1 00:00:04,200 --> 00:00:06,840 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,880 --> 00:00:09,520 Speaker 1: for Thursday, the twoth of December twenty twenty four. I'm 3 00:00:09,560 --> 00:00:12,320 Speaker 1: Sean Elmer. Every afternoon, We've got the five stories have 4 00:00:12,360 --> 00:00:14,560 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:14,560 --> 00:00:18,000 Speaker 1: The unemployment rate felt a three point nine percent last month, 6 00:00:18,320 --> 00:00:21,000 Speaker 1: much lower than expect that and enough for financial markets 7 00:00:21,000 --> 00:00:23,840 Speaker 1: to discount any chance of a ratecome in February. A 8 00:00:23,960 --> 00:00:26,079 Speaker 1: surge in full time jobs last month has kept the 9 00:00:26,160 --> 00:00:29,040 Speaker 1: labor market strong. The result immediately triggered a rise in 10 00:00:29,080 --> 00:00:31,520 Speaker 1: the Aussie dollar, but a fall in the local share market. 11 00:00:31,560 --> 00:00:34,360 Speaker 1: By the close, the SMPA six two hundred was down 12 00:00:34,479 --> 00:00:37,480 Speaker 1: zero point three percent to eighty three hundred and thirty 13 00:00:37,479 --> 00:00:39,880 Speaker 1: one points. The banks will mostly flat, the big miners 14 00:00:39,880 --> 00:00:42,560 Speaker 1: were mixed. Some of the techtocs did well, including Promedicus 15 00:00:42,560 --> 00:00:46,400 Speaker 1: and Zero, though are EA dropped Story number two. One 16 00:00:46,560 --> 00:00:49,760 Speaker 1: country where a rate cut is likely is the United States, 17 00:00:50,000 --> 00:00:54,400 Speaker 1: that follows a positive inflation reading overnight. The USCPI rose 18 00:00:54,440 --> 00:00:57,080 Speaker 1: by zero point three percent in November and two point 19 00:00:57,160 --> 00:00:59,400 Speaker 1: seven percent for the year, and markets have now priced 20 00:00:59,400 --> 00:01:02,200 Speaker 1: in a ninety five percent chance of a twenty five 21 00:01:02,240 --> 00:01:06,080 Speaker 1: basis point cut next week when the Federal Reserve meets. 22 00:01:06,280 --> 00:01:09,240 Speaker 1: The Bank of Canada and European central banks are also 23 00:01:09,319 --> 00:01:12,040 Speaker 1: cutting rates. Australia's just looking a little bit lonely at 24 00:01:12,040 --> 00:01:14,680 Speaker 1: the moment. The inflation figures in the US helped Wall Street, 25 00:01:14,720 --> 00:01:17,319 Speaker 1: with the tech heavy NASDAK pushing beyond to twenty thousand 26 00:01:17,360 --> 00:01:20,119 Speaker 1: points for the first time ever. The Nasdaq has almost 27 00:01:20,120 --> 00:01:23,199 Speaker 1: doubled over the past two years as the Magnificent seven 28 00:01:23,400 --> 00:01:27,720 Speaker 1: tech stocks Apple and Vidia, Microsoft, Alphabet, Amazon, Tesla, and 29 00:01:27,800 --> 00:01:32,000 Speaker 1: Meta have pushed Wall Street higher and higher. The single 30 00:01:32,000 --> 00:01:35,480 Speaker 1: biggest question for investors on Wall Street can the Magnificent 31 00:01:35,520 --> 00:01:38,880 Speaker 1: seven keep running straight? Number three? Childcare is set to 32 00:01:38,920 --> 00:01:41,720 Speaker 1: be front end center and the upcoming federal election campaign 33 00:01:41,800 --> 00:01:45,280 Speaker 1: after the Coalition today said it won't support government plans 34 00:01:45,319 --> 00:01:48,920 Speaker 1: to change the rules around accessing financial support. Yesterday, Prime 35 00:01:48,920 --> 00:01:51,440 Speaker 1: Minister Anthony Alberniz He said the activity test for child 36 00:01:51,520 --> 00:01:54,400 Speaker 1: care payments would be removed now that test requires parents 37 00:01:54,400 --> 00:01:56,640 Speaker 1: to have a job, to be looking for work or 38 00:01:56,720 --> 00:02:00,280 Speaker 1: studying to receive subsidies. The Prime Minister also announce stay 39 00:02:00,320 --> 00:02:03,520 Speaker 1: one billion dollar early Education fund to help build or 40 00:02:03,560 --> 00:02:06,680 Speaker 1: expand one hundred and sixty child care facilities in what 41 00:02:06,800 --> 00:02:09,840 Speaker 1: they're calling child care deserts, places where there's high demand 42 00:02:09,840 --> 00:02:13,760 Speaker 1: and few facilities. The opposition said it won't support the changes, 43 00:02:13,800 --> 00:02:16,800 Speaker 1: though notwithstanding many in the business community, including the Business 44 00:02:16,840 --> 00:02:20,040 Speaker 1: Council of Australia, do support the changes. The governments also 45 00:02:20,080 --> 00:02:22,960 Speaker 1: considering a scheme whereby families would pay a flat fee 46 00:02:22,960 --> 00:02:25,280 Speaker 1: of ten dollars or twenty dollars a day for childcare 47 00:02:25,480 --> 00:02:28,400 Speaker 1: with no activity test. Storying number four. The share price 48 00:02:28,440 --> 00:02:32,400 Speaker 1: of Infrastructure Services Provide a Venture tumbled today on news 49 00:02:32,400 --> 00:02:35,560 Speaker 1: that the Australian Competition and Consumer Commission has started proceedings 50 00:02:35,560 --> 00:02:40,160 Speaker 1: against it and Spotless for alleged historical price fixing. Spotless 51 00:02:40,200 --> 00:02:43,320 Speaker 1: is nowadays owned by Downer Edi, and its share price 52 00:02:43,400 --> 00:02:46,120 Speaker 1: fell as well. The case relates to a multi billion 53 00:02:46,160 --> 00:02:49,280 Speaker 1: dollar contract with the Federal Defense Department to provide maintenance 54 00:02:49,280 --> 00:02:53,119 Speaker 1: and operational services to two hundred bases around the country. 55 00:02:53,400 --> 00:02:56,200 Speaker 1: Spotless currently has a four billion dollar contract with Defense. 56 00:02:56,280 --> 00:02:59,280 Speaker 1: Venture has a five point eight billion dollar contract. They're 57 00:02:59,280 --> 00:03:01,440 Speaker 1: both due to its inspire in mid twenty twenty five. 58 00:03:01,520 --> 00:03:04,960 Speaker 1: According to the finn Review, The hriablec alleges that executives 59 00:03:05,000 --> 00:03:08,040 Speaker 1: from the two companies made or tried to make arrangements 60 00:03:08,200 --> 00:03:11,680 Speaker 1: to fix the prices at which Spotless, Ventia and a 61 00:03:11,720 --> 00:03:16,639 Speaker 1: third group, Canadian owned BGIS, supplied services to Defense between 62 00:03:16,680 --> 00:03:20,960 Speaker 1: April twenty nineteen and August twenty twenty two. HABLEC chair 63 00:03:21,120 --> 00:03:25,200 Speaker 1: Gena Cascott Leeb said the alleged conduct caused direct harm 64 00:03:25,280 --> 00:03:28,600 Speaker 1: to taxpayers. Down has denied the allegations. Ventia said it's 65 00:03:28,639 --> 00:03:33,040 Speaker 1: reviewing details of the allegations before commenting and story number five. 66 00:03:33,080 --> 00:03:38,400 Speaker 1: The UN General Assembly overnight overwhelmingly approved resolutions demanding an 67 00:03:38,440 --> 00:03:42,440 Speaker 1: immediate ceasefire in Gaza and backing the UN Agency for 68 00:03:42,520 --> 00:03:46,840 Speaker 1: Palestinian Refugees, which Israel once banned. There were one hundred 69 00:03:46,880 --> 00:03:49,320 Speaker 1: and fifty eight votes in favor of both motions, including 70 00:03:49,360 --> 00:03:52,680 Speaker 1: Australia's votes. Israel and the US were in the small minority, 71 00:03:52,760 --> 00:03:57,400 Speaker 1: speaking and voting against the resolutions. General Assembly resolutions are 72 00:03:57,440 --> 00:04:01,000 Speaker 1: not legally binding, but broadly they were reflect world opinion. 73 00:04:01,160 --> 00:04:03,680 Speaker 1: There are no vitays in the Assembly. The vote occurred 74 00:04:03,720 --> 00:04:07,160 Speaker 1: after the US vetoed a Security Council resolution last month 75 00:04:07,200 --> 00:04:10,880 Speaker 1: demanding an immediate Gaza ceasefire. As if the Afternoon Report 76 00:04:10,960 --> 00:04:13,520 Speaker 1: for Thursday, the twelfth of December twenty twenty four. Make 77 00:04:13,560 --> 00:04:15,560 Speaker 1: sure you hit follow on the podcast. We will be 78 00:04:15,560 --> 00:04:17,599 Speaker 1: back tomorrow morning with the Friday edition of the Fast 79 00:04:17,640 --> 00:04:20,800 Speaker 1: Five Businesses by Fear and Greed. I'm Sean Elma Enjoy 80 00:04:20,839 --> 00:04:21,279 Speaker 1: your evening.