1 00:00:03,840 --> 00:00:07,040 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,120 --> 00:00:09,559 Speaker 1: for Friday, the twenty fourth of May twenty twenty four. 3 00:00:09,920 --> 00:00:12,800 Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that 4 00:00:12,840 --> 00:00:15,200 Speaker 1: happened today that you need to know about. So let's 5 00:00:15,240 --> 00:00:17,919 Speaker 1: get going. Story number one. It's quite a sell off 6 00:00:18,040 --> 00:00:20,680 Speaker 1: today on the S and P ASX two hundred, with 7 00:00:20,760 --> 00:00:23,840 Speaker 1: the BOSS closing down eighty four points or one point 8 00:00:23,840 --> 00:00:27,680 Speaker 1: one percent, to seven hundred and twenty eight points. Every 9 00:00:27,720 --> 00:00:30,760 Speaker 1: sector lost ground today. For the week, the market was 10 00:00:30,800 --> 00:00:33,520 Speaker 1: down more than one percent. Retailers and the banks led 11 00:00:33,520 --> 00:00:36,479 Speaker 1: the way lower, with all big four banks dropping Comonwealth 12 00:00:36,560 --> 00:00:39,199 Speaker 1: Bank was off two percent. West Farmers were sold off 13 00:00:39,200 --> 00:00:41,400 Speaker 1: down three point eight percent. There wasn't much good news 14 00:00:41,440 --> 00:00:45,040 Speaker 1: anywhere really. The sector with the smallest decline today was 15 00:00:45,040 --> 00:00:47,920 Speaker 1: the energy companies. In fact, both Woodside and Santos closed 16 00:00:48,000 --> 00:00:51,560 Speaker 1: slightly higher. The selling today flowed from a very poor 17 00:00:51,640 --> 00:00:54,320 Speaker 1: lead in from Wall Street after readings on the US 18 00:00:54,360 --> 00:00:57,480 Speaker 1: manufacturing and service sector came in stronger than expected. That 19 00:00:57,600 --> 00:00:59,480 Speaker 1: caused the S and P five hundred and the tech 20 00:00:59,520 --> 00:01:02,320 Speaker 1: heavy NAZAR to finish lower. On the back of speculation 21 00:01:02,400 --> 00:01:06,559 Speaker 1: that interest rate cuts might be delayed. An exception, of course, 22 00:01:06,720 --> 00:01:10,160 Speaker 1: was chip maker and Nvidia. Its share price soared nine 23 00:01:10,319 --> 00:01:13,880 Speaker 1: percent to just under one thousand and thirty eight US 24 00:01:13,920 --> 00:01:16,880 Speaker 1: dollars a share following the release of very strong revenue 25 00:01:16,880 --> 00:01:20,040 Speaker 1: growth for the March quarter. In corporate news, shares in 26 00:01:20,080 --> 00:01:23,880 Speaker 1: an online labor hire company Appen jumped after management said 27 00:01:23,959 --> 00:01:27,760 Speaker 1: it expects to break even this financial year. Story number two. 28 00:01:27,800 --> 00:01:30,200 Speaker 1: Two years after he was elected, in less than one 29 00:01:30,319 --> 00:01:33,360 Speaker 1: year before the next poll, Prime Minister Anthony Alberanzi has 30 00:01:33,400 --> 00:01:36,000 Speaker 1: more or less kicked off his election campaign, using a 31 00:01:36,040 --> 00:01:39,840 Speaker 1: speech today to call opposition leader Peter Dutton a carbon 32 00:01:39,880 --> 00:01:43,240 Speaker 1: copy of Scott Morrison. He said it is quote too 33 00:01:43,319 --> 00:01:46,760 Speaker 1: important to go back to fear and division and said 34 00:01:46,760 --> 00:01:49,640 Speaker 1: the nation faces challenges that are too urgent for a 35 00:01:49,680 --> 00:01:54,480 Speaker 1: retreat to denial and delay. Mister Albanesi sharpened the government 36 00:01:54,600 --> 00:01:58,240 Speaker 1: shift from identity politics to a broad based election pitch 37 00:01:58,280 --> 00:02:01,800 Speaker 1: around tax cuts, energy d bill relief, higher wages and 38 00:02:01,840 --> 00:02:05,360 Speaker 1: stronger medicare. According to The Australian, the pivot comes amid 39 00:02:05,360 --> 00:02:08,400 Speaker 1: polling and focus groups showing that voters in outer suburban 40 00:02:08,480 --> 00:02:11,440 Speaker 1: areas are becoming disillusioned with the government as cost of 41 00:02:11,480 --> 00:02:14,720 Speaker 1: living pressures mount on to story number three now, and 42 00:02:14,760 --> 00:02:18,640 Speaker 1: one of Anglo American's biggest investors has welcomed the prospect 43 00:02:18,720 --> 00:02:22,560 Speaker 1: of BHP securing a deal with Anglo's board, saying the 44 00:02:22,600 --> 00:02:25,000 Speaker 1: suitor just needs to put something more on the table. 45 00:02:25,360 --> 00:02:28,840 Speaker 1: David Hile, a portfolio manager at ninety one at two 46 00:02:28,960 --> 00:02:31,400 Speaker 1: hundred and forty billion dollar asset manager with a two 47 00:02:31,400 --> 00:02:35,320 Speaker 1: percent stake in Anglo, making it the seventh largest shareholder, 48 00:02:35,639 --> 00:02:38,600 Speaker 1: says an agreed deal would be a good outcome. According 49 00:02:38,639 --> 00:02:42,160 Speaker 1: to the Financial Review, BHP is now onto its third offer, 50 00:02:42,320 --> 00:02:46,080 Speaker 1: worth seventy three point nine billion dollars and has less 51 00:02:46,120 --> 00:02:49,680 Speaker 1: than a week to convince Anglo's board and management of 52 00:02:49,720 --> 00:02:52,920 Speaker 1: its deal. But mister Hyle said the suitor would have 53 00:02:53,000 --> 00:02:56,120 Speaker 1: to come back with something to soothe the Anglo shareholder's 54 00:02:56,200 --> 00:02:59,960 Speaker 1: anxiety about the risk in the bid structure. Mister Hile 55 00:03:00,120 --> 00:03:03,240 Speaker 1: said the risk came because BHP was essentially proposing a 56 00:03:03,360 --> 00:03:06,880 Speaker 1: series of transactions spinning off both the South African iron 57 00:03:06,880 --> 00:03:10,200 Speaker 1: ore and platinum assets while merging the rest with BHP, 58 00:03:10,600 --> 00:03:14,359 Speaker 1: which made the deal quote three times as difficult as 59 00:03:14,400 --> 00:03:19,000 Speaker 1: a normal merger. Story number four, the US Securities and 60 00:03:19,080 --> 00:03:22,640 Speaker 1: Exchange Commission has paved the way for trading in exchange 61 00:03:22,720 --> 00:03:27,280 Speaker 1: traded funds that invest directly in the cryptocurrency Ether, putting 62 00:03:27,320 --> 00:03:31,320 Speaker 1: the digital asset industry on the cusp of a significant milestone. 63 00:03:31,400 --> 00:03:34,360 Speaker 1: The SEC signed off on a proposal by venues run 64 00:03:34,440 --> 00:03:37,680 Speaker 1: by Cebo Global Markets, NASDAQ, and the New York Stock 65 00:03:37,720 --> 00:03:42,000 Speaker 1: Exchange to list products tied to the world's second biggest cryptocurrency. 66 00:03:42,320 --> 00:03:45,440 Speaker 1: The move, which had seemed unlikely as recently as last week, 67 00:03:45,680 --> 00:03:49,120 Speaker 1: removes a key hurdle for spot ether EASF trading in 68 00:03:49,160 --> 00:03:52,200 Speaker 1: the US. Issuers now need a separate sign off from 69 00:03:52,240 --> 00:03:56,040 Speaker 1: the regulator. According to Reuter's, investment companies including van Neck, 70 00:03:56,240 --> 00:03:59,960 Speaker 1: black Rock, and Fidelity Investments are all vying for crucial 71 00:04:00,200 --> 00:04:03,200 Speaker 1: first mover advantage in the race to launch a spot 72 00:04:03,240 --> 00:04:06,480 Speaker 1: Ether ETF. Their interest has of course, been peaked by 73 00:04:06,520 --> 00:04:10,600 Speaker 1: billions of dollars flowing into new bitcoin ETF since January, 74 00:04:10,760 --> 00:04:13,760 Speaker 1: when the SEC signed off on trading in those products. 75 00:04:13,920 --> 00:04:17,159 Speaker 1: Ethers price has surged in recent weeks as rumors of 76 00:04:17,160 --> 00:04:21,440 Speaker 1: an SEC ruling spread, and finally, story number five, hundreds 77 00:04:21,440 --> 00:04:25,320 Speaker 1: of students walked out of Harvard University's commencement ceremony overnight 78 00:04:25,680 --> 00:04:29,320 Speaker 1: in protest at the governing board's decision to withhold degrees 79 00:04:29,360 --> 00:04:34,159 Speaker 1: for those who participated in a pro Palestinian encampment on campus. 80 00:04:34,520 --> 00:04:38,520 Speaker 1: Students in graduation robes chanted free, Free Palestine as they 81 00:04:38,560 --> 00:04:41,359 Speaker 1: walked out, and others shouted let them walk, let them walk, 82 00:04:41,720 --> 00:04:44,920 Speaker 1: referring to allowing the thirteen barred students to get their 83 00:04:44,920 --> 00:04:48,200 Speaker 1: diplomas along with fellow graduates. It occurred on a day 84 00:04:48,240 --> 00:04:51,000 Speaker 1: when more than nine thousand graduates and their families were 85 00:04:51,000 --> 00:04:54,920 Speaker 1: gathered in Harvard Yard for celebration and reflection. That's it 86 00:04:54,960 --> 00:04:57,760 Speaker 1: for the afternoon report for Friday, the twenty fourth of 87 00:04:57,920 --> 00:05:00,760 Speaker 1: May twenty twenty four. We'll be back tomorrow morning with 88 00:05:00,800 --> 00:05:03,960 Speaker 1: the weekend edition of Beer and Greed. I'm Michael Thompson. 89 00:05:04,240 --> 00:05:04,880 Speaker 1: Enjoy your evening.