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Speaker 1: Welcome to fear and greed. Business news you can use today.

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Speaker 1: Higher than expected inflation figures have upped the chance of

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Speaker 1: an interest rate hike in coming months. The local share

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Speaker 1: market hits an all time high, and a bumper profit

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Speaker 1: at Woolworth's sends its share price up the most in

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Speaker 1: thirty years. Plus AI bytes with Wistech Global to cut

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Speaker 1: two thousand jobs, and Donald Trump's loud, abrasive State of

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Speaker 1: the Union address. It is Thursday, the twenty sixth of

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Speaker 1: February twenty twenty six. I'm Michael Thompson, and good morning,

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: So heck of a day today, Sean. There's so much

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Speaker 1: news around. The main story this morning. The odds of

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Speaker 1: an increase in interest rates in May just increased after

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Speaker 1: the January Consumer Price Index showed headline inflation stuck at

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Speaker 1: three point eight percent and underlying inflation is rising out.

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Speaker 2: That's the best word for it. This was supposed to

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Speaker 2: be the month when inflation started drifting down. Economists for

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Speaker 2: expecting headline CPI to fall to three point seven percent.

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Speaker 2: Camera at three point eight percent. The trimmed mean, the

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Speaker 2: Reserve banks preferred measure of underlying infation. The all important

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Speaker 2: trim mean actually rose. It went from three point three

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Speaker 2: percent December to three point four percent in January. That

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Speaker 2: is a sixteen month high. The biggest driver is housing

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Speaker 2: up six point eight percent over the year. That's rent,

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Speaker 2: new bills, cost of keeping a roof over your head.

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Speaker 2: Electricity has gone through the roof. That's because of those

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Speaker 2: rebates coming off. And unfortunately in electricity is a bit

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Speaker 2: different because of the rebates. But the other stuff, there's

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Speaker 2: not a lot of sign of easing price pressures.

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Speaker 1: And Sean, the market reaction yesterday was immediate, wasn't it.

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Speaker 1: The Aussie dollar jumped because traders are now pricing in

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Speaker 1: a greater chance that the RBA might have to hike again.

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Speaker 2: Good news for anyone traveling. Michael just throwing that in there.

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Speaker 2: The bottom market was pushing at yields higher. That's the

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Speaker 2: market saying rates ain't coming down anytime soon. In fact,

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Speaker 2: they might even go up.

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Speaker 1: And this comes on the same day that Treasurer Jim

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Speaker 1: Chalmers is out there talking about restraint.

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Speaker 2: That's a political context to all this. Treasurer has reportedly

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Speaker 2: asked his department to start finding savings, using the phrase

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Speaker 2: economics before politics ahead of the May budget. Now, whether

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Speaker 2: that's genuine fiscal discipline or pre election positioning, who knows.

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Speaker 2: But we have in FAC refusing to budge. We have

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Speaker 2: the Reserve Bank watching very very closely. The government knows

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Speaker 2: if he goes into an election with a big spending

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Speaker 2: budget and facis still running hot, the electorate ain't going

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Speaker 2: to like it and it's going to copy it.

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Speaker 1: Now the big question, Sean, obviously the Reserve Bank. Because

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Speaker 1: of the change in the schedule of their meetings last year,

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Speaker 1: there is no meeting in March. Will the RBA lift

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Speaker 1: interest rates at their next meeting in April?

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Speaker 2: Wow? The quarterly CPI data comes out late in April,

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Speaker 2: so maybe they'll wait until after that. That would be

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Speaker 2: the main meeting to make a decision. Even tho as

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Speaker 2: economists who don't think there will be another rate rise

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Speaker 2: or don't think there should be another rate rise, are

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Speaker 2: now reconsidering after that data yesterday, the bottom line inflation

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Speaker 2: isn't beaten yet and we might need another rate high

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Speaker 2: coor two.

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Speaker 1: And one last question, Sean, before we move on from inflation,

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Speaker 1: the ASX two hundred, how did that react to the news.

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Speaker 2: Look, you would expect it to fall on that sort

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Speaker 2: of news, but despite the inflation numbers, the market had

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Speaker 2: a very good day. The AX two hundred hit an

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Speaker 2: all time inter day record of one hundred and thirty

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Speaker 2: point three points. It snapped a three day losing streak,

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Speaker 2: finished up one point two percent at a new all

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Speaker 2: time closing high of nine thousand, one hundred and twenty

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Speaker 2: eight point three points. Index now up ten and a

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Speaker 2: half percent of the past twelve months, four and a

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Speaker 2: half percent for the year so far. Imagine if you

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Speaker 2: had that all year, you'dn up twenty five percent or so.

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Speaker 2: We're not going to get that, but still quite a

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Speaker 2: cracking start, of course, all on the back of earnings results.

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Speaker 2: Woolworth's was the start. We'll talk more about that in

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Speaker 2: a moment. Let's talk about it now.

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Speaker 1: Let's do that right now. Let's do it now. And

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Speaker 1: I'm glad you mentioned it actually, because it was really

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Speaker 1: quite incredible to see yesterday. Woolli's share price hit a

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Speaker 1: seventeen month high after jumping twelve percent yesterday on the

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Speaker 1: back of a very strong profit result. It was the

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Speaker 1: biggest one day rise for Woolies in thirty years. That's

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Speaker 1: just incredible, a good set of numbers. Profit was higher

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Speaker 1: on revenue of thirty seven billion dollars, up three and

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Speaker 1: a half percent. Food sales in Australia were up three

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Speaker 1: point six percent. Online grocery sales SLAN and I Think

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Speaker 1: I have contributed to this part up more than fifteen percent.

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Speaker 2: In fact, about a quarter ago said that things were

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Speaker 2: slowing down in the first half of the year. Well

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Speaker 2: that's turned around in the second quarter, while the supermarket

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Speaker 2: performed well though Big W continues to struggle with growth. Also,

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Speaker 2: the bottom line didn't look anywhere near as good because

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Speaker 2: staff underpayment costs wiped out four hundred and eighty five

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Speaker 2: million dollars from that statutory bottom line. But its operational business,

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Speaker 2: like what it's putting through the tills at the SOUF markets,

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Speaker 2: a really strong result.

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Speaker 1: Good result.

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Speaker 2: But there's always a bus, isn't there Sean There is

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Speaker 2: there is in this case, it is the a trible

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Speaker 2: c preparing legal action against woolli is over what it

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Speaker 2: calls illusory discounts, essentially alleging that some of those special

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Speaker 2: prices weren't as special as they looked. Coals, of course,

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Speaker 2: is in court at the moment with the HRIABLEC. Well,

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Speaker 2: his turn will come. Same issue. Yesterday, the HRIABLEC alleged

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Speaker 2: that Coals never intended to sell products at new Hire products,

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Speaker 2: only did so so they could push through smaller increases

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Speaker 2: and then promote them as discounts. The ACTUABLEC sewing Cole's

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Speaker 2: alleging that the down down promotion deliberately misled customers into

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Speaker 2: thinking they were paying less for a product when in

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Speaker 2: many cases they're actually paying a higher price.

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Speaker 1: All right, massive day today. We'll be back in a

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Speaker 1: moment with the rest of the day's business news. Sewn

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Speaker 1: wisetech global share price jumped to eleven percent yesterday after founder

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Speaker 1: Richard White said the software tracking company will cut two

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Speaker 1: thousand jobs and embrace artificial intelligence to develop software and

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Speaker 1: serve customers. It means that almost thirty percent of wise

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Speaker 1: Tech staff will lose their jobs. And really this is

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Speaker 1: a very loud, very clear demonstration of just how AI

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Speaker 1: can really reshape workforces.

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Speaker 2: Yeah, so, White said most software coding could now be

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Speaker 2: written autonomously. It only needed to be overseen by a

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Speaker 2: single developer. So rather than having all these developers in

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Speaker 2: a room, you need one and get AI to do

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Speaker 2: the heavy lifting of many of the tasks. Whistek reported

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Speaker 2: a drop in net profits and margins, reflecting the acquisition

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Speaker 2: of e to Open and American software business. But the

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Speaker 2: really big news out of this, and the reason the

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Speaker 2: share price jumps so much, was that it, as you say, now,

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Speaker 2: the clearest demonstration I think of any company thus far,

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Speaker 2: of AI taking jobs.

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Speaker 1: Yeah. Now, Domino's Pizza had a rough day yesterday, and

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Speaker 1: it's worth actually digging into this one because it's really interesting.

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Speaker 1: Share price fell eleven percent, which was its biggest single

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Speaker 1: day drop since August of last year. But here's the

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Speaker 1: irony of the whole thing. John Domino's actually turned a profit.

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Speaker 1: It went from a twenty two million dollar loss in

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Speaker 1: the previous half to a forty one million dollar profit

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Speaker 1: this time. So the business is technically healthier, right.

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Speaker 2: Yes, The problem is how it got the profit. Domino's

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Speaker 2: made money by cutting what management called crazy discounting. Few

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Speaker 2: achiever of deals. Don't get your five dollar pizza anywhere

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Speaker 2: near as often. The margins improved, but ten percent of

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Speaker 2: customers walked away. Same store sales were down two and

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Speaker 2: a half percent. Network sales fell. The outlook for the

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Speaker 2: second half was described as bleak. Basically, customers want cheap

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Speaker 2: pizza and Domine's has taught them that they can have

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Speaker 2: cheap pizza. Now it actually needs to increase its prices

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Speaker 2: because you know, it's got to make money and they're

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Speaker 2: really struggling with that.

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Speaker 1: Yeah, time for profit briefs Sean, there's some big companies

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Speaker 1: making an appearance this morning for toescue. Let's go for

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Speaker 1: Toscue recorded record iron are shipments one hundred million tons

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Speaker 1: in the first half, a number that's just impossible to

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Speaker 1: wrape your head around just how much that actually is

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Speaker 1: physically A reporter jumps in revenue, jumps in profit and

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Speaker 1: dividend at share price rose five percent.

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Speaker 2: Yesterday, travel agent flight Center picked up six hundred million

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Speaker 2: dollars in new corporate accounts in the first half, winning

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Speaker 2: Australian clients from embattled competitor Corporate Travel Management. That company

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Speaker 2: was embroiled in an overcharging scam. While flight Center is

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Speaker 2: underlying profit beat expectations, its share price closed down three

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Speaker 2: and a half percent.

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Speaker 1: Tap Corps share price jumps more than twenty percent after

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Speaker 1: a sixty two percent rise in profit, about eleven percent

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Speaker 1: above forecasts. Seems to the spring racing Carnival proved a

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Speaker 1: bit of a winner for tap corph.

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Speaker 2: And drone Chill. This share price, remember it tumbled last

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Speaker 2: year after a couple of the owners or a couple

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Speaker 2: of the large shareholders including owners sold down. Well, its

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Speaker 2: share price jumped thirteen percent yesterday it announced a three

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Speaker 2: hundred and sixty seven percent jump in full U net

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Speaker 2: profit revenue was up about two hundred and seventy percent.

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Speaker 2: Of course, that's all on strong global demand for counter

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Speaker 2: drone technology. Great for investors, but I kind of wish

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Speaker 2: that we didn't have that strong demand for counter drone technology.

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Speaker 1: Yeah, indeed, Okay, turning to international news now, Sean, and

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Speaker 1: this is a big story. We've got to dig deep

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Speaker 1: into Donald Trump's State of the Union address yesterday. It's

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Speaker 1: the longest on rerec at one hundred and seven minutes.

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Speaker 1: It included a number of hecklers and ejections from the chamber.

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Speaker 1: It was very pointed on a number of issues from

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Speaker 1: everything from illegal aliens to Supreme Court judges, and of

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Speaker 1: course it just had plenty of good old fashioned kind

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Speaker 1: of the US razmatas Like I just had everything right,

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Speaker 1: if you want to say it. Of the Union Address.

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Speaker 1: You want one like this, It's the annual address delivered

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Speaker 1: by the President to a joint session of Congress to

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Speaker 1: according to the Constitution. This is actually part of the Constitution.

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Speaker 1: I've got to do it to provide a report on

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Speaker 1: the nation's condition. This one was pretty rowdy, I think

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Speaker 1: fair to say. It told the assembled politicians there's a

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Speaker 1: bunch of people that absolutely filled the place that the US.

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Speaker 1: He told her that the US two hundred and fifty

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Speaker 1: years old this year, as in a golden age, and

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Speaker 1: hailed what he called the country's economic turnaround. There's always

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Speaker 1: plenty of fanfare, but one thing that you can give

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Speaker 1: Donald Trump credit for, he always takes the fanfare to

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Speaker 1: the next level. There were cheers for the US men's

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Speaker 1: ice hockey team and military veterans jeers when Trump defended

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Speaker 1: the action of ice agents. This was a wide ranging speech.

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Speaker 2: Yeah, I mean, he had a crack at the Supreme

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Speaker 2: Court justices who knocked back his Liberation Day tariffs, saying

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Speaker 2: their decision was unfortunate. Now there were four judges there

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Speaker 2: are three of them actually went against Trump's tariffs, and

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Speaker 2: they just were very stony faced as he was talking

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Speaker 2: about them. He said the Supreme Court had only temporarily

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Speaker 2: derailed this policy, and his administration had created a new

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Speaker 2: tariff scheme that would not need congressional approval. In fact,

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Speaker 2: he wants tariffs to ultimately replace income taxes. Details still

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Speaker 2: to come on that one. Michael, the President issued a

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Speaker 2: warning to Iran over its nuclear weapons program ahead of

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Speaker 2: the two nations resuming talks and coming days. He said

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Speaker 2: the Russian Ukraine War wouldn't have happened if he were

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Speaker 2: president when it started. A crack at his predecessor, Joe Biden.

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Speaker 2: He had a crack at other Democrats like Barack Obama.

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Speaker 2: My favorite line though, can I give it to you?

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Speaker 1: Oh please? I don't know how you picked one, but

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Speaker 1: go for it.

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Speaker 2: Yeah, yeah, yeah, yeah. But this is Trump to a

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Speaker 2: team I quote. Our country is winning again. In fact,

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Speaker 2: we're winning so much that we really don't know what

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Speaker 2: to do about it. People are asking me, please, please please,

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Speaker 2: miss the president. We're winning too much. We can't take

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Speaker 2: it any more. Close quote.

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Speaker 1: Writing the State of the Union address would be one

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Speaker 1: of the great jobs for a speech writer. But then

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Speaker 1: you would get Donald Trump, who just spears off in

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Speaker 1: different directions and probably ignores most of the scripts. That

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Speaker 1: is wow, that is fantastic.

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Speaker 2: It was very notable. Yesterday he's stuck to the script

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Speaker 2: more than he often does, which was not asable. So

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Speaker 2: the Supreme Court judges right, he said, unfortunate. But he

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Speaker 2: didn't just blast away at them. Maybe he realizes he's

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Speaker 2: got to work with him for the rest of his term.

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Speaker 2: Maybe that's not a great option, but he watched it

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Speaker 2: was a little bit more disciplined yesterday, a little.

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Speaker 1: Bit more measured. Who knows direction we're heading in? Yeah?

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Speaker 1: Maybe Okay. Up next Sean Fear and Greed, Q and A.

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Speaker 1: Your guest today is Leslie Chong, the CEO of Immu Gene.

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Speaker 2: So Emu Gene is working on drugs and particularly one

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Speaker 2: drug to help people with cancer of the blood. And

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Speaker 2: we start the interview by saying, how do you keep

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Speaker 2: the faith? Because my word, it's a long road to

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Speaker 2: keep investing, researching and not really have a revenue line

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Speaker 2: for years and years and years. So we talk about

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Speaker 2: that about what Immugene's doing, about running a company when

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Speaker 2: that's kind of what you've been given. It's a really

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Speaker 2: interesting insight into running a small cap particularly in farmer.

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Speaker 1: Yeah, indeed it's coming up next in the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearandgreed dot

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Speaker 1: com dot au, which also we sign up for our

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Speaker 1: free daily newsletter. Thank you Sean, Thank you Michael. It's Thursday,

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Speaker 1: the twenty sixth of February twenty twenty six. Make sure

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Speaker 1: you're following the podcast and please join us online on

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Speaker 1: LinkedIn and Instagram. Are Michael Thompson. And that was Fear

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Speaker 1: and Greed. Have a great day, yeah,