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

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Speaker 1: for Thursday, the fifth of June twenty twenty five. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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

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Speaker 1: now mine. The local share market looked like it was

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Speaker 1: heading for a record close, but couldn't quite get there.

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Speaker 1: In the end, the market was flat. It finished at

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Speaker 1: eighty five hundred and thirty nine points. Tech stocks and

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Speaker 1: the miners generally outperformed, while healthcare underperformed. There are a

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Speaker 1: few big moves, but it really wasn't the busiest day

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Speaker 1: of the year. Among the large caps, Insure as QBE

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Speaker 1: and sun Corb dropped sharply, while CSL and Computer Share

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Speaker 1: also fell back. Fortescue Metals Group, WIS Tech Global, Goodman Group,

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Speaker 1: and Aristocrat Leisure were among the best. IDP Education fell

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Speaker 1: further today, taking its share price route to more than

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Speaker 1: fifty percent in two sessions. Of course, it delivered a

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Speaker 1: major profit warning on Wednesday. IDP share price is currently

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Speaker 1: ninety percent below its peak of November twenty twenty one.

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Speaker 1: To lithium and rare earth stocks haven't had a lot

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Speaker 1: to celebrate recently, but there were some good news today

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Speaker 1: with for local critical mineral companies. European car makers have

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Speaker 1: said restrictions by China on exports of rare earth alloys,

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Speaker 1: mixtures and magnets could cause delays and outages in EV

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Speaker 1: production now. Lithium is a key component for lithium iron

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Speaker 1: batteries used in evs. Its price is at a four

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Speaker 1: year low on the back of oversupply, but the European

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Speaker 1: comments provided some respite. Lithium plays mineral resources, Pilgrim minerals,

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Speaker 1: and line tan resources all surged today, as did rare

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Speaker 1: earths produce a liness story Number three Virgins Bankers have

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Speaker 1: secured commitments from institutional investors to underwrite these six hundred

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Speaker 1: and eighty five million dollar float. That means fund managers

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Speaker 1: are backing the float. It pretty much guarantees owner Bain

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Speaker 1: we'll get a big payday on top of the twenty

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Speaker 1: five percent it sold to Quitar Airlines earlier in the year.

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Speaker 1: Bain bought Virgin for about seven hundred million dollars in

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Speaker 1: twenty twenty at the beginning of the pandemic. Took on

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Speaker 1: billions of dollars in debt, but it does look like

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Speaker 1: it's going to get its money back story Number four.

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Speaker 1: In international markets, iron ore dropped further a geopolitical tensions

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Speaker 1: and a concerning economic outlook in China weighed on the

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Speaker 1: steel making commodity iron or futures are training around ninety

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Speaker 1: six US dollars a ton. Oil was also lower on

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Speaker 1: science that Saudi Arabia wants to increase production. Saudi is

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Speaker 1: the de facto leader of the Organization of the Petroleum

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Speaker 1: Exporting Countries. It wants to add at least four hundred

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Speaker 1: and eleven thousand barrels of oil a day by August.

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Speaker 1: Amazing numbers and the Aussie dollars trading just under sixty

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Speaker 1: five US cents. Sorry. Number five. US President Donald Trump

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Speaker 1: spoke to his Russian counterpart Vladimir Putin overnight and said

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Speaker 1: he's not ready for an immediate peace in Ukraine after

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Speaker 1: an hour long conversation. During the conversation, the Russian president

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Speaker 1: warned of retaliation four KIEVS drone attack on his country's

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Speaker 1: bomber fleet. Trump said the core with Putin was good,

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Speaker 1: covering both the fighting with Ukraine and ongoing negotiations with

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Speaker 1: Iran over its nuclear program, but there were no breakthroughs

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Speaker 1: to report. According to the ft, the conversation between Trump

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Speaker 1: and Putin is the second between the two leaders in

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Speaker 1: less than a month, and comes after the Russian president

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Speaker 1: rejected Ukraine's calls for an immediate cease fire and a

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Speaker 1: top level summit to end the war. That's it for

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Speaker 1: the Afternoon Report for Thursday, the fifth of June twenty

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Speaker 1: twenty five. Make sure you hit follow on the podcast.

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Speaker 1: We will be back tomorrow morning with a Friday edition

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Speaker 1: of The Fast five Business Yes, by Fear and Greed.

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Speaker 1: I'm Sean Elmer. Enjoy your Reagan