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

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Speaker 1: Report for Friday, the twenty sixth of July twenty twenty four.

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Speaker 1: I'm Suan e 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. There was a strong day for the

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Speaker 1: equities market, with the SMPA six two hundred closing up

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Speaker 1: zero point eight percent to seven nine hundred and twelve points.

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Speaker 1: For the week, the benchmark index ended about half percent lower.

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Speaker 1: It was a bad day for the gold stocks, particularly

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Speaker 1: Bellevue Gold, which ended down more than twenty percent after

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Speaker 1: it asked investors for another one hundred and seventy five

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Speaker 1: million dollars and lowered its production forecast. The price of

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Speaker 1: gold was also lower down to twenty three seventy US

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Speaker 1: dollars and ounce, and the whole sector fell. Gold diggers

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Speaker 1: read five, Northern Star, Regis Resources, and Perseus Mining were

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Speaker 1: among the worst performers today. In fact, the five gold

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Speaker 1: stocks I've just mentioned were the five worst performing stocks

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Speaker 1: of the top two hundred. Away from gold, some of

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Speaker 1: the miners were among the best performers. Rio jumped more

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Speaker 1: than three percent, BHP was up two percent. That followed

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Speaker 1: something of a rebound in nine ore prices. Mcquarie Group

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Speaker 1: was another strong performer after yesterday's third quarter earnings announcement.

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Speaker 1: The lack arts today included Woolly's and an Z. Telstra

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Speaker 1: also underperformed. Story number two. Nine Entertainment boss Mike Sneezeby

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Speaker 1: is not happy about staff and the publishing division going

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Speaker 1: on strike over pay, saying he is profoundly disappointed that

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Speaker 1: journalists have voted to walk off the job for five

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Speaker 1: days in the middle of the company's Paris Olympics coverage.

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Speaker 1: In an email from Paris this morning, mister Sneeesby said

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Speaker 1: the timing of strike action by hundreds of staff comes

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Speaker 1: on the eve of one of the biggest news events

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Speaker 1: on the planet. Nine will spend at least one hundred

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Speaker 1: and twenty million dollars on the Olympics, including the broadcasting

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Speaker 1: deal and production costs. The mastheads affected by the strike

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Speaker 1: include The Sydney Morning Herald, The Age, The Australian Financial Review,

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Speaker 1: Brisbane Times and WA Today. It also includes those reporters

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Speaker 1: sent to Paris to cover the Olympics. Story number three,

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Speaker 1: Former New South Wales Premier gladys Bury Diclian has lost

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Speaker 1: a bid to overturn a corruption finding against her denied

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Speaker 1: by the New South Wales Court of Appeal. In a

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Speaker 1: split decision, New South Waleses Chief Justice Andrew Bell dismissed

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Speaker 1: her bid with costs. The former Premier had sought to

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Speaker 1: overturn the Independent Commission Against Corruption's findings that she engaged

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Speaker 1: in serious corrupt conduct pertaining to a breach of the

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Speaker 1: Ministerial Code by failing to disclose her relationship with her

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Speaker 1: then partner, ex MP Daryl maguire. The IKACS finding against

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Speaker 1: Mesberagiiclian involved the approval of two multimillion dollar grants in

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Speaker 1: mister McGuire's formal Wogger electorate and her failure to disclose

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Speaker 1: that they are in a relationship. The former Premier had

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Speaker 1: challenged the uvalidity of the kac's findings and grounds that

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Speaker 1: it had acted beyond its authority. Story number four. There

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Speaker 1: were some rare good news from a lithium minor today

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Speaker 1: and the share price of Mental Resources jumped after the

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Speaker 1: company delivered on its annual production guidance no one expected

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Speaker 1: to get there. Last month, Minrez said it will shut

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Speaker 1: down its use une hub in Western Australia, impacting nearly

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Speaker 1: one thousand jobs. The share price has slumped nearly fifteen

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Speaker 1: percent since then. That is, of course, until today's bounce.

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Speaker 1: Investment analysts said the production updates showed slightly lower debth

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Speaker 1: than expected, a decent cash balance, and an average price

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Speaker 1: of lithium that was better than its peers and story

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Speaker 1: number five. The US economy grew faster than expected during

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Speaker 1: the Dune quarter, notwithstanding interest rates remained high. Gross domestic

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Speaker 1: product rose at a two point eight percent annualized rate

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Speaker 1: during the three months, doubling the pace of growth from

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Speaker 1: the previous quarter. Unlike Australia, where households continue to tighten

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Speaker 1: their belts, in the US, personal spending jumped by two

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Speaker 1: point three percent, a measure of inflation raise two point

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Speaker 1: nine percent, lower than the previous quarter, but still above estimates,

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Speaker 1: according to the Bureau of Economic Analysis. While the result

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Speaker 1: was higher than expected, the economy is still cooling, experts said,

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Speaker 1: voting well for those hoping that the Federal Reserve will

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Speaker 1: start cutting rates in September. That's it for the Afternoon

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Speaker 1: report for Friday the twenty six. In July twenty twenty four,

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Speaker 1: Michael Thompson and Lang and I will be back tomorrow

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Speaker 1: morning with the weekend edition of Fear and Greed business News.

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Speaker 1: I'm sure elm up enjoy your evening