one percent today to eight hundred and twenty 7 00:00:16,920 --> 00:00:19,680 Speaker 1: two points. Healthcare stocks led the way, while the materials 8 00:00:19,680 --> 00:00:22,520 Speaker 1: index was the weakest. It wasn't a great day for 9 00:00:22,520 --> 00:00:25,040 Speaker 1: the big miners, with BHP, Fortes, Fu Medals Group and 10 00:00:25,120 --> 00:00:27,920 Speaker 1: Rio Tinto all lower. The banks were mixed, to the 11 00:00:28,000 --> 00:00:30,240 Speaker 1: National Australia Bank film more than one and a half percent. 12 00:00:30,440 --> 00:00:33,000 Speaker 1: Telstra was among the best, rising one percent. For the 13 00:00:33,040 --> 00:00:36,120 Speaker 1: first full week of the new financial year. The ASX 14 00:00:36,120 --> 00:00:39,320 Speaker 1: two hundred closed up zero point seven percent for that week. 15 00:00:39,479 --> 00:00:41,879 Speaker 1: Energy stocks were easily the best performers, helped along by 16 00:00:41,920 --> 00:00:46,080 Speaker 1: the coal companies. Big miners did well notwithstanding today, as 17 00:00:46,080 --> 00:00:49,800 Speaker 1: did the property companies. The worst sub index was utilities. 18 00:00:50,080 --> 00:00:53,640 Speaker 1: In corporate news today, gell And Financial Group shares jumped again. 19 00:00:54,120 --> 00:00:56,520 Speaker 1: They're up now ten percent over the past couple of sessions. 20 00:00:56,600 --> 00:00:59,440 Speaker 1: Yes so, the company said it had stabilized funds under 21 00:00:59,440 --> 00:01:03,160 Speaker 1: management and lifted performance fees. Also today, Santos was sold 22 00:01:03,200 --> 00:01:06,840 Speaker 1: off after the Saudi Arabian based at Remco dismissed reports 23 00:01:07,000 --> 00:01:09,600 Speaker 1: it was interested in buying the oil and gas giant. 24 00:01:10,360 --> 00:01:12,640 Speaker 1: Story number two. The Aussie dollar has gone on something 25 00:01:12,680 --> 00:01:15,200 Speaker 1: of a run. Well, that's probably havestating it, but given 26 00:01:15,240 --> 00:01:17,880 Speaker 1: how little movement there's been in the local unit recently, 27 00:01:18,200 --> 00:01:21,400 Speaker 1: today's push to sixty seven point four US since the 28 00:01:21,480 --> 00:01:24,679 Speaker 1: highest since the beginning of January is newsworthy. A couple 29 00:01:24,720 --> 00:01:27,039 Speaker 1: of things have happened at Growing expectations of a rate 30 00:01:27,040 --> 00:01:29,640 Speaker 1: cut in the US but not in Australia has made 31 00:01:29,680 --> 00:01:32,160 Speaker 1: the local currency look more attractive in the short term, 32 00:01:32,319 --> 00:01:34,440 Speaker 1: and an orpheus has climbed to their highest level in 33 00:01:34,520 --> 00:01:37,800 Speaker 1: a month today on optimism for improvement into March from 34 00:01:37,880 --> 00:01:40,480 Speaker 1: China that means buying Australian nine or that helps the 35 00:01:40,520 --> 00:01:43,240 Speaker 1: Ausi dollar oil's worth mention. Also with Brent hitting a 36 00:01:43,280 --> 00:01:46,680 Speaker 1: two month high as Hurricane Beryl provided a glimpse of 37 00:01:46,720 --> 00:01:49,960 Speaker 1: what some are expecting as a horror storm season in 38 00:01:50,000 --> 00:01:53,480 Speaker 1: the Gulf of Mexico. Story number three. BHP bosses have 39 00:01:53,560 --> 00:01:57,280 Speaker 1: docked employee incentives around the globe based on failures to 40 00:01:57,360 --> 00:02:02,680 Speaker 1: hit internal performance targets on costs, reduction, safety, and gender equity. 41 00:02:02,960 --> 00:02:05,160 Speaker 1: The mining giant has in the past forty eight hours 42 00:02:05,200 --> 00:02:08,160 Speaker 1: notified tens thousands of workers that it will only pay 43 00:02:08,200 --> 00:02:10,919 Speaker 1: out eighty percent of short term incentives that were on 44 00:02:11,480 --> 00:02:14,239 Speaker 1: for the twenty twenty three twenty twenty four financial year. 45 00:02:14,520 --> 00:02:17,880 Speaker 1: According to report in the Financial Review, workers at BHP's 46 00:02:17,960 --> 00:02:20,720 Speaker 1: Queensland Coal division were singled out. They'll receive only seventy 47 00:02:20,720 --> 00:02:23,960 Speaker 1: percent of the incentives after two downgrades and sales guidance 48 00:02:24,120 --> 00:02:27,360 Speaker 1: and a fatality at the Seraji mine in the Bowen Basin. 49 00:02:27,639 --> 00:02:31,440 Speaker 1: The incentive calls were made by BHP's executive leadership that 50 00:02:31,560 --> 00:02:34,400 Speaker 1: includes Chief Executive Mike Henry. The short term and Center's 51 00:02:34,440 --> 00:02:37,400 Speaker 1: applied to all works at BHP and can add up 52 00:02:37,440 --> 00:02:40,440 Speaker 1: to about fifteen percent of salary. Sorry number four, Joe 53 00:02:40,440 --> 00:02:43,000 Speaker 1: Biden ain't going anywhere. I have a night facing down 54 00:02:43,000 --> 00:02:45,840 Speaker 1: calls for him to not contest the next US presidential election. 55 00:02:46,280 --> 00:02:48,560 Speaker 1: He used a fourth July speech to concede that he's 56 00:02:48,600 --> 00:02:52,200 Speaker 1: screwed up his words, screwed up last week's debate, but 57 00:02:52,280 --> 00:02:54,760 Speaker 1: added he isn't going anywhere. He told state governors that 58 00:02:54,800 --> 00:02:58,080 Speaker 1: he needed more sleep. None of that hasn't stopped major 59 00:02:58,120 --> 00:03:00,760 Speaker 1: donors and Democrat politicians suggest I think he should call 60 00:03:00,800 --> 00:03:04,160 Speaker 1: it quits. Abigail Disney, the granddaughter of Walt Disney and 61 00:03:04,200 --> 00:03:06,800 Speaker 1: a major donor to Democrats, came out and called on 62 00:03:06,840 --> 00:03:10,519 Speaker 1: mister Biden to step down. Tonight Australian Time. Mister Biden 63 00:03:10,560 --> 00:03:13,800 Speaker 1: had an interview with ABC No Telly prompter there and 64 00:03:13,919 --> 00:03:16,920 Speaker 1: it's very keen to see how he performs and storing 65 00:03:17,000 --> 00:03:20,119 Speaker 1: number five. So Ka Starmer is set to take over 66 00:03:20,160 --> 00:03:23,800 Speaker 1: as British Prime Minister after exit polls predicted his Labor 67 00:03:23,800 --> 00:03:28,920 Speaker 1: Party one not just a landslide victory, an annihilation. The 68 00:03:28,960 --> 00:03:33,080 Speaker 1: polse forecast that Labor will win four hundred and ten seats, 69 00:03:33,440 --> 00:03:36,760 Speaker 1: with the Toyes likely to lose two hundred seats and 70 00:03:36,920 --> 00:03:39,240 Speaker 1: enter the new Parliament with just one hundred and forty four, 71 00:03:39,600 --> 00:03:43,280 Speaker 1: WHICHI soon act. The current Prime Minister has conceded. Mister 72 00:03:43,320 --> 00:03:46,560 Speaker 1: Starmer will have about a one hundred and sixty seat majority, 73 00:03:46,560 --> 00:03:48,640 Speaker 1: which is about the same as Tony Blair won in 74 00:03:48,760 --> 00:03:51,440 Speaker 1: nineteen ninety seven. It's the end of fourteen years of 75 00:03:51,520 --> 00:03:54,160 Speaker 1: Conservative rule in the UK and a total turnaround from 76 00:03:54,160 --> 00:03:57,160 Speaker 1: five years ago when Boris Johnson delivered a large victory 77 00:03:57,200 --> 00:04:00,520 Speaker 1: for the Conservatives. That's it for the afternoon Report for Friday, 78 00:04:00,520 --> 00:04:02,960 Speaker 1: the fifth of July twenty twenty four. Michael Thompson and 79 00:04:03,080 --> 00:04:05,240 Speaker 1: it Lange and I will be back tomorrow morning with 80 00:04:05,320 --> 00:04:07,480 Speaker 1: a weekend edition of Fear and Greed Business News. I'm 81 00:04:07,480 --> 00:04:09,160 Speaker 1: sure I elma enjoy your evening.