1 00:00:06,120 --> 00:00:09,360 Michael Thompson: Today on Fear and Greed. Prime Minister Anthony Albanese says 2 00:00:09,360 --> 00:00:12,600 Michael Thompson: he wants to immediately cut student debts by twenty percent 3 00:00:12,880 --> 00:00:15,160 Michael Thompson: as he spent his first full day back at work 4 00:00:15,240 --> 00:00:18,720 Michael Thompson: speaking to global leaders, briefing the media, and discussing the 5 00:00:18,920 --> 00:00:23,120 Michael Thompson: ministry with labor leaders. Westpac reports a slightly disappointing three 6 00:00:23,120 --> 00:00:26,200 Michael Thompson: point three billion dollar half year profit and gets set 7 00:00:26,239 --> 00:00:30,159 Michael Thompson: for lower petrol prices as oil production surges. Plus, a 8 00:00:30,280 --> 00:00:33,640 Michael Thompson: three point seven billion dollar gold takeover gets the go ahead, 9 00:00:34,159 --> 00:00:38,440 Michael Thompson: and Donald Trump wants to impose one hundred percent tariffs 10 00:00:38,440 --> 00:00:42,000 Michael Thompson: on offshore films, including those from Australia. Welcome to Fear 11 00:00:42,040 --> 00:00:44,360 Michael Thompson: and Greed daily business news for people who make their 12 00:00:44,360 --> 00:00:47,600 Michael Thompson: own decisions. It is Tuesday, the sixth of May twenty 13 00:00:47,640 --> 00:00:51,040 Michael Thompson: twenty five. I'm Michael Thompson and good morning Sean Ailmer. 14 00:00:51,159 --> 00:00:52,560 Sean Aylmer: Good morning Michael. 15 00:00:52,320 --> 00:00:54,600 Michael Thompson: And a why sound of surprise by the day today 16 00:00:55,920 --> 00:01:00,200 Michael Thompson: naturally follows Monday, Sean quick mention of the newsletter and 17 00:01:00,240 --> 00:01:04,280 Michael Thompson: Greed Daily Newsletter A cracker of an addition coming out 18 00:01:04,319 --> 00:01:04,679 Michael Thompson: this morning. 19 00:01:04,720 --> 00:01:07,400 Sean Aylmer: Crack it. So much went on in the last twenty 20 00:01:07,640 --> 00:01:11,600 Sean Aylmer: four hours. As we can tell from your introduction. I 21 00:01:11,640 --> 00:01:13,640 Sean Aylmer: have a bit of a take more my take on Westpac. 22 00:01:13,640 --> 00:01:16,479 Sean Aylmer: I've followed Banks now for more than twenty years as 23 00:01:16,520 --> 00:01:18,640 Sean Aylmer: a reporter, so that's kind of one secret I do 24 00:01:18,800 --> 00:01:20,600 Sean Aylmer: know pretty well. It's good newsletter. 25 00:01:20,680 --> 00:01:23,959 Michael Thompson: Yeah, the newsletter is entirely free, so sign up at 26 00:01:24,000 --> 00:01:25,840 Michael Thompson: Fear and Greed dot com dot au or I'll put 27 00:01:25,840 --> 00:01:27,600 Michael Thompson: a link in today's show notes just so it's really 28 00:01:27,640 --> 00:01:30,160 Michael Thompson: really easy to find it and you'll get it every morning, 29 00:01:30,200 --> 00:01:33,600 Michael Thompson: every weekday morning by six am. On with the Show, though, Sean. 30 00:01:34,120 --> 00:01:38,319 Michael Thompson: Prime Minister Anthony Abernezi returned to work yesterday, having given 31 00:01:38,400 --> 00:01:42,840 Michael Thompson: himself Sunday off. Probably deserved it after remember a couple. 32 00:01:42,680 --> 00:01:44,200 Sean Aylmer: Of weeks ago they said what will you be doing 33 00:01:44,200 --> 00:01:47,319 Sean Aylmer: the day after the election? And he said, may the 34 00:01:47,360 --> 00:01:49,920 Sean Aylmer: fourth be with you being a star wars nerd And 35 00:01:49,960 --> 00:01:51,760 Sean Aylmer: he said, I'll be taking the day off no matter what. 36 00:01:52,040 --> 00:01:53,960 Michael Thompson: Well, didn't he say that he was going to work 37 00:01:54,000 --> 00:01:56,680 Michael Thompson: in his acceptance speech on the night. Didn't he say 38 00:01:56,720 --> 00:01:58,120 Michael Thompson: I'll be going back to work tomorrow? 39 00:01:58,280 --> 00:02:02,160 Sean Aylmer: And then didn't oh the fourth of Well probably not. 40 00:02:02,960 --> 00:02:06,880 Michael Thompson: The day started, though, Sean with a conversation with US 41 00:02:07,000 --> 00:02:09,040 Michael Thompson: President Donald Trump. You may as well kind of tick 42 00:02:09,080 --> 00:02:10,799 Michael Thompson: the big ones off the list straight away. 43 00:02:10,600 --> 00:02:13,919 Sean Aylmer: Right absolutely. Anthony Alberzi described the chat as warm and positive, 44 00:02:13,919 --> 00:02:16,400 Sean Aylmer: and Donald Trump, when asked by a reporter, said mister 45 00:02:16,440 --> 00:02:19,639 Sean Aylmer: Albanezi had been very very nice to me, very respectful. 46 00:02:20,240 --> 00:02:23,440 Sean Aylmer: The Prime Minister said that two discussed orcus and tariffs, 47 00:02:23,440 --> 00:02:25,480 Sean Aylmer: and he hopes to engage with the President face to 48 00:02:25,520 --> 00:02:28,359 Sean Aylmer: face sometime in the future. He also said Canadian Prime 49 00:02:28,400 --> 00:02:30,800 Sean Aylmer: Minister Mark Carney had invited him to join the G 50 00:02:30,919 --> 00:02:35,040 Sean Aylmer: seven meeting in June, which Albo accepted. He spoke to 51 00:02:35,080 --> 00:02:39,640 Sean Aylmer: the leaders of Papua New Guinea, Indonesia, Ukraine and the UK. 52 00:02:39,880 --> 00:02:42,320 Sean Aylmer: The heads of Thailand and India are lined up for 53 00:02:42,360 --> 00:02:45,400 Sean Aylmer: a call today. What's interesting is the ones that he 54 00:02:45,480 --> 00:02:49,360 Sean Aylmer: spoke to first. So Donald Trump, I get PNNG Indonesia 55 00:02:49,400 --> 00:02:54,440 Sean Aylmer: were two closest neighbors Ukraine Vladimir Zelenski. I wouldn't have 56 00:02:54,480 --> 00:02:57,520 Sean Aylmer: thought that was necessarily gained without high on the list 57 00:02:57,560 --> 00:03:01,919 Sean Aylmer: and keystarmer from the UK. One of his first items 58 00:03:02,200 --> 00:03:04,600 Sean Aylmer: when he got back to work yesterday is to tell 59 00:03:04,639 --> 00:03:08,440 Sean Aylmer: everyone he will soon cut student debt by twenty percent, 60 00:03:08,520 --> 00:03:13,120 Sean Aylmer: has promised during the campaign. The leadership team met yesterday afternoon. 61 00:03:13,160 --> 00:03:15,600 Sean Aylmer: They're sitting out of timeline to announce a new ministry. 62 00:03:15,600 --> 00:03:19,120 Sean Aylmer: That won't happen until the count is finalized, but media 63 00:03:19,160 --> 00:03:23,000 Sean Aylmer: is reporting that Rebecca White, a former Tasmanian Opposition leader 64 00:03:23,000 --> 00:03:25,680 Sean Aylmer: who actually lost a couple of state elections herself but 65 00:03:25,880 --> 00:03:28,440 Sean Aylmer: one the seat of Lines on Saturday, could be elevated 66 00:03:28,480 --> 00:03:31,160 Sean Aylmer: to the front bench. There probably won't be a huge 67 00:03:31,280 --> 00:03:33,560 Sean Aylmer: amount of changes to the ministry because they're all kind 68 00:03:33,600 --> 00:03:34,880 Sean Aylmer: of up and running at this point. 69 00:03:35,200 --> 00:03:37,560 Michael Thompson: How about the coalition and the minor parties, There is 70 00:03:37,600 --> 00:03:41,320 Michael Thompson: already an internal fight about who will replace Peter Dutton. 71 00:03:41,480 --> 00:03:44,640 Sean Aylmer: Yes a leading candidate is Angus Taylor, the Shadow Treasurer, 72 00:03:44,680 --> 00:03:48,080 Sean Aylmer: although yesterday Liberal Senator Holly Hughes said he was incapable 73 00:03:48,120 --> 00:03:51,160 Sean Aylmer: of leadership and he failed to sell an economic narrative 74 00:03:51,240 --> 00:03:54,600 Sean Aylmer: for the party. The other two main candidates at this 75 00:03:54,640 --> 00:03:59,280 Sean Aylmer: stage as Susan Lay and Dan Tien and aside. When 76 00:03:59,320 --> 00:04:02,640 Sean Aylmer: Donald Trump was asked yesterday by the Australian media about 77 00:04:02,680 --> 00:04:06,040 Sean Aylmer: the election, well you pointed this out to me, he 78 00:04:06,080 --> 00:04:07,960 Sean Aylmer: said he had no idea who the other person was 79 00:04:07,960 --> 00:04:10,080 Sean Aylmer: in the campaign, but he liked Alban Easy. 80 00:04:10,400 --> 00:04:13,640 Michael Thompson: It was very diplomatic by the US president where he 81 00:04:13,720 --> 00:04:16,320 Michael Thompson: was talking about yes the Prime Minister as a friend 82 00:04:16,360 --> 00:04:20,000 Michael Thompson: of mine and he is very respectful, very nice. We 83 00:04:20,080 --> 00:04:23,359 Michael Thompson: get on well up until the point then that he 84 00:04:23,400 --> 00:04:25,679 Michael Thompson: suddenly said, I don't know who was running against who 85 00:04:25,760 --> 00:04:27,960 Michael Thompson: was running against? Yeah, and all of a sudden the 86 00:04:28,000 --> 00:04:29,760 Michael Thompson: diplomacy kind of went out the window. 87 00:04:29,720 --> 00:04:30,320 Sean Aylmer: Quite at the whack. 88 00:04:30,480 --> 00:04:30,800 Michael Thompson: Yeah. 89 00:04:30,880 --> 00:04:33,880 Sean Aylmer: Anyway, Australia's richest person, Jenna Reinhart, suggests that the coalition 90 00:04:33,880 --> 00:04:37,000 Sean Aylmer: should actually push further into Trump politics. I don't think 91 00:04:37,000 --> 00:04:39,440 Sean Aylmer: we're going to see that. Green's leader Adam Bandt, said 92 00:04:39,480 --> 00:04:42,120 Sean Aylmer: he intends to continue as leader of the party, even 93 00:04:42,160 --> 00:04:44,599 Sean Aylmer: though he's seat of Melbourne at the moment is too 94 00:04:44,640 --> 00:04:49,360 Sean Aylmer: close to call. The latest counting ALP eighty seven seats. 95 00:04:49,720 --> 00:04:53,440 Sean Aylmer: The coalition now back to thirty nine seats, Independence with 96 00:04:53,520 --> 00:04:56,800 Sean Aylmer: eight Greens with one two others plus thirteen seats too 97 00:04:56,839 --> 00:04:57,400 Sean Aylmer: close to call. 98 00:04:57,560 --> 00:05:02,160 Michael Thompson: Wow, okay, moving away from now Sean. Westpac has reported 99 00:05:02,200 --> 00:05:04,880 Michael Thompson: a slightly disappointing half year profit of three point three 100 00:05:04,920 --> 00:05:08,120 Michael Thompson: billion dollars. It's slightly lower than a year ago, with 101 00:05:08,240 --> 00:05:11,440 Michael Thompson: strong business lending offsetting a disappointing result on the home 102 00:05:11,560 --> 00:05:12,279 Michael Thompson: landing market. 103 00:05:12,440 --> 00:05:15,120 Sean Aylmer: In the home landing market growth was five percent, slightly 104 00:05:15,120 --> 00:05:17,480 Sean Aylmer: below the market, while business loans jumped in impress of 105 00:05:17,600 --> 00:05:20,400 Sean Aylmer: fourteen percent. Some of the key metrics that and let's 106 00:05:20,440 --> 00:05:24,040 Sean Aylmer: focus on the net interest margin effectively, its profit margin 107 00:05:24,120 --> 00:05:27,920 Sean Aylmer: was down slightly. Operating expenses were up six percent. Now 108 00:05:27,920 --> 00:05:31,000 Sean Aylmer: Westpac is bringing together a bunch of legacy tech systems. 109 00:05:31,080 --> 00:05:33,760 Sean Aylmer: It's needed given it is the amalgamation of a number 110 00:05:33,760 --> 00:05:36,600 Sean Aylmer: of banks over decades never really brought the systems together. 111 00:05:36,960 --> 00:05:39,960 Sean Aylmer: It costs money. That's going to be a big budget 112 00:05:39,960 --> 00:05:43,200 Sean Aylmer: item going forward. The good news, well, I think one 113 00:05:43,400 --> 00:05:45,599 Sean Aylmer: piece of good news out of yesterday's result is that 114 00:05:45,680 --> 00:05:50,120 Sean Aylmer: fewer customers are struggling to make loan repayments. On the economy, 115 00:05:50,279 --> 00:05:53,599 Sean Aylmer: chief executive Anthony Miller says he backs his economics team, 116 00:05:53,640 --> 00:05:56,159 Sean Aylmer: which is forecasting a rate cut on twenty May. He 117 00:05:56,200 --> 00:05:58,320 Sean Aylmer: also said the weekend's election result was a good thing 118 00:05:58,360 --> 00:06:02,159 Sean Aylmer: for the economy because it creates certainty, making Australia a 119 00:06:02,200 --> 00:06:06,120 Sean Aylmer: good place to invest. Westpec's share price, though fell three 120 00:06:06,160 --> 00:06:07,040 Sean Aylmer: percent yesterday. 121 00:06:07,279 --> 00:06:10,520 Michael Thompson: A lot of that commentary from Anthony Miller you can 122 00:06:10,560 --> 00:06:12,240 Michael Thompson: actually find in today's interview. 123 00:06:12,279 --> 00:06:12,599 Sean Aylmer: Sean. 124 00:06:12,640 --> 00:06:15,400 Michael Thompson: You were speaking with the Westpac CEO himself. 125 00:06:15,640 --> 00:06:18,240 Sean Aylmer: We talked to him about the result, the good and 126 00:06:18,279 --> 00:06:20,400 Sean Aylmer: the bad but then we go on to what it's 127 00:06:20,520 --> 00:06:24,080 Sean Aylmer: like being a CEO of a big bank, like how 128 00:06:24,080 --> 00:06:26,720 Sean Aylmer: he spends his day. In fact, he knew that he'd 129 00:06:26,760 --> 00:06:28,559 Sean Aylmer: been in the job one hundred and forty one days. 130 00:06:28,560 --> 00:06:30,960 Sean Aylmer: He said he's had one day off. Only he tells 131 00:06:31,040 --> 00:06:32,920 Sean Aylmer: us what he's been doing, what he's been focusing on. 132 00:06:33,000 --> 00:06:35,920 Sean Aylmer: We talk about Donald Trump, aout, Anthony Alberanezy, all sorts 133 00:06:35,960 --> 00:06:36,280 Sean Aylmer: of things. 134 00:06:36,360 --> 00:06:39,520 Michael Thompson: It was great. There was nothing off limits in our conversation, 135 00:06:39,640 --> 00:06:42,279 Michael Thompson: which is fantastic to see a business leader so open 136 00:06:42,360 --> 00:06:45,360 Michael Thompson: and willing to discuss all aspects. It's a great conversation. 137 00:06:45,440 --> 00:06:47,200 Michael Thompson: It is coming up after the show, so stick around 138 00:06:47,200 --> 00:06:50,320 Michael Thompson: for that one. Gold Road Resources Sean has agreed to 139 00:06:50,360 --> 00:06:53,440 Michael Thompson: a sweetened three point seven billion dollar bid from a 140 00:06:53,480 --> 00:06:58,000 Michael Thompson: South African group, ending a public spat between the two companies. 141 00:06:58,279 --> 00:07:02,480 Sean Aylmer: So gold Feels pay forty three percent premium to gold 142 00:07:02,560 --> 00:07:06,839 Sean Aylmer: Roads share price. That's sorry, that's a premium before the 143 00:07:06,880 --> 00:07:10,360 Sean Aylmer: initial bid was made. The agreement. Agreement will see gold 144 00:07:10,480 --> 00:07:14,320 Sean Aylmer: Fields take full ownership of the lucrative gray Year gold 145 00:07:14,360 --> 00:07:17,280 Sean Aylmer: mine in Western Australia, which has produced more than one 146 00:07:17,320 --> 00:07:19,720 Sean Aylmer: point five million ounces of gold since it began in 147 00:07:19,800 --> 00:07:22,119 Sean Aylmer: mid twenty nineteen. At the moment, Gray Year is actually 148 00:07:22,120 --> 00:07:25,160 Sean Aylmer: a joint venture between the two companies, gold Fields and 149 00:07:25,160 --> 00:07:28,880 Sean Aylmer: gold Road, and the cause of bickering between the two. 150 00:07:28,920 --> 00:07:33,360 Sean Aylmer: Basically the buyout has been or the deal's been complicated 151 00:07:33,600 --> 00:07:36,800 Sean Aylmer: by the AUSI Group gold Roads seventeen point three percent 152 00:07:36,880 --> 00:07:40,560 Sean Aylmer: stake into Gray Mining. Now the Gray Mining itself is 153 00:07:40,600 --> 00:07:43,120 Sean Aylmer: the target of a six billion dollar takeover by a 154 00:07:43,200 --> 00:07:49,040 Sean Aylmer: Northern Star, Australia's biggest goal miner. Confused yet, Yeah, yeah, anyway, 155 00:07:49,400 --> 00:07:52,480 Sean Aylmer: bottom line here, gold Road a SX listed group. The 156 00:07:52,480 --> 00:07:55,720 Sean Aylmer: board yesday recommended the bid from gold Fields, the South 157 00:07:55,720 --> 00:07:59,720 Sean Aylmer: Australian the South African group, and a vote of shareholders 158 00:07:59,760 --> 00:08:03,320 Sean Aylmer: will be held in September. Gold Roads share price jump 159 00:08:03,360 --> 00:08:04,239 Sean Aylmer: ten percent yesterday. 160 00:08:04,360 --> 00:08:06,120 Michael Thompson: You know, I will be glad when that story is 161 00:08:06,160 --> 00:08:06,720 Michael Thompson: behind us. 162 00:08:08,080 --> 00:08:10,040 Sean Aylmer: I keep forgetting his road, his fields. 163 00:08:10,520 --> 00:08:13,080 Michael Thompson: Yeah, just focus on the gold Sean. We're going to 164 00:08:13,120 --> 00:08:15,720 Michael Thompson: take a quick break, but before we do, we need 165 00:08:15,760 --> 00:08:19,440 Michael Thompson: to give a shout out. You and our colleague Adam 166 00:08:19,520 --> 00:08:23,920 Michael Thompson: Lange are doing the Ride for Country Kids, which is 167 00:08:24,120 --> 00:08:27,080 Michael Thompson: a charity ride put on by Royal Farmway. Very long 168 00:08:27,400 --> 00:08:33,080 Michael Thompson: charity run three hundred and eighty kilometers throughout much of 169 00:08:33,160 --> 00:08:37,040 Michael Thompson: western New South Wales and Sean. We've been putting a 170 00:08:37,080 --> 00:08:41,199 Michael Thompson: call out for supporters, for people to come and donate 171 00:08:41,320 --> 00:08:45,559 Michael Thompson: a few dollars, and we've been amazed at the support 172 00:08:45,559 --> 00:08:48,280 Michael Thompson: that has come. In a special shout out to our 173 00:08:48,320 --> 00:08:53,000 Michael Thompson: friends at Jardin Australia because yesterday we received a two 174 00:08:53,120 --> 00:08:56,720 Michael Thompson: thousand dollars donation from the team at Jardin Australia, which 175 00:08:56,760 --> 00:08:59,600 Michael Thompson: is extraordinarily generous and so it is very very much 176 00:08:59,600 --> 00:09:02,880 Michael Thompson: appreciate it, and we are we are making progress on 177 00:09:02,920 --> 00:09:05,280 Michael Thompson: the target. We're trying to raise thirty thousand dollars. 178 00:09:05,120 --> 00:09:07,480 Sean Aylmer: Here what I mean, And thank you jardon so much 179 00:09:08,160 --> 00:09:11,840 Sean Aylmer: as impressive, just people who none of us know personally, 180 00:09:12,640 --> 00:09:15,439 Sean Aylmer: who are just giving twenty or thirty bucks, yep, because 181 00:09:15,440 --> 00:09:17,840 Sean Aylmer: I think, good on you. It's a good cause and 182 00:09:18,120 --> 00:09:22,200 Sean Aylmer: so jumping on the website and donating and I really 183 00:09:22,400 --> 00:09:25,120 Sean Aylmer: really appreciate it. That really touches me and it will do that. 184 00:09:25,160 --> 00:09:26,840 Michael Thompson: And it's amazing how quickly they add up. 185 00:09:27,000 --> 00:09:28,000 Sean Aylmer: Yeah, that's exactly. 186 00:09:28,000 --> 00:09:30,560 Michael Thompson: These donations just add up and add up and add up, 187 00:09:30,600 --> 00:09:32,199 Michael Thompson: and then all of a sudden we are there. So 188 00:09:32,240 --> 00:09:34,200 Michael Thompson: thank you very much to Jardin and thank you to 189 00:09:34,320 --> 00:09:37,200 Michael Thompson: everyone who has contributed and I'll put a link in 190 00:09:37,280 --> 00:09:39,200 Michael Thompson: that for that as well in the show notes too, 191 00:09:39,280 --> 00:09:41,560 Michael Thompson: if you might be able to help out as well. Sean, 192 00:09:41,679 --> 00:09:43,200 Michael Thompson: we will take a quick break. We'll be back in 193 00:09:43,200 --> 00:09:53,199 Michael Thompson: a moment with the rest of the day's business news. Sean. 194 00:09:53,280 --> 00:09:56,640 Michael Thompson: Endeavor groups pubs and clubs are doing well as patrons 195 00:09:56,679 --> 00:09:59,040 Michael Thompson: pile in to watch the footy and celebrate Easter and 196 00:09:59,120 --> 00:10:03,160 Michael Thompson: Anzac Day, but bottle shops, including Dan Murphy's and BWS, 197 00:10:03,480 --> 00:10:04,880 Michael Thompson: are having a harder time of it. 198 00:10:04,960 --> 00:10:07,680 Sean Aylmer: They are Endeavors March quarter sales struggle, and the group 199 00:10:07,720 --> 00:10:11,080 Sean Aylmer: has forecast flat to modest retail sales growth for its 200 00:10:11,120 --> 00:10:13,599 Sean Aylmer: bottle shops and the remainder of this fiscal year. The 201 00:10:13,640 --> 00:10:17,439 Sean Aylmer: bottom line for Endeavor, consumers are just finding things tough Endeavors. 202 00:10:17,440 --> 00:10:20,560 Sean Aylmer: Increased promotional and discounting might be good for customers, not 203 00:10:20,720 --> 00:10:23,600 Sean Aylmer: so much for shareholders who don't like the lower margins. 204 00:10:23,800 --> 00:10:26,480 Sean Aylmer: Dan Murphy's in BWS reported a three point one percent 205 00:10:26,640 --> 00:10:29,640 Sean Aylmer: slide in third quarter sales. It's three hundred and fifty 206 00:10:29,640 --> 00:10:32,120 Sean Aylmer: four Pubs and Clubs division revenue there was up more 207 00:10:32,160 --> 00:10:34,600 Sean Aylmer: than five percent its share price, and Deva's share price 208 00:10:34,600 --> 00:10:36,040 Sean Aylmer: fell about half a percent yesterday. 209 00:10:36,120 --> 00:10:38,680 Michael Thompson: Now, after a run of strong performances, the local share 210 00:10:38,720 --> 00:10:41,640 Michael Thompson: market overall sold off yesterday, ending down nearly one percent. 211 00:10:41,800 --> 00:10:44,800 Sean Aylmer: Started lah and just kept falling, finishing at eighty one 212 00:10:44,880 --> 00:10:48,199 Sean Aylmer: hundred and fifty eight points. Energy stocks led the market lower. 213 00:10:48,240 --> 00:10:51,080 Sean Aylmer: More on that shortly. Financials and telcos also did poorly. 214 00:10:51,440 --> 00:10:53,040 Sean Aylmer: The banks didn't do very well in the back of 215 00:10:53,040 --> 00:10:55,600 Sean Aylmer: that Westpac result, National Australia Back and Commwealth Bank were 216 00:10:55,600 --> 00:10:58,760 Sean Aylmer: both down two percent. Goodmin Group Mcquarie, four to SEW 217 00:10:58,800 --> 00:11:02,280 Sean Aylmer: Medals were all sold off. Best large caps Csell and Transurban. 218 00:11:02,720 --> 00:11:06,240 Michael Thompson: The price of oil fell below sixty US dollars a 219 00:11:06,240 --> 00:11:08,640 Michael Thompson: barrel for the first time in more it is cause 220 00:11:08,679 --> 00:11:11,600 Michael Thompson: for celebration. This is the first time in more than 221 00:11:11,640 --> 00:11:15,160 Michael Thompson: four years. OPEC plus countries agreed to lift production and 222 00:11:15,480 --> 00:11:17,200 Michael Thompson: we're just hanging out now for that to flow through 223 00:11:17,200 --> 00:11:17,720 Michael Thompson: to the bowser. 224 00:11:17,800 --> 00:11:19,360 Sean Aylmer: Yeah, they reckon. It takes ten to three weeks to 225 00:11:19,360 --> 00:11:21,280 Sean Aylmer: get through to the bowser. And petrol prices aren't too 226 00:11:21,320 --> 00:11:25,040 Sean Aylmer: bad at the moment. We should be talking dollar thirty forty. 227 00:11:25,559 --> 00:11:27,600 Michael Thompson: Imagine that I'm going to drive everywhere. 228 00:11:27,640 --> 00:11:30,840 Sean Aylmer: Absolutely. There are concerns about a glut of oil and 229 00:11:30,880 --> 00:11:35,199 Sean Aylmer: by November there are four casts of production of two 230 00:11:35,280 --> 00:11:39,000 Sean Aylmer: point two billion barrels a day, which is really hard 231 00:11:39,000 --> 00:11:42,200 Sean Aylmer: to get your head around. Now, oil is all important 232 00:11:42,360 --> 00:11:45,720 Sean Aylmer: because it is still the largest and energy source in 233 00:11:45,760 --> 00:11:48,640 Sean Aylmer: the world. In fact, about one third of primary energy 234 00:11:48,760 --> 00:11:52,800 Sean Aylmer: comes from crude. Lower oil prices feeds through to our 235 00:11:52,840 --> 00:11:56,760 Sean Aylmer: everyday living costs. There's petrol, but like the cost of deliveries, 236 00:11:57,960 --> 00:12:00,840 Sean Aylmer: all takes energy, all takes oil, play travel costs. That 237 00:12:00,920 --> 00:12:03,839 Sean Aylmer: type of thing. Lower prices doesn't do a lot for 238 00:12:03,880 --> 00:12:09,199 Sean Aylmer: renewable energies though, because lower oil prices, because renewables become 239 00:12:09,280 --> 00:12:12,720 Sean Aylmer: relatively more expensive, it does affect a bunch of local stocks. 240 00:12:12,720 --> 00:12:14,760 Sean Aylmer: So quantas a share price, for example, jump more than 241 00:12:14,760 --> 00:12:18,600 Sean Aylmer: two percent yesterday, Woodside and Santosi or Guys tumbled more 242 00:12:18,640 --> 00:12:20,320 Sean Aylmer: than three percent just quickly. 243 00:12:20,320 --> 00:12:21,800 Michael Thompson: What about the rest of global markets? 244 00:12:22,040 --> 00:12:25,120 Sean Aylmer: Goals around twenty now Also that again goals around thirty 245 00:12:25,160 --> 00:12:27,000 Sean Aylmer: two to thirty US dollars an hour. Sign all is 246 00:12:27,000 --> 00:12:29,800 Sean Aylmer: about ninety eight US a ton, bitcoins fetching ninety five 247 00:12:29,840 --> 00:12:33,120 Sean Aylmer: thousand dollars a YEARNIT and the Aussie dollar is up 248 00:12:33,160 --> 00:12:36,760 Sean Aylmer: to just under sixty five US cents. In fact, hasn't 249 00:12:36,760 --> 00:12:39,680 Sean Aylmer: been this high for six months. And a few forecasters 250 00:12:39,720 --> 00:12:42,360 Sean Aylmer: around the place for expecting it to rise towards seventy 251 00:12:42,559 --> 00:12:45,400 Sean Aylmer: US cents on the back of a week US dollar. NAB, 252 00:12:45,440 --> 00:12:50,040 Sean Aylmer: for example, has called an end to US exceptionalism. What 253 00:12:50,080 --> 00:12:52,520 Sean Aylmer: that means is that investors will look outside in North 254 00:12:52,520 --> 00:12:55,160 Sean Aylmer: America to allocate resources. So, yes, so we had a 255 00:12:55,240 --> 00:12:58,120 Sean Aylmer: story about magnificent seven tech stocks not investing in those 256 00:12:59,400 --> 00:13:01,800 Sean Aylmer: and so when you have an end to that, there's 257 00:13:01,800 --> 00:13:03,679 Sean Aylmer: not as much demand for US dollar and that should 258 00:13:03,720 --> 00:13:05,400 Sean Aylmer: help the Aussie dollar against the Green bank. 259 00:13:05,920 --> 00:13:08,360 Michael Thompson: We are running out of time, Sean, but a quick 260 00:13:08,400 --> 00:13:10,400 Michael Thompson: mention of this story because it's got some great lines 261 00:13:10,400 --> 00:13:15,240 Michael Thompson: in it. Health technology startup Eucalyptus plans to stop selling 262 00:13:15,240 --> 00:13:18,960 Michael Thompson: fertility and skincare products in stalls, including Woolies and price Line, 263 00:13:19,120 --> 00:13:22,360 Michael Thompson: to concentrate its efforts on more profitable weight loss drugs online. 264 00:13:22,440 --> 00:13:24,880 Sean Aylmer: You just like it because the chief executive Tim at Doyle, 265 00:13:24,920 --> 00:13:28,560 Sean Aylmer: in a fairly frank assessment, admitted his company's fertility brand, 266 00:13:28,720 --> 00:13:31,720 Sean Aylmer: Kin kind of sucked, was what he said. 267 00:13:31,760 --> 00:13:33,640 Michael Thompson: Can you imagine if you've been one of the people 268 00:13:33,679 --> 00:13:35,559 Michael Thompson: working on Kin when you listened to. 269 00:13:35,480 --> 00:13:40,240 Sean Aylmer: The boss, Hey, yeah, yeah. The skincare business software barely 270 00:13:40,280 --> 00:13:42,800 Sean Aylmer: makes money, is what he said. According to the AFR 271 00:13:43,000 --> 00:13:45,199 Sean Aylmer: bottom line, they're not going to sell it into Woolies 272 00:13:45,200 --> 00:13:47,560 Sean Aylmer: and Priceline anymore. They're going to move online, so weight 273 00:13:47,600 --> 00:13:50,360 Sean Aylmer: loss drugs here in Germany, Japan and Britain. 274 00:13:50,800 --> 00:13:55,199 Michael Thompson: It's refreshing honesty though it is. Turning to international news. 275 00:13:56,200 --> 00:14:02,559 Michael Thompson: Donald Trump's last his latest tariff Alvo like wishful thinking, 276 00:14:02,640 --> 00:14:06,960 Michael Thompson: saying it's his last tariff, but his latest is to 277 00:14:07,000 --> 00:14:10,840 Michael Thompson: impose of one hundred percent tariff on films produced overseas. Now, 278 00:14:10,880 --> 00:14:13,720 Michael Thompson: the justification for this is particularly interesting. He says that 279 00:14:13,800 --> 00:14:17,800 Michael Thompson: foreign productions are a national security threat because films were 280 00:14:17,840 --> 00:14:21,560 Michael Thompson: being used for messaging and propaganda. 281 00:14:23,000 --> 00:14:27,120 Sean Aylmer: So if there's a bluey film, a propaganda's coming out 282 00:14:27,160 --> 00:14:28,160 Sean Aylmer: of the blue film. 283 00:14:28,840 --> 00:14:30,880 Michael Thompson: Dangerous, dangerous. 284 00:14:31,040 --> 00:14:33,800 Sean Aylmer: The announcement came after Trump met with actor John Voyt 285 00:14:33,880 --> 00:14:38,160 Sean Aylmer: and his manager at Marilago Club, according to media reports. Now, 286 00:14:38,160 --> 00:14:41,840 Sean Aylmer: earlier this year, Trump appointed Vot, alongside Mel Gibson, that 287 00:14:41,920 --> 00:14:46,240 Sean Aylmer: well known American actor from Australia and Selvester Stallone as 288 00:14:46,280 --> 00:14:49,880 Sean Aylmer: special ambassadors to Hollywood. Had the meeting, he comes out, 289 00:14:50,040 --> 00:14:53,800 Sean Aylmer: we get this one hundred percent tariff impost It isn't 290 00:14:53,840 --> 00:14:56,760 Sean Aylmer: clear how a tariff on foreign productions would work. Many 291 00:14:56,760 --> 00:15:02,080 Sean Aylmer: Hollywood films involve global production, including shoots in foreign countries 292 00:15:02,120 --> 00:15:04,800 Sean Aylmer: and post production work that can be done pretty much 293 00:15:04,800 --> 00:15:08,960 Sean Aylmer: anywhere in the world. Also, American producers like overseas location, 294 00:15:09,080 --> 00:15:11,520 Sean Aylmer: so a Hollywood Reporter survey recently shows at the top 295 00:15:11,560 --> 00:15:16,360 Sean Aylmer: five preferred film filming locations tour in Canada, one's a UK, 296 00:15:17,400 --> 00:15:19,720 Sean Aylmer: one's in Central Europe, and the other is Australia. 297 00:15:19,800 --> 00:15:24,280 Michael Thompson: There of course, finally, Sean, Singapore's ruling party has had 298 00:15:24,320 --> 00:15:29,240 Michael Thompson: an overwhelming win in elections over the weekend, taking eighty 299 00:15:29,360 --> 00:15:32,760 Michael Thompson: seven of the ninety seven seats in parliament. Eat your 300 00:15:32,800 --> 00:15:34,480 Michael Thompson: heart out, Anthony Albanez. 301 00:15:34,280 --> 00:15:36,840 Sean Aylmer: Exactly a very different system. Of course, The People Action 302 00:15:36,920 --> 00:15:40,680 Sean Aylmer: Party continues to dominate Singapore in politics six decades of 303 00:15:40,760 --> 00:15:44,000 Sean Aylmer: rule that one opposition won ten seats last election, saying 304 00:15:44,120 --> 00:15:48,240 Sean Aylmer: this time around, analyst said, like Canada and Australia, incumbency 305 00:15:48,320 --> 00:15:51,320 Sean Aylmer: was an advantage amid at the global economic turmoil. 306 00:15:52,200 --> 00:15:55,800 Michael Thompson: Sewn up next, Fearing Great Daily interview Anthony Miller, CEO 307 00:15:56,000 --> 00:15:59,440 Michael Thompson: of Westbach A fantastic conversation well worth a listen today. 308 00:16:00,000 --> 00:16:01,560 Michael Thompson: Coming up in the Fear and Greed playlist on your 309 00:16:01,560 --> 00:16:04,080 Michael Thompson: podcast platform or at Fearangreed dot com don au, which 310 00:16:04,120 --> 00:16:06,720 Michael Thompson: is where you sign up for that free daily newsletter. 311 00:16:06,840 --> 00:16:09,200 Michael Thompson: Don't be the only person left in the country who 312 00:16:09,200 --> 00:16:12,160 Michael Thompson: hasn't done It might be a slight overreach, but I'll 313 00:16:12,160 --> 00:16:13,560 Michael Thompson: put a link in the show notes so it's very 314 00:16:13,560 --> 00:16:15,600 Michael Thompson: easy to do. Thank you very much, Sean, Thank you, Michael. 315 00:16:15,640 --> 00:16:18,280 Michael Thompson: It is Tuesday, the sixth of May twenty twenty five. 316 00:16:18,360 --> 00:16:20,360 Michael Thompson: Make sure you're following the podcast and please join us 317 00:16:20,360 --> 00:16:24,000 Michael Thompson: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson. 318 00:16:24,120 --> 00:16:25,880 Michael Thompson: That was Fear and Greed. Have a great day.