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Speaker 1: Welcome to the Fearing Greed Business Years Afternoon Report for Thursday,

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Speaker 1: the eleventh of July twenty twenty four. I'm suan Alma.

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Speaker 1: Every afternoon, We've got the five stories that happened today

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Speaker 1: that you need to know about. Stratum one. The benchmark

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Speaker 1: SMPASX two hundred closed up nearly one percent today to

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Speaker 1: eight hundred and ninety points. That's just seven points below

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Speaker 1: the record close of seven eight hundred and ninety seven

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Speaker 1: points back in late March. Common Off Bank led the

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Speaker 1: way today, hitting a new high. Among the large caps,

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Speaker 1: CSL Wes Farmers, Fortes, Fu Metals Group, Woodside, and Woolies

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Speaker 1: all did well. In fact, seventy five percent of the

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Speaker 1: ASX two hundred closed higher. It was a good day

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Speaker 1: for the uranium miners, with Deep Yellow, Boss Energy, and

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Speaker 1: Paladin Energy among the best performers. Overall, the best was

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Speaker 1: biotech Telix Pharmaceuticals. It's share price finished up ten percent

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Speaker 1: after itt flag changes to regulations in the US regarding

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Speaker 1: payments for diagnostic radiotherapy treatments. The gold stocks also did well,

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Speaker 1: with Perseus Mining and New Want rising sharply. Story number two.

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Speaker 1: Prime Minister Anthony Albernesi said gas has an important role

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Speaker 1: to play in Australia's energy future as the inevitable shift

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Speaker 1: to renewables occurs. Miss Albernese said to ensure energy security

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Speaker 1: during the transition period, gas is needed for firming capacity,

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Speaker 1: which basically means keeping good stable given the intermittency of wind,

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Speaker 1: solar and hydro power. Misster Albernezi also spout the need

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Speaker 1: for batteries. He also took a swipe at the opposition's

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Speaker 1: pro nuclear stance, saying it doesn't stack up economically, citing

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Speaker 1: the International Energy Agency saying Australia's comparative advantage is in

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Speaker 1: renewables i e. Not nuclear. The Prime Minister was speaking

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Speaker 1: in Queensland and covered a range of topics, including Joe Biden.

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Speaker 1: When asked about the US President, he said dealings with

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Speaker 1: mister Biden had always been productive, but he didn't want

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Speaker 1: to be drawn in much further. Story Number three in

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Speaker 1: the world of economics, the Commonwealth Bank Household Spending Indicator

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Speaker 1: released today indicates that renters are pulling back on spending

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Speaker 1: more than mortgage. Rent to spending was down nearly one

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Speaker 1: percent last month, whereas outlays by mortgage holders was up

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Speaker 1: one and a half percent. For those fully owning their

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Speaker 1: homes it was up about two percent. Household spending has

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Speaker 1: been weak overall, although it picked up zero point six

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Speaker 1: percent over the month of June to be three point

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Speaker 1: nine percent higher over the past gm Also today, Assistant

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Speaker 1: Minister for Trade and Manufacturing Tim Air said shipping around

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Speaker 1: the world is being buffeted by conflict in the Middle East,

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Speaker 1: including actions by Yemen's Hoothy Milton's. He said the problems

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Speaker 1: are pushing up prices for Australian consumers and businesses because

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Speaker 1: they're having an impact on the duration and cost of

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Speaker 1: shipping travel to Australia. Australium Before A and Z is

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Speaker 1: under fire for how it operates in the government bond

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Speaker 1: market after allegations it overstated the value of government bonds

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Speaker 1: it traded by more than fifty billion dollars over twelve months,

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Speaker 1: boosting its prospects of winning lucrative mandates issuing Commonwealth debts.

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Speaker 1: The bank admitted to the Australian Office of Financial Management,

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Speaker 1: which manages government debts, that figures its supply detailing the

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Speaker 1: volume of turnover had been incorrect. This is according to

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Speaker 1: reporting the Financial review. As one of nineteen market makers

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Speaker 1: for Australian bonds, aen Z is required to submit quarterly

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Speaker 1: figures to the agency. The AOFM selects the largest traders

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Speaker 1: for issuances. Aan Z initially said it had facilitated one

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Speaker 1: hundred and thirty seven point six billion dollars in government

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Speaker 1: bond trades for clients in the year ended June twenty

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Speaker 1: twenty three. The correct number, however, was eighty three point

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Speaker 1: two billion dollars, the difference of nearly sixty five percent.

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Speaker 1: It's training of government bonds is already under intense scrutiny

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Speaker 1: from both the AOFM and the Australian Securities and Investments Commission.

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Speaker 1: The division is being investigated by the regulator for allegedly

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Speaker 1: manipulating the benchmark ten year futures rate when it was

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Speaker 1: appointed a manager for a fourteen billion dollar government bond

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Speaker 1: sale last year. This latest allegation does not help aen

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Speaker 1: z's prospects if it wants to keep working in that

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Speaker 1: government bond market. And story number five, Joe Biden is

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Speaker 1: in trouble with senior Democrats, including Senate Majority leader Chuck Schumer,

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Speaker 1: saying they are open to replacing him ahead of the

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Speaker 1: November presidential election. As many Democrats have pushed to have

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Speaker 1: Joe Biden replaced. Chuck Schumer, one of the most senior

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Speaker 1: members of the party, have stood by the president, but

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Speaker 1: Axios is reporting that Schumer is telling donors he's open

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Speaker 1: to replacing mister Biden. It came after party heavyweight Nancy

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Speaker 1: Pelosi said the president had a decision to make about

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Speaker 1: his future, and actor George Clooney said mister Biden needs

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Speaker 1: to be replaced as the party's presidential candidate. Clooney hosted

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Speaker 1: a large fundraise of Biden in California last month. Clearly

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Speaker 1: the drums are beating louder and louder for Joe Biden

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Speaker 1: as it for the Afternoon Report for Thursday, the eleventh

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Speaker 1: of July twenty twenty four, don't forget to hit follow

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Speaker 1: on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: ex TikTok, and Facebook. Join Michael Thompson and I Tomorrow

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Speaker 1: I'm wanting for the Fast five by Fear and Greed,

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Speaker 1: the top five business stories you need to know in

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Speaker 1: just five minutes. I'm Sean Elmer. Enjoy reading