1 00:00:03,760 --> 00:00:06,560 Michael Thompson: It's Thursday, the twenty fourth of April twenty twenty five. 2 00:00:06,640 --> 00:00:09,239 Michael Thompson: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,280 --> 00:00:11,160 Michael Thompson: where we give you the top five business stories you 4 00:00:11,240 --> 00:00:13,480 Michael Thompson: need to know when just five minutes are Michael Thompson 5 00:00:13,520 --> 00:00:14,880 Michael Thompson: and good morning, Sean Aylmer. 6 00:00:15,000 --> 00:00:16,120 Sean Aylmer: Good morning, Michael. 7 00:00:16,200 --> 00:00:18,200 Michael Thompson: Sean, five stories. Five minutes. And they are all five 8 00:00:18,440 --> 00:00:20,800 Michael Thompson: big stories today, so we better get cracking story number one. 9 00:00:20,840 --> 00:00:25,120 Michael Thompson: Donald Trump and his administration backing down on onerous tariffs 10 00:00:25,120 --> 00:00:29,200 Michael Thompson: against China, softened his language on the Federal Reserve chair 11 00:00:29,280 --> 00:00:31,680 Michael Thompson: and chief cost cutter Elon Musk is going to spend 12 00:00:31,680 --> 00:00:34,440 Michael Thompson: more time working at his struggling Tesla company and less 13 00:00:34,479 --> 00:00:35,760 Michael Thompson: time in the White House. 14 00:00:35,880 --> 00:00:39,080 Sean Aylmer: All that news sent markets sharply higher over the past 15 00:00:39,080 --> 00:00:41,600 Sean Aylmer: thirty six hours, with equities leading the way, followed by 16 00:00:41,600 --> 00:00:44,240 Sean Aylmer: the US dollar and energy prices. The casualty was gold, 17 00:00:44,320 --> 00:00:47,600 Sean Aylmer: considered a safe haven asset, which came off its record levels. 18 00:00:48,080 --> 00:00:50,640 Sean Aylmer: Plenty in it, starting with President Trump saying he will 19 00:00:50,680 --> 00:00:54,320 Sean Aylmer: substantially lower his unprecedented one hundred and forty five percent 20 00:00:54,360 --> 00:00:58,560 Sean Aylmer: tariffs and Chinese goods and won't play hardball, his words 21 00:00:58,800 --> 00:01:02,280 Sean Aylmer: effectively recognizing the damage that those tariffs are doing. Earlier, 22 00:01:02,360 --> 00:01:06,800 Sean Aylmer: US Secretary Treasury Secretary Scott Bessant told investment bankers that 23 00:01:06,880 --> 00:01:10,280 Sean Aylmer: negotiations with China would be a slog but neither side 24 00:01:10,280 --> 00:01:14,039 Sean Aylmer: considered the status quo sustainable. Then Donald Trump back down 25 00:01:14,080 --> 00:01:17,000 Sean Aylmer: from threats to sack j. Powell, the highly regarded head 26 00:01:17,040 --> 00:01:19,959 Sean Aylmer: of the FED. Powell has said that Trump's tariffs were 27 00:01:20,040 --> 00:01:22,240 Sean Aylmer: likely to lead to higher inflation and lower economic growth. 28 00:01:22,280 --> 00:01:25,040 Sean Aylmer: Trump responded calling him a loser, but yesterday Trump said 29 00:01:25,040 --> 00:01:27,080 Sean Aylmer: he had no intention of sacking Powell. 30 00:01:27,600 --> 00:01:30,280 Michael Thompson: I mentioned Elon Musk, He's going to dedicate more time 31 00:01:30,280 --> 00:01:33,000 Michael Thompson: to Tesla. After a very poor March quarter for the 32 00:01:33,000 --> 00:01:34,920 Michael Thompson: world's most valuable ev maker. 33 00:01:34,800 --> 00:01:37,559 Sean Aylmer: He really needs to Quarterly income was down seventy one percent, 34 00:01:37,680 --> 00:01:41,360 Sean Aylmer: much worse than analyst's forecast. Musk said he will devote 35 00:01:41,440 --> 00:01:44,039 Sean Aylmer: far more of my time to Tesla beginning next month, 36 00:01:44,280 --> 00:01:47,000 Sean Aylmer: adding that his stint leading the Department of Government Efficiency 37 00:01:47,040 --> 00:01:50,120 Sean Aylmer: will be largely complete. Tesla's share price is down more 38 00:01:50,120 --> 00:01:51,960 Sean Aylmer: than fifty per cent since late last year, although it 39 00:01:52,000 --> 00:01:54,680 Sean Aylmer: jumped five percent yesterday on news that Musk will spend 40 00:01:54,720 --> 00:01:55,559 Sean Aylmer: more time in the office. 41 00:01:55,640 --> 00:01:58,920 Michael Thompson: Story number two sean Commonwealth Bank is gaining plenty of 42 00:01:58,920 --> 00:02:00,760 Michael Thompson: interest at the moment. While it was off two point 43 00:02:00,760 --> 00:02:03,840 Michael Thompson: two percent yesterday, it surched four percent on Tuesday, after 44 00:02:03,840 --> 00:02:06,680 Michael Thompson: the holiday weekend, to a new record high, while the 45 00:02:06,760 --> 00:02:08,239 Michael Thompson: other banks were just treading water. 46 00:02:08,360 --> 00:02:10,359 Sean Aylmer: So it's now worth two hundred and eighty billion dollars, 47 00:02:10,400 --> 00:02:12,840 Sean Aylmer: not far off one hundred billion dollars larger than BHP, 48 00:02:13,000 --> 00:02:16,800 Sean Aylmer: the number two company on the AIX. Even more incredible 49 00:02:17,000 --> 00:02:19,240 Sean Aylmer: if you put the value of Westpac, National, Australia Bank 50 00:02:19,240 --> 00:02:23,400 Sean Aylmer: and am Z all together. Yet three hundred billion dollars 51 00:02:23,400 --> 00:02:26,720 Sean Aylmer: CBA at two eighty billion isn't far off the combined 52 00:02:26,800 --> 00:02:29,640 Sean Aylmer: value of the other three. Why does it keep running well? 53 00:02:29,720 --> 00:02:32,000 Sean Aylmer: Is considered the safest stock on the local market. That 54 00:02:32,080 --> 00:02:35,240 Sean Aylmer: helps in a Trump world overseas, buyers, including from US 55 00:02:35,360 --> 00:02:38,200 Sean Aylmer: are looking for places to put their money. Maybe that's 56 00:02:38,240 --> 00:02:41,200 Sean Aylmer: it the bottom line though, Comwealth Bank is now the 57 00:02:41,240 --> 00:02:44,440 Sean Aylmer: most expensive bank on the market by a long long way, 58 00:02:44,480 --> 00:02:46,040 Sean Aylmer: and one of the most expensive in the world. 59 00:02:46,360 --> 00:02:49,320 Michael Thompson: Story Number three opposition that Depeter Dutton says he will 60 00:02:49,320 --> 00:02:52,799 Michael Thompson: fund a proposed twenty one billion dollar increase in defense 61 00:02:52,840 --> 00:02:56,320 Michael Thompson: spending through higher income taxes rather than spending cuts. 62 00:02:56,400 --> 00:02:58,560 Sean Aylmer: Ten days out and Dunton was in Perth to unveil 63 00:02:58,600 --> 00:03:01,400 Sean Aylmer: his big Defense policy, which would take spending in the 64 00:03:01,440 --> 00:03:03,400 Sean Aylmer: area from two percent of GDP to two and a 65 00:03:03,440 --> 00:03:05,480 Sean Aylmer: half to three percent in a decades time. When I 66 00:03:05,480 --> 00:03:07,040 Sean Aylmer: asked how to play for it, he said he would 67 00:03:07,080 --> 00:03:10,960 Sean Aylmer: repeal Labour's recently announced income tax cuts. Meanwhile, Shadow Treasurer 68 00:03:10,960 --> 00:03:13,360 Sean Aylmer: Angus Taylor says the instant asset right off for small 69 00:03:13,400 --> 00:03:17,400 Sean Aylmer: business will be permanent under a coalition government. Jim Chalmers 70 00:03:17,440 --> 00:03:19,560 Sean Aylmer: has extended the rite off, but only for a year, 71 00:03:20,000 --> 00:03:23,440 Sean Aylmer: and finally Michael. More than half a million Australians cast 72 00:03:23,480 --> 00:03:26,600 Sean Aylmer: their vote on the first day of pre polling, a 73 00:03:26,720 --> 00:03:29,040 Sean Aylmer: record number, up seventy percent from three years ago. 74 00:03:29,160 --> 00:03:33,679 Michael Thompson: How very keen during number four. The most unaffordable electorates 75 00:03:33,720 --> 00:03:37,520 Michael Thompson: to buy a home mostly in Sydney, while Regional Queensland 76 00:03:37,560 --> 00:03:39,960 Michael Thompson: provides the electorates with the most affordable. 77 00:03:39,720 --> 00:03:42,640 Sean Aylmer: Yes, so housing's key issue in this campaign. Core Logics 78 00:03:42,680 --> 00:03:46,040 Sean Aylmer: crunched the numbers. It's come up with a fact that 79 00:03:46,400 --> 00:03:48,960 Sean Aylmer: four of the top five until twelve of the top 80 00:03:49,200 --> 00:03:55,600 Sean Aylmer: twenty most unaffordable electorates are in Sydney. Regional Queensland comprises 81 00:03:55,640 --> 00:03:59,240 Sean Aylmer: six of the twenty most affordable electorates, followed by Melbourne 82 00:03:59,240 --> 00:04:02,600 Sean Aylmer: which has four and three in regional New South Wales. 83 00:04:02,760 --> 00:04:05,920 Sean Aylmer: It'd be really interesting to see if this affordability factor 84 00:04:06,280 --> 00:04:10,000 Sean Aylmer: actually pushes through to voting intentions on Saturday Week. 85 00:04:10,160 --> 00:04:13,280 Michael Thompson: Indeed, last one story number five the IMF, the International 86 00:04:13,360 --> 00:04:16,880 Michael Thompson: Monetary Fund, has cut its growth forecast for the Australian 87 00:04:16,920 --> 00:04:19,159 Michael Thompson: economy by half a percentage point in Sean, I don't 88 00:04:19,160 --> 00:04:21,280 Michael Thompson: need to tell you that is a big chunk, and 89 00:04:21,320 --> 00:04:24,920 Michael Thompson: it is blaming a global slowdown, of course, from Donald 90 00:04:24,920 --> 00:04:25,720 Michael Thompson: Trump's trade war. 91 00:04:25,839 --> 00:04:29,159 Sean Aylmer: The IMF warned of rising risks to financial stability thanks 92 00:04:29,160 --> 00:04:31,120 Sean Aylmer: to the concentration of the global equity market in the 93 00:04:31,160 --> 00:04:33,320 Sean Aylmer: US docks. Wall Street now accounts for about fifty five 94 00:04:33,360 --> 00:04:36,480 Sean Aylmer: percent of the value of all sure share markets around 95 00:04:36,480 --> 00:04:41,000 Sean Aylmer: the world. The IMF's World Economic Outlook Report forecast Australia's 96 00:04:41,000 --> 00:04:43,480 Sean Aylmer: economy to grow at one point six percent this year, 97 00:04:43,880 --> 00:04:45,840 Sean Aylmer: down from two point one percent that the Fund had 98 00:04:45,880 --> 00:04:48,680 Sean Aylmer: forecast back in January. If that's the case, it would 99 00:04:48,720 --> 00:04:52,679 Sean Aylmer: extend at the economy's weakest period of growth outside COVID 100 00:04:52,880 --> 00:04:54,719 Sean Aylmer: since the early nineteen nineties recession. 101 00:04:55,040 --> 00:04:57,080 Michael Thompson: All right, there we go. The top five business stories 102 00:04:57,080 --> 00:04:59,440 Michael Thompson: in five minutes. Thank you Sean, Thank you Michael. It 103 00:04:59,480 --> 00:05:02,120 Michael Thompson: is Thursday, the twenty fourth of April twenty twenty five. 104 00:05:02,160 --> 00:05:04,200 Michael Thompson: Remember to hit follow on the podcast and if five 105 00:05:04,240 --> 00:05:06,440 Michael Thompson: minutes isn't enough, you're gonna find our longer daily show 106 00:05:06,480 --> 00:05:09,120 Michael Thompson: called Fear and Greed wherever you listen to podcasts, and 107 00:05:09,120 --> 00:05:10,800 Michael Thompson: head along to Fearangreed dot com dot a you and 108 00:05:10,839 --> 00:05:13,720 Michael Thompson: sign up for our free daily newsletter. I'm Michael Thompson 109 00:05:13,720 --> 00:05:15,640 Michael Thompson: and that was the fast five business news by Fear 110 00:05:15,680 --> 00:05:17,080 Michael Thompson: and Greed. Have a great day.