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

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Speaker 1: for Thursday, the fifth of September twenty twenty four. I'm

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Speaker 1: Michale Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. So let's

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Speaker 1: get cracking. Story number one, The S and P A

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Speaker 1: s X two hundred closed up zero point four percent

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Speaker 1: today to nine hundred and eighty two points, as the

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Speaker 1: market bounced back a bit after yesterday's hammering it. Real Estate,

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Speaker 1: investment trusts and financials performed strongly, but there were steep

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Speaker 1: falls for energy and a fall in utilities and resources.

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Speaker 1: Iron ore prices hit near two year lows, adding to

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Speaker 1: the challenges. Coronado Global Resources had a particularly rough day,

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Speaker 1: with shares down sixteen percent after it told investors that

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Speaker 1: heavy rainfall and at Central Queensland coal mine had hit

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Speaker 1: production levels. Woodside was another one, down six point two percent.

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Speaker 1: Investment management firm Challenger fell eleven percent following US based

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Speaker 1: Apollo Global Management decision to sell down at stake in

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Speaker 1: the business. The top performer was Data Center Business Next DC,

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Speaker 1: up eight point four percent. Story number two. Reserve Bank

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Speaker 1: Governor Michelle Bullock today gave her first speech since Treasurer

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Speaker 1: Jim Chalmer's comment that high rates us smashing the economy,

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Speaker 1: as she put the blame for economic pressures back on inflation,

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Speaker 1: but said that so far borrowers are largely okay and

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Speaker 1: there's no risk of financial instability from defaults. At the

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Speaker 1: same time as her speech, the Council of Financial Regulators

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Speaker 1: handed down the latest financial Stability report. It found that

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Speaker 1: five percent of borrowers right now are cash flow negative,

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Speaker 1: with their income not covering their expenses. Michelle Bullock warned

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Speaker 1: that if inflation isn't brought back down to target in

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Speaker 1: a timely fashion, then this number will likely rise, with

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Speaker 1: lower income households most at risk and just for anybody wondering,

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Speaker 1: She chose not to comment on the Treasurer's statement and

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Speaker 1: speaking of the Treasurer and Parliament Elsewhere in politics, Labor

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Speaker 1: frontbencher and former Leader Bill Shorten is retiring after almost

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Speaker 1: two decades in Parliament. Onto story number three now ethical lending.

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Speaker 1: Fintech Before Pay has released new data on the consumer

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Speaker 1: spending slowdown. Their cost of Living index shows a seven

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Speaker 1: point three percent drop in the average daily spend of

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Speaker 1: Australians dount of sixty five dollars and seventy four cents

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Speaker 1: in August. It shows the pressure that households are under

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Speaker 1: right now, with the average spend sitting at seventy dollars

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Speaker 1: and fifty five cents a day in July. But it's

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Speaker 1: still up from sixty one dollars ninety two in August

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Speaker 1: last year, so about a six point two percent rise

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Speaker 1: year on year, which may well be due to higher prices,

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Speaker 1: of course, overall due to inflation. Some of the biggest

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Speaker 1: reductions in spending were in the categories of general shopping

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Speaker 1: and durable goods. Shopping as a category was down fifteen

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Speaker 1: point seven percent over the month. Entertainment and leisure fell

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Speaker 1: seven percent. Story number four. The Administration has pointed the

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Speaker 1: finger squarely at Vladimir Putin's inner circle for election interference

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Speaker 1: in the lead up to the US presidential election. The

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Speaker 1: US is claiming that the Russian president is undertaking a

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Speaker 1: covert campaign to sway its democratic process and is bombarding

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Speaker 1: Americans with political propaganda and outright misinformation, including pro Kremlin views.

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Speaker 1: This is the strongest accusation the US has ever made

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Speaker 1: against Russia on the basis of election propaganda in recent times.

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Speaker 1: And finally story number five, Uber is raising three billion

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Speaker 1: US dollars in its first ever bond sale, having achieved

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Speaker 1: blue chip investment grade status. It could have raised even

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Speaker 1: more potentially, with reports suggesting signals from investors more indicating

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Speaker 1: about eight billion US dollars worth of demand. Uber only

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Speaker 1: recently posted results with record levels of profit for the

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Speaker 1: second quarter and growth in bookings. Uber is going to

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Speaker 1: use the money it raises to repay almost two billion

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Speaker 1: US worth of loans, and the rest will be for

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Speaker 1: general corporate purposes. It's a moment in time for those

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Speaker 1: who remember these groundbreaking companies launching to see them now

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Speaker 1: moving into these new sorts of deals where they have

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Speaker 1: achieved that blue chip investment grade status. There we go.

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Speaker 1: That's the afternoon report for Thursday, the fifth of September

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Speaker 1: twenty twenty four. We'll be back tomorrow morning with the

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Speaker 1: Friday edition of Fear and Greed. O'm Michael Thompson. Enjoy

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Speaker 1: your Eve