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Speaker 1: Welcome to the Fear and Greed Business Years Afternoon Report

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Speaker 1: for Thursday, the twenty fifth of July twenty twenty four.

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Speaker 1: I'm Sean a Elma. Every afternoon, We've got the five

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

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Speaker 1: Story number one. The SMPA six two hundred closed down

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Speaker 1: one point three percent today is eight hundred and sixty

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Speaker 1: one points, with the sell off in tech stocks and

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Speaker 1: commodity based companies leading three quarters of the index lower.

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Speaker 1: The Tech index ended the day down two point seven percent,

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Speaker 1: with Wise Tech Global down three percent. That followed a

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Speaker 1: sell off on Wall Street overnight, with the tech heavy

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Speaker 1: NASDAK ending down three point six percent, including a twelve

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Speaker 1: percent slum in Tesla shares. Worst of large caps was

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Speaker 1: forty s qu Metals Group, which ended down five percent.

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Speaker 1: Other poor performers included West Farmers, Goodman Group, Santos, James Hardy,

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Speaker 1: Transervan plenty of them today. In fact, all top thirty

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Speaker 1: stocks closed lower. In corporate news jobs marketplace Seek has

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Speaker 1: written down the value of its Chinese marketplace It's our

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Speaker 1: Pin by one hundred and forty one million dollars in

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Speaker 1: and out come. It blamed on China's weak economy. Share

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Speaker 1: price was down one point six percent and chairs in

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Speaker 1: retailer and oil refiner am pole Will sold down three

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Speaker 1: percent after it said trading in the first half of

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Speaker 1: twenty twenty four was resilient. Story Number two, rising costs

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Speaker 1: of mining iron ore in Western Australia is hurting Forteskew

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Speaker 1: Metals Group, with the minor warning costs could be up

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Speaker 1: by nine percent in the next year. That was enough

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Speaker 1: to trigger a five percent sell off in ford Escu's

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Speaker 1: share price, taking the total decline this year to about

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Speaker 1: thirty percent. The group said export volumes would be higher

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Speaker 1: than last year, but unit costs will still be higher

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Speaker 1: by between one and nine percent. Fordesqu Metals Group has

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Speaker 1: experienced continued pressure on costs and digging up a ton

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Speaker 1: of iron ore is now almost fifty percent more expensive

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Speaker 1: than it was before the COVID nineteen pandemic. The strip ratio,

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Speaker 1: which is the amount of waste rock dug up to

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Speaker 1: access saleable iron ore, is also expected to rise. That

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Speaker 1: will add to costs and lest expect fordesqu Metals Group

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Speaker 1: to announce an underlying profit of around nine point three

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Speaker 1: billion dollars next month. Story number three. Origin Energy will

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Speaker 1: spend another four hundred and fifty million dollars to expand

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Speaker 1: its battery storage capacity at its Arahing generation site in

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Speaker 1: New South Wales. A second battery at the facility will

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Speaker 1: add longer duration storage, which is increasingly needed as a

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Speaker 1: transition to renewables continues. It will involve a storage system

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Speaker 1: with more than four hours of capacity at a maximum

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Speaker 1: output of two hundred and forty megawats and is due

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Speaker 1: online in the March quarter of twenty twenty seven. Now,

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Speaker 1: the six hundred million dollar first battery installation involves two

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Speaker 1: hours of storage. Origin said the size of the second

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Speaker 1: system will make it suitable for absorbing excess solar generation

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Speaker 1: during the day and supplying it through evening peak demand periods.

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Speaker 1: That's one of the big issues for renewables at the moment.

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Speaker 1: Story number form a Quarry Group today said that fewer

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Speaker 1: big transactions are holding down earning, sending its share price

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Speaker 1: down three point six percent. Business at its investment banking

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Speaker 1: and financing arm Traditionally one of the strong suits of

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Speaker 1: the group has been slow, with fewer corporate deals and

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Speaker 1: slower sales of assets. Boss Shamara wick Ramani Yaka said

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Speaker 1: she remains cautious about the short term outlook and the

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Speaker 1: turnaround reported by US investment banks wasn't happening in Australia yet.

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Speaker 1: Macquarie said earnings in the June quarter were flapped. The

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Speaker 1: group held its AGM today. Its year end is March,

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Speaker 1: so the new data out today was just three months worth.

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Speaker 1: Helping during the quarter was increased activity and commodities training,

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Speaker 1: in part thanks to what's going on in the North

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Speaker 1: American gas power and emissions markets and story number five

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Speaker 1: a quirky one. The number of Japanese citizens fell at

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Speaker 1: the fastest rate last year since data collection began in

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Speaker 1: the nineteen sixties, adding pressure on the nation's social security

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Speaker 1: system and shrinking labor market. The population of Japanese nationals

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Speaker 1: fell by more than eight hundred and sixty one thousand

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Speaker 1: to one hundred and twenty one point six million over

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Speaker 1: last year, extending a streak of decline to fifteen years. Incredible.

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Speaker 1: That's according to the Ministry of Internal Affairs. While the

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Speaker 1: foreign population increased eleven hit three million for the first time,

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Speaker 1: it wasn't enough to make up for the shortfall in

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Speaker 1: Japanese nationals and the overall population shrank by zero point

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Speaker 1: four percent. According to report on Bloomberg. The immediate challenge

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Speaker 1: from the falling population is finding a labor force. There

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Speaker 1: are nearly three openings for every worker looking for a

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Speaker 1: job in Japan. That's it for the afternoon Report for Thursday,

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Speaker 1: the twenty fifth of July twenty twenty four. Michael Thompson

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Speaker 1: and I will be back tomorrow morning with the Friday

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Speaker 1: edition off Fear and Greed business news. I'm sure Ailma

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Speaker 1: enjoy your evening.