1 00:00:03,840 --> 00:00:06,920 Speaker 1: It's Tuesday, the sixth of August twenty twenty four. Welcome 2 00:00:06,960 --> 00:00:09,440 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,480 --> 00:00:11,240 Speaker 1: where we give you the top five business stories you 4 00:00:11,320 --> 00:00:13,600 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,640 --> 00:00:15,080 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,280 --> 00:00:16,840 Speaker 2: Good morning, Michael Shawn. 7 00:00:16,960 --> 00:00:19,720 Speaker 1: Five stories to get through in five minutes. Let's get going. 8 00:00:19,720 --> 00:00:21,360 Speaker 1: Story number one is a huge one. The S and 9 00:00:21,400 --> 00:00:25,600 Speaker 1: p ASX two hundred tumbled three point seven percent yesterday, 10 00:00:25,600 --> 00:00:28,720 Speaker 1: it's worst one day sell off in more than four years, 11 00:00:29,160 --> 00:00:32,080 Speaker 1: as rising US recession fears hit global markets. 12 00:00:32,479 --> 00:00:34,600 Speaker 2: In the last two sessions, the market's down five and 13 00:00:34,640 --> 00:00:36,960 Speaker 2: a half percent, with yesterday's tumble matching some of the 14 00:00:37,000 --> 00:00:40,120 Speaker 2: worst sessions during COVID. Close to one hundred billion dollars 15 00:00:40,159 --> 00:00:42,919 Speaker 2: has wiped off the market yesterday. The banks led the way, 16 00:00:42,960 --> 00:00:45,680 Speaker 2: with Commonwealth Bank and Macquarie Group tumbling more than five percent. 17 00:00:45,760 --> 00:00:48,639 Speaker 2: National Australia Bank, Westpac and ain Z all dropped more 18 00:00:48,640 --> 00:00:51,560 Speaker 2: than four percent. Interest rate sensitive stocks were sold off 19 00:00:51,560 --> 00:00:54,520 Speaker 2: hard properly Giant, Goodwin Group Film nearly seven percent. Wise 20 00:00:54,560 --> 00:00:57,760 Speaker 2: Tech Global was off nine percent. The selloff follows weak 21 00:00:57,840 --> 00:00:59,960 Speaker 2: economic data in the US and fears of the economy 22 00:01:00,160 --> 00:01:02,920 Speaker 2: is heading forward recession. The stocks less tied to the 23 00:01:03,000 --> 00:01:07,960 Speaker 2: economic cycle, healthcare consumers tables like the big supermarkets did best, 24 00:01:08,000 --> 00:01:11,520 Speaker 2: albeit they ended lower. Only three companies finished the day 25 00:01:11,680 --> 00:01:14,360 Speaker 2: higher yesterday, meaning one hundred and ninety seven companies, and 26 00:01:14,400 --> 00:01:17,840 Speaker 2: the top two hundred went backwards. Those three for Trivia 27 00:01:17,880 --> 00:01:21,600 Speaker 2: Bus out there ResMed Domino's Pizza and gold Miner Northern Star. 28 00:01:22,360 --> 00:01:24,600 Speaker 1: Sean how bad is it? Can we expect to see 29 00:01:24,640 --> 00:01:25,520 Speaker 1: more selling? 30 00:01:25,760 --> 00:01:28,200 Speaker 2: Well, let's get some perspective around this. The ASEX two 31 00:01:28,240 --> 00:01:30,440 Speaker 2: hundred is trading around the same level it's been for 32 00:01:30,560 --> 00:01:32,840 Speaker 2: five months. In mid April it was lower. For most 33 00:01:32,840 --> 00:01:35,560 Speaker 2: of July it was higher, but even after the selloff 34 00:01:35,600 --> 00:01:38,000 Speaker 2: in the past two sessions, it's around where it's been 35 00:01:38,080 --> 00:01:41,080 Speaker 2: for most of this year. Tech stocks have led the falls, 36 00:01:41,480 --> 00:01:43,800 Speaker 2: yet for twenty twenty four, the Tech index on the 37 00:01:43,840 --> 00:01:47,800 Speaker 2: ASX two hundred is easily the best performer, up twenty percent. 38 00:01:48,560 --> 00:01:50,400 Speaker 2: We're not in the middle of a GFC. We're not 39 00:01:50,440 --> 00:01:52,680 Speaker 2: in the middle of a nineteen eighty seven collapse. We 40 00:01:52,720 --> 00:01:54,440 Speaker 2: are in a selloff, but we are not in a 41 00:01:54,480 --> 00:01:55,440 Speaker 2: correction as yet. 42 00:01:56,160 --> 00:01:58,760 Speaker 1: All Right, onto story number two now and ASIO, the 43 00:01:58,880 --> 00:02:03,160 Speaker 1: country's top spy agency, has raised the national terrorism threat 44 00:02:03,240 --> 00:02:06,920 Speaker 1: level too probable for the first time since twenty twenty two. 45 00:02:07,400 --> 00:02:10,400 Speaker 2: The growth of radical political and religious ideologies and eight 46 00:02:10,520 --> 00:02:14,079 Speaker 2: recent alleged terrorist incidents in Australia triggered the shift, though 47 00:02:14,120 --> 00:02:17,720 Speaker 2: there is no imminent attack expected. Previously was raised this 48 00:02:17,840 --> 00:02:20,839 Speaker 2: level back in twenty fourteen, alongside the rise of Islamic state. 49 00:02:20,880 --> 00:02:23,520 Speaker 2: Prime Minister Anthony Alberinezi yesterday said there'd been a global 50 00:02:23,600 --> 00:02:27,240 Speaker 2: rise in politically motivated violence and extremists and governments around 51 00:02:27,240 --> 00:02:31,400 Speaker 2: the world are concerned about youth radicalization, online radicalization and 52 00:02:31,440 --> 00:02:35,240 Speaker 2: the rise of new mixed ideologies. ASIO chief Mike Burgess 53 00:02:35,280 --> 00:02:39,119 Speaker 2: at Australia's security environment has become more volatile and unpredictable, 54 00:02:39,120 --> 00:02:42,320 Speaker 2: and people are being radicalized more quickly and are more 55 00:02:42,360 --> 00:02:44,639 Speaker 2: willing to use violence to advance their cause. 56 00:02:45,320 --> 00:02:47,840 Speaker 1: Storing number three another big one. The Reserve Bank Board 57 00:02:48,040 --> 00:02:50,800 Speaker 1: meets today, SHAWNA. While pretty much everyone thinks there'll be 58 00:02:50,800 --> 00:02:52,960 Speaker 1: no shift in interest rates, there's going to be an 59 00:02:53,040 --> 00:02:55,040 Speaker 1: awful lot of attention on what the Board has to 60 00:02:55,040 --> 00:02:58,240 Speaker 1: say about inflation and about how well the economy is traveling. 61 00:02:58,960 --> 00:03:01,720 Speaker 2: The moves in financial man arkets in recent days alongside 62 00:03:01,919 --> 00:03:04,840 Speaker 2: last week, slightly lower than expected underlying inflation figures in 63 00:03:04,840 --> 00:03:07,720 Speaker 2: Australia will cut any thought of a rate rise at 64 00:03:07,720 --> 00:03:10,000 Speaker 2: the meeting. In all likelihood, the Bank will say that 65 00:03:10,000 --> 00:03:12,000 Speaker 2: the next move in interest rates could be either way 66 00:03:12,280 --> 00:03:14,639 Speaker 2: and will be data dependent. Mind you, I wouldn't be 67 00:03:14,720 --> 00:03:17,840 Speaker 2: surprised if Governor Michelle Bullock sounds just a little bit 68 00:03:17,840 --> 00:03:20,360 Speaker 2: more open to a rate cut in her press conference. 69 00:03:20,560 --> 00:03:23,680 Speaker 1: But there's no chance of a rate cut actually happening today, No. 70 00:03:23,720 --> 00:03:25,760 Speaker 2: I don't think so. Having said that, Roskin has been 71 00:03:25,760 --> 00:03:28,000 Speaker 2: writing about economics for the Age in the Sydney Morning 72 00:03:28,000 --> 00:03:29,960 Speaker 2: Hell for more than forty years. There was a period 73 00:03:30,000 --> 00:03:32,880 Speaker 2: when people read Ross to get an idea of what 74 00:03:32,919 --> 00:03:35,480 Speaker 2: the Reserve Bank might do. He's had a remarkable record 75 00:03:35,520 --> 00:03:38,160 Speaker 2: of getting it right. Yesterday he wrote a piece based 76 00:03:38,240 --> 00:03:41,080 Speaker 2: on an Australian Council of Social Service briefing note that 77 00:03:41,200 --> 00:03:44,200 Speaker 2: said if the Central Bank is serious about maintaining full employment, 78 00:03:44,520 --> 00:03:47,520 Speaker 2: it needs to start cutting official interest rates as soon 79 00:03:47,560 --> 00:03:50,200 Speaker 2: as possible. He didn't say they're going to, He just 80 00:03:50,280 --> 00:03:52,559 Speaker 2: inferred they should. Just worth noting. 81 00:03:53,480 --> 00:03:57,480 Speaker 1: Storing number four Woodside Energies thirty billion dollar Brows development 82 00:03:57,560 --> 00:04:01,760 Speaker 1: north of Broom is at risk. The Western Australian Environmental 83 00:04:01,800 --> 00:04:03,840 Speaker 1: Protection Agency rejected the project. 84 00:04:04,400 --> 00:04:07,800 Speaker 2: The decision is preliminary and Woodside will continue to negotiate 85 00:04:07,840 --> 00:04:11,680 Speaker 2: for approval. Woodside developing Brows with BP Petro China and 86 00:04:11,760 --> 00:04:15,280 Speaker 2: Japan's Mitsui and Mitsubishi. Production was expected to start in 87 00:04:15,280 --> 00:04:17,719 Speaker 2: twenty twenty six. The EPA is concerned about threats to 88 00:04:17,760 --> 00:04:21,000 Speaker 2: the pygmy blue whale and the green turtle nesting sites, 89 00:04:21,000 --> 00:04:23,520 Speaker 2: and the risk of oil spills near the Scott Reef. 90 00:04:23,960 --> 00:04:27,440 Speaker 2: Most of the considerable environmental activism against the Browse project 91 00:04:27,600 --> 00:04:32,800 Speaker 2: so far has focused on carbon emissions. Westn Australian Premier 92 00:04:33,040 --> 00:04:36,480 Speaker 2: Roger Cook yesterday said he expects Woodside and the state's 93 00:04:36,560 --> 00:04:39,120 Speaker 2: EPA to work together on the matter. All right. 94 00:04:39,200 --> 00:04:42,640 Speaker 1: Last one sorry number five. Sales of hybrid vehicles last 95 00:04:42,640 --> 00:04:45,760 Speaker 1: month were nearly ninety percent higher than a year earlier, 96 00:04:45,960 --> 00:04:49,880 Speaker 1: whereas sales of full battery evs are losing market share. 97 00:04:50,560 --> 00:04:53,159 Speaker 2: Yeah hybrid vehicles are up eighty eight point four percent 98 00:04:53,320 --> 00:04:55,880 Speaker 2: July on July, plug in hybrids are up at one 99 00:04:56,000 --> 00:04:58,760 Speaker 2: hundred and twenty nine percent compared to a year earlier. 100 00:04:58,960 --> 00:05:01,880 Speaker 2: The Toyota RAF four is now the number one selling vehicle. 101 00:05:02,320 --> 00:05:06,120 Speaker 2: Most of the rap Falls are hybrids. More Wrapfors were 102 00:05:06,120 --> 00:05:09,040 Speaker 2: sold than Ford Rangers and Toyota High Luxes. The data 103 00:05:09,080 --> 00:05:11,599 Speaker 2: suggests that tests the sales so far in twenty twenty 104 00:05:11,600 --> 00:05:16,719 Speaker 2: four are sharply lower same deal with Polster. Excluding Tesla 105 00:05:16,760 --> 00:05:19,760 Speaker 2: and Polstar, the total number of units sold for the 106 00:05:19,760 --> 00:05:21,880 Speaker 2: month of July was just under one hundred thousand. 107 00:05:22,160 --> 00:05:23,799 Speaker 1: All right, there we go to the top five business 108 00:05:23,839 --> 00:05:24,920 Speaker 1: stories in five minutes. 109 00:05:25,040 --> 00:05:27,040 Speaker 2: Thank you Sean, Thank you Michael. 110 00:05:27,320 --> 00:05:29,800 Speaker 1: It is Tuesday, the sixth of August twenty twenty four. 111 00:05:29,880 --> 00:05:32,279 Speaker 1: Remember to hit follow on the podcast and five minutes 112 00:05:32,320 --> 00:05:34,880 Speaker 1: isn't enough. You can find our longer daily show called 113 00:05:34,920 --> 00:05:37,280 Speaker 1: Fear and Greed wherever you listen to podcasts, or at 114 00:05:37,279 --> 00:05:39,280 Speaker 1: Fearangreed dot com dot au, which is also where you 115 00:05:39,320 --> 00:05:41,560 Speaker 1: can sign up for our free weekly newsletter which comes 116 00:05:41,600 --> 00:05:44,200 Speaker 1: out tomorrow. Michael Thompson, And that was the fast five 117 00:05:44,200 --> 00:05:46,560 Speaker 1: business news by Fear and Greed. Have a great day.