1 00:00:04,200 --> 00:00:07,040 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,120 --> 00:00:09,959 Speaker 1: for Friday, the eighth of August twenty twenty five. Are 3 00:00:10,000 --> 00:00:12,680 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:12,720 --> 00:00:14,680 Speaker 1: happen today that you need to know about. Let's go 5 00:00:14,800 --> 00:00:18,160 Speaker 1: story number one. The SMPA SEX two hundred closed down 6 00:00:18,360 --> 00:00:22,360 Speaker 1: zero point three percent today to eight hundred and seven points. 7 00:00:22,760 --> 00:00:24,200 Speaker 1: Bit of a dip for the end of the week, 8 00:00:24,239 --> 00:00:26,160 Speaker 1: but not enough really to take the gloss off of 9 00:00:26,280 --> 00:00:29,520 Speaker 1: stellar run that saw the market hit record highs midweek. 10 00:00:29,800 --> 00:00:32,520 Speaker 1: Across the five days, the boss is up one point 11 00:00:32,680 --> 00:00:36,959 Speaker 1: seven percent. Material stocks did best today, gold stocks in particular, 12 00:00:37,000 --> 00:00:38,879 Speaker 1: off the back of a very strong price for the 13 00:00:38,880 --> 00:00:41,960 Speaker 1: precious metal. Gold is still trading around the three thousand, 14 00:00:42,000 --> 00:00:45,960 Speaker 1: four hundred US dollar mark amid wariness as the Trump 15 00:00:46,040 --> 00:00:49,720 Speaker 1: tariffs kick in. Newmont and Northern Star both had good days. 16 00:00:50,280 --> 00:00:53,120 Speaker 1: Not so ensure a QBE, which did report a decent 17 00:00:53,159 --> 00:00:56,600 Speaker 1: lift in interim profits as it focuses on corporate customers, 18 00:00:56,680 --> 00:01:00,640 Speaker 1: but investors seem to question underlying profitability and the share 19 00:01:00,680 --> 00:01:04,600 Speaker 1: price closed down almost nine percent today. Westpac, NAB and 20 00:01:04,640 --> 00:01:07,200 Speaker 1: Commonwealth Bank are all off about one percent, and the 21 00:01:07,240 --> 00:01:10,520 Speaker 1: other company worth The mention was Iris, after the financial 22 00:01:10,560 --> 00:01:14,440 Speaker 1: services software company confirmed reports in the Financial Review that 23 00:01:14,560 --> 00:01:19,399 Speaker 1: it's negotiating with Blackstone over a buyout. It closed twelve 24 00:01:19,560 --> 00:01:22,720 Speaker 1: point three percent higher today, not a bad day at all. 25 00:01:23,280 --> 00:01:25,960 Speaker 1: Under story number two. Now and at Lassie and CEO 26 00:01:26,120 --> 00:01:31,000 Speaker 1: Mike cannon Brooks has reassured investors he's quote not going anywhere, 27 00:01:31,120 --> 00:01:34,520 Speaker 1: following the shock resignation of the president of the software company. 28 00:01:34,800 --> 00:01:38,000 Speaker 1: He made the comments after announcing Lassian's latest results, which 29 00:01:38,000 --> 00:01:40,600 Speaker 1: showed a twenty percent lift in annual revenue and a 30 00:01:40,720 --> 00:01:44,560 Speaker 1: narrowing in net loss. At Lassian is listed on the Nasdaq, 31 00:01:44,600 --> 00:01:47,720 Speaker 1: where its shares fell eight percent. The big surprise today 32 00:01:47,760 --> 00:01:51,200 Speaker 1: was the resignation of at Lassian president, a new Baradwaje, 33 00:01:51,480 --> 00:01:54,360 Speaker 1: who is effectively the two ic to canon Brooks. It 34 00:01:54,440 --> 00:01:58,640 Speaker 1: is the second very senior executive change at the Australian 35 00:01:58,680 --> 00:02:01,200 Speaker 1: company in the last twelve months. It is one year 36 00:02:01,400 --> 00:02:04,440 Speaker 1: since co founder Scott Farquhah stepped down as co CEO, 37 00:02:04,920 --> 00:02:08,639 Speaker 1: with Mike cannon Brooks telling analysts today that you are 38 00:02:08,639 --> 00:02:10,520 Speaker 1: going to have to put up with me for many 39 00:02:10,520 --> 00:02:12,800 Speaker 1: more years. I love my job and this is the 40 00:02:12,800 --> 00:02:16,280 Speaker 1: most exciting time to be at Lassian. He also doubled 41 00:02:16,320 --> 00:02:19,880 Speaker 1: down on artificial intelligence as a growth driver for the company, 42 00:02:19,919 --> 00:02:22,200 Speaker 1: which is also cited last week as the reason for 43 00:02:22,240 --> 00:02:25,720 Speaker 1: recent job cuts at the firm. Story Number three. Foreign 44 00:02:25,720 --> 00:02:29,000 Speaker 1: Minister Penny Wong has warned a plan by Israeli Prime 45 00:02:29,040 --> 00:02:33,200 Speaker 1: Minister Benjamin et Nyahu to occupy Gaza City will quote 46 00:02:33,240 --> 00:02:37,520 Speaker 1: worsen the humanitarian catastrophe in the area. The plan, which 47 00:02:37,560 --> 00:02:40,240 Speaker 1: was announced this morning following a ten hour meeting of 48 00:02:40,320 --> 00:02:44,280 Speaker 1: Israel's security Cabinet, will see ground troops move into Gaza 49 00:02:44,360 --> 00:02:47,160 Speaker 1: in a large scale occupation. Prior to the meeting, the 50 00:02:47,200 --> 00:02:50,080 Speaker 1: Israeli Prime Minister said he intended to hand over Gaza 51 00:02:50,120 --> 00:02:52,960 Speaker 1: to be governed by Arab states once the remnants of 52 00:02:53,080 --> 00:02:56,360 Speaker 1: Hermas have been removed. Israel released a list of five 53 00:02:56,440 --> 00:02:59,520 Speaker 1: principles for ending the war, including the return of all 54 00:02:59,520 --> 00:03:03,280 Speaker 1: hostages living and dead, and Israeli security control over the 55 00:03:03,320 --> 00:03:07,360 Speaker 1: Gaza Strip. The Australian government has criticized the occupation plan, 56 00:03:07,400 --> 00:03:11,480 Speaker 1: as I mentioned, reiterating calls for a ceasefire. Sorry Number four. 57 00:03:11,560 --> 00:03:14,800 Speaker 1: US President Donald Trump has thrown financial markets a bit 58 00:03:14,840 --> 00:03:17,800 Speaker 1: of a curveball, which is so unlike him appointing his 59 00:03:18,000 --> 00:03:21,640 Speaker 1: economic advisor, Stephen Mirn, to the Federal Reserve Board. It 60 00:03:21,760 --> 00:03:24,919 Speaker 1: is a temporary appointment, with Mirren stepping into a vacancy 61 00:03:24,919 --> 00:03:27,040 Speaker 1: that was made by the shock resignation last week of 62 00:03:27,080 --> 00:03:29,800 Speaker 1: another governor, so it's only going to last for five months, 63 00:03:29,960 --> 00:03:32,120 Speaker 1: but it does give the President extra time to make 64 00:03:32,160 --> 00:03:36,240 Speaker 1: a decision about replacing FED Chair Jerown Powell. The appointment 65 00:03:36,440 --> 00:03:40,400 Speaker 1: sends a reasonably clear signal Trump now has a direct 66 00:03:40,440 --> 00:03:43,520 Speaker 1: ally inside the FED at a time when he is loudly, 67 00:03:43,920 --> 00:03:47,560 Speaker 1: very loudly, calling for deep rate cuts. Despite those demands, 68 00:03:47,640 --> 00:03:51,120 Speaker 1: the Fed has kept interest rates in the world's biggest 69 00:03:51,120 --> 00:03:53,480 Speaker 1: economy on hold, in part due to concerns about the 70 00:03:53,480 --> 00:03:57,680 Speaker 1: inflationary impact of the President's tariff policy. This isn't a 71 00:03:57,760 --> 00:04:01,480 Speaker 1: view held by the new appointee, though, Just hours before 72 00:04:01,600 --> 00:04:05,280 Speaker 1: the announcement was made, Stephen Mirn was praising the tariffs 73 00:04:05,280 --> 00:04:10,360 Speaker 1: as historic and saying there is quote zero macroeconomically significant 74 00:04:10,360 --> 00:04:14,360 Speaker 1: evidence of price pressures from the tariffs. And finally, story 75 00:04:14,440 --> 00:04:18,320 Speaker 1: number five, the unrelenting march of AI continues with the 76 00:04:18,400 --> 00:04:21,720 Speaker 1: launch of the newest version of chat GPT. Open AI 77 00:04:21,920 --> 00:04:26,400 Speaker 1: says chat GPT five is quote the smartest, fastest, and 78 00:04:26,560 --> 00:04:30,840 Speaker 1: most useful model yet, with chief executive Sam Altman declaring 79 00:04:30,880 --> 00:04:33,719 Speaker 1: it the equivalent of having a team of PhD level 80 00:04:33,760 --> 00:04:36,800 Speaker 1: experts ready to help you. Notably, the new version is 81 00:04:36,839 --> 00:04:40,599 Speaker 1: available to all individual users of the platform, even without 82 00:04:40,600 --> 00:04:43,880 Speaker 1: a paid subscription. It is pretty extraordinary to think that 83 00:04:44,000 --> 00:04:47,520 Speaker 1: three years ago nobody had even heard of Chat GPT. 84 00:04:48,080 --> 00:04:51,480 Speaker 1: Since then, five versions have been released, with nearly seven 85 00:04:51,600 --> 00:04:54,760 Speaker 1: hundred million people using it each week, not to mention 86 00:04:54,960 --> 00:05:00,560 Speaker 1: rival products from Meta Google, Elon Musk's Xai, Chinese AI company, 87 00:05:00,600 --> 00:05:03,680 Speaker 1: Deep Seek, and more. As for the improvements in this 88 00:05:03,839 --> 00:05:08,200 Speaker 1: latest model, Open Ai says Chat GPT five is less 89 00:05:08,320 --> 00:05:11,359 Speaker 1: likely to lie or try to deceive users than the 90 00:05:11,400 --> 00:05:14,400 Speaker 1: previous models. That is good to know. There we go. 91 00:05:14,480 --> 00:05:16,960 Speaker 1: That's the afternoon report for Friday, the eighth of August 92 00:05:17,000 --> 00:05:19,279 Speaker 1: twenty twenty five. Make sure you hit follow on the 93 00:05:19,279 --> 00:05:21,599 Speaker 1: podcast and we'll be back tomorrow morning with the weekend 94 00:05:21,720 --> 00:05:25,040 Speaker 1: edition of Beer and Greed. I'm Michael Thompson. Enjoy your evening.