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

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Speaker 1: for Monday, the twenty fourth of June twenty twenty four.

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Speaker 1: I'm Sean Elmer. Every afternoon, We've got the fire stories

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

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Speaker 1: number one. The SMPAX two hundred fell nearly one percent

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Speaker 1: today to seven seven hundred and thirty four points, led

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Speaker 1: lower by energy and healthcare stocks. Of the eleven SABER

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Speaker 1: indices on the ASX two hundred, only one ended in

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Speaker 1: the black. Industrials among the top ten stocks, nine went backwards,

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Speaker 1: with Wes Farmers and Fortescue Metals Group leading the way lower.

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Speaker 1: Only Macquarie Group closed the day higher. Other large caps

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Speaker 1: that drop sharply included QBE, Sun Corp, Woodside, Santos, Rio,

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Speaker 1: Telstra plenty of them. James Hardy was one of the

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Speaker 1: better performers, as were Brambles and Transurban Story number two.

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Speaker 1: In currency markets, the Aussie dollar is at a twelvemonth

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Speaker 1: high against the euro thanks to the turmoil in France,

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Speaker 1: where elections are due to be held in coming weeks.

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Speaker 1: One of the dollar is buying sixty two to euros

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Speaker 1: at the moment. The local unit is also doing well

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Speaker 1: against a very weak yen, which is why so many

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Speaker 1: Ossis are heading to Japan for holidays This year, one

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Speaker 1: Ossi dollar is buying one hundred and seven Japanese yen

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Speaker 1: against the US dollar, though the local dollar is still

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Speaker 1: below the long run average, trading around sixty six and

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Speaker 1: a half. Few weeks since story number three, there is

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Speaker 1: a ninth farm reporting and outbreak of avian flu in

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Speaker 1: Victoria and New South Wales, meaning the current spread is

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Speaker 1: the largest instance of bird flu in Australia. The latest

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Speaker 1: outbreak is within the restricted biosecurity zone one and a

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Speaker 1: half klometers from the original infected farm in New South

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Speaker 1: Wales and the Hawksbury region northwest of Sydney. The strain

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Speaker 1: in New South Wales is different to the strain in Victoria,

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Speaker 1: and scientists suspect the New South Wales strain is an

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Speaker 1: infection carried by a wild bird. Scientists say the rash

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Speaker 1: of avian flu outbreaks have been caused by wild birds

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Speaker 1: traveling further south on East Asia fly paths. Until these

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Speaker 1: years multiple infection outbreaks, Australia had only seen seven bird

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Speaker 1: flu outbreaks in over fifty years. According to AAP New

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Speaker 1: South Wales Agricultural Minister Sue Moriarty said testing had shown

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Speaker 1: the New South Wales cases with not the H five

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Speaker 1: N one strain that's causing all sorts of problems overseas.

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Speaker 1: Story number four, an exodus of high rollers, cost of

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Speaker 1: living pressures and higher remediation costs will hit Star Entertainment's

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Speaker 1: full year earnings. It comes as the gaming group is

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Speaker 1: wamed here if it can keep its Sydney casino license.

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Speaker 1: While it's main at gaming rooms are attracting customers, premium

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Speaker 1: gaming rooms have declined, particularly in Brisbane and the Gold Coast.

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Speaker 1: The new center Stars share price down five percent today.

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Speaker 1: Starr also confirmed that former chair David Foster has officially

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Speaker 1: left the board of the group and his position as

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Speaker 1: interim chief executive. Star said it expects to announced a

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Speaker 1: new CEO in the near term. The group is trying

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Speaker 1: to sell non core assets, particularly assets it owns in Brisbane.

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Speaker 1: Adam bellsc is due to deliver his latest report into

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Speaker 1: Star by the end of next month. In its closing submission,

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Speaker 1: Star conceded it is not suitable to operate a casino

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Speaker 1: in its own right, but believes it can run one,

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Speaker 1: subject to conditions. It's also facing a multi million dollar

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Speaker 1: penalty from Financial Crimes watchdog for historical breaches of counter

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Speaker 1: terrorism and anti money laundering laws and story number five.

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Speaker 1: Shares in ResMed fill more than thirteen percent today after

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Speaker 1: results over the weekend for a weight loss drug showed

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Speaker 1: benefits for people with obstructive sleep apnea. Res Med is

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Speaker 1: a sleep apnea company. Like many other pharmaceutical groups, it

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Speaker 1: is being hit by the success of the weight loss

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Speaker 1: drugs on the market at the moment, even though they

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Speaker 1: weren't really developed to treat sleep apnea. In Eli Lilly's

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Speaker 1: two Zerbetide diabetes and weight loss treatment trials, more than

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Speaker 1: fifty percent of participants with moderate to severe sleep apnea

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Speaker 1: met the criteria for disease resolution times resolution not alleviation. Basically,

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Speaker 1: because obesity can be an underlying cause of sleep apnea,

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Speaker 1: the advance of weight loss drugs, known as glp ones

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Speaker 1: has triggered widespread concerns that an effective obesity treatment could

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Speaker 1: shrink the number of patients needing resmes CPAP treatment for

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Speaker 1: sleep apnea. That's it for the afternoon report for Monday,

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Speaker 1: the twenty fourth of June twenty twenty four. Don't forget

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Speaker 1: to follow on the podcast and find Fear and Greed

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. Joy Michael Thompson

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Speaker 1: and I Tomorrow Morning for the Fast Five by Fear

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Speaker 1: and Greed, the top five business stories you need to

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Speaker 1: know in just five minutes. I'm Sean Elmer. Enjoy reading