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

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Speaker 1: Prime Minister Anthony Abernezi sets a date to meet US

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Speaker 1: President Donald Trump as the crisis in the Middle East escalates.

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Speaker 1: Abu Dhabi state owned oil company considers a tilt for Santos,

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Speaker 1: and Amazon says it will invest twenty billion dollars in Australia. Plus,

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Speaker 1: the national housing market bounces, with Melbourne leading the way,

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Speaker 1: and hundreds of thousands of protesters rally against Donald Trump

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Speaker 1: across the US. It is Monday, the sixteenth of June

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Speaker 1: twenty twenty five. I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael. Very international show this morning.

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Speaker 1: It certainly isn't as a result, it's a somewhat international

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Speaker 1: newsletter today. It's a very true. It's a chunky, a

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Speaker 1: chunky newsletter. If you haven't already subscribed to it, you

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Speaker 1: can subscribe via the website Fearangreed dot com dot au.

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Speaker 1: I'll put a link in today's show notes as well.

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Speaker 1: It is entirely free. It is in your inbox by

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Speaker 1: six am every week day, and it is basically a

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Speaker 1: cheat sheet. Takes you about three minutes to read and

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Speaker 1: you will arrive at work better prepared for the day,

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Speaker 1: better prepared than the person sitting next to you. Sean

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Speaker 1: absolutely okay, main story this morning, Let's get on with it.

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Speaker 1: Prime Minister Anthony Alberizi is due to meet US President

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Speaker 1: Donald Trump on Wednesday morning, Australian time. This is on

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Speaker 1: the sidelines of the G seventh summit. With orcas and

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Speaker 1: tariff's obviously both high on the agenda, as well as

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Speaker 1: the tension in the Middle East, there's going to be

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Speaker 1: a lot to discuss.

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Speaker 2: Mister Albanzi is expected to tell Donald Trump that Australia

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Speaker 2: is already pulling its weight on defense, including highest spending

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Speaker 2: on arms and equipment and money for basis for US submarines,

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Speaker 2: warships and marines. The Prime Minister said he wants to

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Speaker 2: reason with Donald Trump, hm reason with him over tariffs

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Speaker 2: on Australia and sure up the case for the Orcus

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Speaker 2: Pact now. Mister Alberizi has been criticized in recent days

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Speaker 2: for not having a meeting with Donald Trump. I don't

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Speaker 2: know that it was in his hands. To be perfectly honest, anyway,

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Speaker 2: he has secure one on the sideline of the G

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Speaker 2: seventh Summit, which is being held in Canada this week.

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Speaker 1: I don't know whether the reasoning is the is the

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Speaker 1: right approach, right, surely it's negotiate, Like if you go

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Speaker 1: into it saying this is a negotiation, then that is

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Speaker 1: what the president is going to want to hear.

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Speaker 2: Right, Yeah, you're probably right, I think so.

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Speaker 1: Now and Sehn, of course, all this is going on

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Speaker 1: as Israel and Iran trade air strikes, with hundreds of

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Speaker 1: people killed and injured in the past four days.

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Speaker 2: In fact, at least eight people have been killed in

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Speaker 2: Israel and more than one hundred and forty injured. There

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Speaker 2: have been many fatalities in Iran, though we don't have

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Speaker 2: numbers for that. The Israel Defense Forces says it's targeted

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Speaker 2: critical installations in Tehran, including Iran's Defense Ministry. Iranian officials

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Speaker 2: said residential buildings have also been hit, with both sides

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Speaker 2: firing rockets at each other. Much of the attention is

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Speaker 2: on how much the US knew ahead of Israel's initial

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Speaker 2: bombing of nucleus sides. Now Donald Trump took to truth

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Speaker 2: social saying the US had nothing to do with the

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Speaker 2: attacks and warned Iran not to attack US interests. Meanwhile,

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Speaker 2: our foreigness to Penny One condemned Iran's nuclear program, labeling

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Speaker 2: it as a threat to global peace on ABC yesterday.

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Speaker 2: The program is why Australia has sanctions against Iran, she said.

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Speaker 2: She went on to renew her core for Israel and

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Speaker 2: Iran to de escalate tensions and pursue diplomacy, but avoided

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Speaker 2: direct commentary on whether Israel's actions were justified, instead citing

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Speaker 2: Israel's right to self defense.

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Speaker 1: Because we were talking last week about the US pulling

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Speaker 1: people out of Iran or out of that region, saying

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Speaker 1: that it was just a dangerous place to be, wasn't it.

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Speaker 2: Yeah, and Donald Trump just said bad things happen from

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Speaker 2: memory in those sorts of places. This is the head

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Speaker 2: of the Israel attacks. So yeah, I mean maybe it's

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Speaker 2: a coincidence.

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Speaker 1: Yeah, Okay, Now the activity has hit financial markets, gold

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Speaker 1: and oil rising sharply.

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Speaker 2: Oil jumped seven percent over the weekend to above seventy

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Speaker 2: four US dollars a barrel. Will feel that at the

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Speaker 2: petrol bouncer at some point. Iran produces about one to

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Speaker 2: two percent of world oil, but it controls transport routes

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Speaker 2: that carry closer to twenty percent of the world's oil.

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Speaker 2: That's why it is so significant. Over the weekend, Israel

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Speaker 2: hit Iranian energy infrastructure, including the world's largest gas field,

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Speaker 2: now known as South Pars. Gold also jumped. It's trading

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Speaker 2: about thirty four to thirty US dollars an ounce, and

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Speaker 2: the major industries on Wall Street dropped more than one

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Speaker 2: percent on the back of this conflict.

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Speaker 1: Sean, You've got a very timely interview today really goes

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Speaker 1: into a lot of what you've just talked about. You're

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Speaker 1: speaking with vervec Da from Commonwealth Bank about the outlook,

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Speaker 1: not just the outlook for commodities, but as to the

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Speaker 1: reasons as to why we've seen gold surge, oil surge,

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Speaker 1: and what's going to happen.

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Speaker 2: It's a fantastic chat. We start with oil, we go

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Speaker 2: onto gold and things like platinum and battery metals. For

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Speaker 2: vec gives his eurydite he's always extremely eurydite version of

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Speaker 2: what's going on in commodity markets.

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Speaker 1: It's well worth a lesson that's coming up after the show.

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Speaker 1: Just quickly before we finish up on markets, what can

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Speaker 1: we expect from the local market when it opens this morning?

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Speaker 2: Fish Just Trading suggests it will open lower about zero

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Speaker 2: point two percent, so not significantly now. Of course, you

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Speaker 2: hit a new record high last week. In fact, briefly

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Speaker 2: last week the ASEX two hundred was in a bull market.

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Speaker 2: A ball market is up twenty percent from low to peak,

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Speaker 2: paired backet's gained, so it's not in a ball market,

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Speaker 2: but it was very briefly. We'll see how things pan

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Speaker 2: out in the next few hours as local investors try

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Speaker 2: and come to terms with what's happening with commodity prices

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Speaker 2: and what's going on in the Middle East.

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Speaker 1: All right, plenty going on, Sean. We'll be back in

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Speaker 1: a moment with the rest of the day's business news Sean.

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Speaker 1: Abu Dhabi's massive state owned oil company has had preliminary

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Speaker 1: talks with Santos about taking a stake in the ASX

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Speaker 1: listed business. This is according to reports this morning in

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Speaker 1: the fin Review.

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Speaker 2: The Abu Dhabi National Oil Company, known as ad Knock

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Speaker 2: ADNAC Abu Dhabi National Oil Company has not sense put

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Speaker 2: it it does has not put in a formal takeover proposal. However,

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Speaker 2: the IFR is reporting that talks took place recently and

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Speaker 2: given market volatility, ADKNOC may look to move quickly. Certainly

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Speaker 2: this report will make Santos do something and not worth

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Speaker 2: considering a tilt at. Santos, through its international investment unit

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Speaker 2: x R, now sent us a share price raillied on Friday.

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Speaker 2: It was about three point seven percent, though I mean

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Speaker 2: I just assumed that was on the instability in the

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Speaker 2: Middle East. Woodside also rally, but who knows the talks

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Speaker 2: without not comes two months after Santos's flagship, the five

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Speaker 2: p eight billion dollar Brusse bross A gas project, and

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Speaker 2: the team or C was granted major regulatory approval clearing

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Speaker 2: the way for the field to begin production within months.

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Speaker 1: Mentioned this next one at the top of the show,

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Speaker 1: Shawn US. Tech giant Amazon will invest twenty billion dollars

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Speaker 1: in Australia over five years to expand data center network,

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Speaker 1: cloud infrastructure and energy generation as well. Obviously you need

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Speaker 1: energy to power all this stuff, that's right.

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Speaker 2: The announcement in Seattle came as Prime Minister Anthony Alberizi

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Speaker 2: visited the tech giant and Amazon Web Services chief executive

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Speaker 2: Matt Garman said the funding pledge out to twenty twenty

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Speaker 2: nine is the largest investment ever announced by a global

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Speaker 2: technology provider in Australia. It includes three new solar farms

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Speaker 2: in Victoria in Queensland, as well as the expansions of

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Speaker 2: data centers in Sydney and Melbourne. The tail commitment includes

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Speaker 2: prior funding package pledges from the company, so it's not

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Speaker 2: all new money. Amazon's already has investments in eight solar

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Speaker 2: and wind projects in Victoria, Queensland and New South Wales.

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Speaker 2: They helped power aws operations including data and fulfillment centers.

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Speaker 1: The national housing auction market has bounced back Sean, with

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Speaker 1: the major cities of Melbourne and Sydney leading the way,

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Speaker 1: while previous hotspots Brisbane and Adelaide left faltering.

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Speaker 2: Somewhat Somewhat Cotality used to be known as core Logic.

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Speaker 2: Its research shows that seventy points one percent of the

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Speaker 2: twenty two hundred homes up for sale over the past

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Speaker 2: week sold. Melbourne led the way with a preliminary clear

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Speaker 2: and straight of seventy two point two percent. Sitting rebounded

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Speaker 2: from a horror week previously to about seventy and a

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Speaker 2: half per cent totalities. Tim Lawless says it's now been

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Speaker 2: seven weeks above seventy percent for Melbourne. That suggests value

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Speaker 2: growth is returning. To that market after a couple of

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Speaker 2: years of underperformance, Lawless said clear and straits in Brisbane

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Speaker 2: and Adelaide are holding reasonably low as home price growth

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Speaker 2: returns to where more sustainable level, suggesting affordability had become

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Speaker 2: more challenging in those markets after a couple of boom years.

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Speaker 1: Now let's top travel Sean Australians are traveling more and

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Speaker 1: overseas travelers are visiting in greater numbers. We're now back

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Speaker 1: to around pre COVID levels. This is good news.

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Speaker 2: It is The graphs of arrivals and departures trend higher

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Speaker 2: until early twenty twenty, then literally fall to almost zero.

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Speaker 2: They pick up. They actually spiked early last year above

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Speaker 2: pre COVID levels. Everyone got very excited and took off.

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Speaker 2: Now things seem to be back to normal levels, whatever

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Speaker 2: that is. Not surprisingly, arrivals spike around Christmas and January

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Speaker 2: and then in July when many of the Northern Hemisphere

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Speaker 2: have holidays. Departures spike around December January. In May, according

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Speaker 2: to the Bureau Statistics, arrivals were up eight percent year

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Speaker 2: on year, departures were up seventeen percent. New South Wales

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Speaker 2: is far and away where most receivers turn no. No, No.

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Speaker 2: New Zealand is far and away the place where most

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Speaker 2: visitors come from, followed by China in the UK.

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Speaker 1: Just thinking about it, I don't know whether I really

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Speaker 1: need to tell you that it's good news or bad

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Speaker 1: news before we start a start a story. It feels

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Speaker 1: like a perhaps slightly unnecessary service that I'm offering. Fine,

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Speaker 1: but I've started it now. This next one, Sean is

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Speaker 1: not good news. At the share price a footwear retailer Accent,

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Speaker 1: which owns the Hype and Platypus chains and fashion outlet

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Speaker 1: Glue Store, which is one of your favorites, It plunged

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Speaker 1: more than twenty five percent on Friday after warnings that

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Speaker 1: sales have flagged Christmas.

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Speaker 2: One of the great things about this show is that

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Speaker 2: we both get to put in little comments, like one

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Speaker 2: of your favorites Glue Store.

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Speaker 1: No, have you ever been into Glue Store?

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Speaker 2: No? I don't know what it is anyway, Accent said

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Speaker 2: low overall growth in the lastile footwear market from March

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Speaker 2: to early June had impacted sales in both the retail

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Speaker 2: and wholesale segments, Sales down one percent for the twenty

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Speaker 2: three weeks to June eight compared at the same time

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Speaker 2: last year. The share price plunge takes the fall this

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Speaker 2: year to forty three percent for that company. It comes

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Speaker 2: on the back of luxury online retailer said i share

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Speaker 2: price falling nearly forty five percent in the final sessions

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Speaker 2: of last week. I've rittdwegraded its earnings outlook some tough

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Speaker 2: times in retail land.

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Speaker 1: Yeah, Glue seems to sell it on a north face gear.

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Speaker 1: Just checking their website. Now you look like a north

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Speaker 1: face kind of guy.

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Speaker 2: You a monny thing? Is I bought a north face

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Speaker 2: jacket over the weekend? Literally?

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Speaker 1: Did you?

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Speaker 2: I did?

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Speaker 1: Ah?

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Speaker 2: Not from Glue though not from Glue as it turns out.

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Speaker 1: Okay, that's fine. We'll let that one go turn into

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Speaker 1: international news now Sean Hundreds of thousands of people took

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Speaker 1: to the streets of US cities and towns over the

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Speaker 1: weekend in a wave of protests against the Trump administration,

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Speaker 1: as the US president staged a somewhat controversial military parade

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Speaker 1: in Washington.

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Speaker 2: Large crowds were reported in fifty states, with turnout in

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Speaker 2: major cities including Atlanta, New York, and Los Angeles. In fact,

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Speaker 2: was larger than anticipated. According to the Financial Times, organizers

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Speaker 2: of the No Kings marches said they'd drawn more than

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Speaker 2: five million participants across the country now. The protest properly

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Speaker 2: known actually as No King's Nationwide Day of Defiance, are

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Speaker 2: a response to what the organizers describe as a shift

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Speaker 2: towards authoritarianism and the militarization of democracy. They're expected to

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Speaker 2: be the largest install Trump began his second term in

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Speaker 2: the White House. While that was happening, a forty million

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Speaker 2: US dollar military parade was being staged in Washington.

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Speaker 1: Don't laugh, Michael, serious, I just love the timing of

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Speaker 1: the parade. The protests are about the militarization of democracy.

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Speaker 2: Here they spend forty million US menerating the US Army's

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Speaker 2: two hundred and fiftieth anniversary, also held on Trump's seventy

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Speaker 2: ninth birthday. Of course, critics said that it's a materialistic

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Speaker 2: display of self aggrandizement by the US president. The timing

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Speaker 2: was awkward, Yeah, no doubt about it.

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Speaker 1: A little bit uncomfortable. Now still in the US sean

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Speaker 1: a very serious one. This one A manhunt who was

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Speaker 1: underway over the weekend in Minnesota after two state politicians

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Speaker 1: were targeted and one of them killed.

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Speaker 2: Yes, so the first time. Melissa Hortman was fifty five,

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Speaker 2: a Democrat, she formerly held an office. She and her

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Speaker 2: husband were killed in Brooklyn Park, a city near Minneapolis.

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Speaker 2: The other politician, John Hoffman, a sixty year old, also

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Speaker 2: a Democrat. He and his wife are shot several times

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Speaker 2: at their home about fifteen kilometers away in a related attack.

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Speaker 2: He's out of surgery and stable. We wish, I mean,

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Speaker 2: we hope they are both AKA. Police say a man

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Speaker 2: tricked his way into the victims' homes using a false

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Speaker 2: badge and police uniform, and was even driving a car

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Speaker 2: that looked like a police vehicle equipped with emergency lights.

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Speaker 2: He then shot them, and he's on the run.

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Speaker 1: Finally, Sean, Apple's twenty twenty five Worldwide Developers Conference has

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Speaker 1: come and gone with the big announcement of a new

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Speaker 1: interface known as liquid Glass that sounds fancy jazad.

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Speaker 2: This was last week, so I'm sure those avid fans

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Speaker 2: of Apple know this story anyway, but it's worth recapping

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Speaker 2: what we found out last week. So liquid Glass uses

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Speaker 2: transparent menus in a glassy look transfer forming the software

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Speaker 2: on the iPhone, iPad, Mac TV platform, Smart watchers and

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Speaker 2: Vision Pro headset. The iPhone is getting a revamp the

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Speaker 2: camera apps will focus more on simplicity. However, the AI

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Speaker 2: features that they announced last week generally considered underwhelming, basically

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Speaker 2: taking year off on AI. The iPad's getting big, big changes,

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Speaker 2: including a revamped multitasking system that mimics the Mac. So

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Speaker 2: you know, on an iPad things like menu and multiple

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Speaker 2: windows and that always will non existent? Really will the

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Speaker 2: stuff you get on computers that's now going to be

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Speaker 2: on an iPad. The Apple Vision Pro is becoming more

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Speaker 2: of an enterprise device, with improved sharing of hardware between employees.

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Speaker 2: There's also support for PlayStation VR controllers gaming There you go,

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Speaker 2: and a new Logitech wand like accessory. No idea what

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Speaker 2: that is, Michael, But I bet you do.

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Speaker 1: What do you use that for?

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Speaker 2: Like?

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Speaker 1: What do you use a wand for? Just so that

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Speaker 1: you can do kind of magic? I don't know, Harry Potter,

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Speaker 1: roleplay or something with your v If I'm not mocking it,

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Speaker 1: I would be there for that. I would have a

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Speaker 1: crack up. Next Sean is a Fear and Greed daily

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Speaker 1: interview with Commonwealth Banks vivek DA A fantastic one all

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Speaker 1: about commodity as well. Worth all listen, and then at

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Speaker 1: midday today Fear and Greed The Weak Ahead with resident

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Speaker 1: economist Stephen could Caulus.

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Speaker 2: Yes, Stephen is it's a bit. Stephen's always excited, but

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Speaker 2: it's a bit of a lull period at the moment

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Speaker 2: in economics. But that doesn't keep a good economist down,

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Speaker 2: and so we talk about where we're up to, what's

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Speaker 2: going on overseas and in financial markets. Of course we've

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Speaker 2: got labor force figures this week, so that's still enough

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Speaker 2: to keep people excited. But it has always a good

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Speaker 2: chat with Steven.

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Speaker 1: Yeah, so yeah, I mean you haven't really sold it

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Speaker 1: that well, it's a great chat. It's always a great

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Speaker 1: chat with the coup it is, that's true. Yeah, so

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Speaker 1: that's coming up at midday. Have listened to that one too, Seawan.

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Speaker 1: Plenty of good listening in the Fear and grad playlist

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Speaker 1: or at Fearangreed dot com dot au, which is also

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Speaker 1: where we sign up for the free daily newsletter. Thank

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Speaker 1: you very much, Sean, Thank you Michael. It is Monday,

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Speaker 1: the sixteenth of June twenty twenty five. Make sure you're

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Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson. That was fear

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Speaker 1: and greed. Have a great day.