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Speaker 1: Welcome to the Fear and Greed Business News. The Afternoon

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Speaker 1: Report for Friday eighty seventh of May twenty twenty four.

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Speaker 1: I'm Sean Aylmer. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about. Strayt.

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Speaker 1: Number one. The local share market closed down almost one

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Speaker 1: percent today to eight hundred and fourteen points, ending a

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Speaker 1: pretty topsy turvy week. For the full week, the mark

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Speaker 1: was up almost one percent today. Tech stocks, healthcare and

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Speaker 1: property companies were sold off hardest, while the material sector

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Speaker 1: did best. Wist Global, CSL, West Farmers, QBE and Ria

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Speaker 1: Group were among the worst performers, had plenty of friends,

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Speaker 1: Comwell Bank, Macquarie Woodside. They all fell sharply as well.

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Speaker 1: The big miners were the best on the back of

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Speaker 1: solid iron ore prices, reflecting hopes the Chinese government will

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Speaker 1: do more to help that country's struggling property sector. Sorry.

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Speaker 1: Number two. Opposition Leader Peter Dutton's budget response last night

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Speaker 1: has focused on alleviating the housing crisis and slashing migration.

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Speaker 1: Mister Dutton wants to reduce permanent migration by quarter to

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Speaker 1: about one hundred and forty three a year, cut refugee

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Speaker 1: arrivals by a third, and band foreign investors in temporary

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Speaker 1: residents from buying established homes for two years. The goal,

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Speaker 1: he says, is to free up one hundred thousand properties

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Speaker 1: and restore the dream of home ownership. Reducing the excessive

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Speaker 1: number of foreign students at metropolitan universities would alleviate precious

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Speaker 1: on the rental market. The reply was criticized by the

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Speaker 1: government and several other sectors. The government pointed out that

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Speaker 1: new immigration is important and in fact, less than five

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Speaker 1: thousand homes as sold foreigners annually. What the budget reply

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Speaker 1: speech really shows is that the next election will be

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Speaker 1: fought in part on the housing crisis. Story. Number three

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Speaker 1: regional lender Bendigobank's share price jumped eight percent today, even

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Speaker 1: though profit was lower for the ten months to the

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Speaker 1: end of April. The good news is that credit expenses

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Speaker 1: remain at lower levels, and its net interest margin, the

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Speaker 1: difference between what it earns on loans and pays on deposits,

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Speaker 1: came in at one point eight seven percent. That's actually

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Speaker 1: higher than it was and higher than the big four

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Speaker 1: banks who are being squeezed. Also today, the suspension to

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Speaker 1: Star Entertainment's Queens saying casino licenses was lengthened until December

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Speaker 1: this year subject to the outcome of the Bell inquiry

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Speaker 1: in New South Wales into the gaming group Storry number four.

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Speaker 1: If you were struggling to text someone this morning using

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Speaker 1: Apple's messaging service I Message, you weren't alone. This system

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Speaker 1: suffered an outage, with users across Australia reporting they were

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Speaker 1: unable to send messages. More than five hundred Australian newsers

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Speaker 1: reported issues with I Message on outage website down detector.

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Speaker 1: There were complaints across social media, not just from here,

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Speaker 1: but from the US as well. According to report in

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Speaker 1: the Sydney Morning Herald, by nine am, Apple system status

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Speaker 1: page was listing I Message as available, but shortly afterwards

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Speaker 1: it changed to resolved issue. According to the page, the

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Speaker 1: issue occurred from seven to forty nine am to eight

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Speaker 1: thirty five am and resulted in some uses being unable

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Speaker 1: to use the service. No further details were given. Remember

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Speaker 1: earlier this week, some iPhone newsers complained that years old

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Speaker 1: photos they believed they had deleted were reappearing on their

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Speaker 1: device in a bug seemingly related to the new iOS

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Speaker 1: seventeen point five update. And story number five. Chinese President

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Speaker 1: Shijingping and Russian leader Vladimir Putin have pledged to intensify

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Speaker 1: cooperation against US containment of their countries as a warned

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Speaker 1: of growing nuclear tensions between rival powers. Putin and she

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Speaker 1: accused the US of planning to station missile systems around

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Speaker 1: the world that pose a direct threat to the security

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Speaker 1: of Russia and China. In a joint declaration after more

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Speaker 1: than two hours of talks in Beijing, they agreed to

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Speaker 1: titan coordination, including between their militaries, against what they called

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Speaker 1: Washington's destructive and hostile course. According to Bloomberg, the two

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Speaker 1: leaders also warned of increasing strategic risks from spiraling tensions

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Speaker 1: between nuclear powers. They accused the US of seeking to

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Speaker 1: violate the strategic nuclear balance to gain a decisive military advantage.

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Speaker 1: That's it for the afternoon Report for fived A, the

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Speaker 1: seventeenth of May twenty twenty four. Don't forget to follow

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Speaker 1: on the podcast and find Fear and Greed on in Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Tommy tonight tomorrow morning

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Speaker 1: for the Weekend Fast five. I'm Sean Elmer. Enjoy your evening.