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

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Speaker 1: for Tuesday, the twenty eighth of January twenty twenty five.

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Speaker 1: I'm suan Alma. Every afternoon, We've got the five stories

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

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Speaker 1: number one. The local share market ended the day down

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Speaker 1: ten points to finish at eighty three hundred and ninety

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Speaker 1: nine points. But that belies the crazy twenty four hours

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Speaker 1: we have just had. A Chinese startup, Deep Seak has

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Speaker 1: produced a chatbot to rival chat GPT and reportedly spent

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Speaker 1: just six million US dollars doing it. That's erber cheap

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Speaker 1: compared to the hundreds of billions of dollars being spent

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Speaker 1: on AI and while the veracity of the claims is

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Speaker 1: still untested, the idea of having a much cheaper technology

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Speaker 1: out of China spooked Wall Street. The tech heavy NASDAK

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Speaker 1: closed down three percent, with the biggest casualty being chip

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Speaker 1: maker and video. It lost nearly six hundred billion US

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Speaker 1: dollars in value overnight. That's close to one trillion Pussie dollars.

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Speaker 1: The fear is that the Chinese product means people won't

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Speaker 1: need to buy as many n video chips that sent

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Speaker 1: n vida's share price down. Locally, the news hit the

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Speaker 1: local data center operators. Maybe we just won't need as

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Speaker 1: many of them. Next DC was down seven percent, Goodman

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Speaker 1: Group was down seven and a half percent, DIGITK was

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Speaker 1: down to twelve percent. Also, the uranium stocks got sold

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Speaker 1: off as well, because maybe we won't need as much energy.

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Speaker 1: Sour number two. We're staying with the market. I said

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Speaker 1: that it was flat, but there was plenty of movement

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Speaker 1: outside the data centers and uranium stocks. Among the large caps,

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Speaker 1: the banks found favor, with National Australia Bank, Westpac, and

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Speaker 1: A and Z all doing well. West Farmers was another

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Speaker 1: strong performer, as were as Aristocrat, Leisure, Ria, QB and Zero.

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Speaker 1: The underperformers included Macquari Group, Woodside and Santos, the energy

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Speaker 1: giants Transurban, Weistech Global and Promedicus. In corporate news, Meyers

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Speaker 1: takeover of Premier Investments Apparel Brands is complete, Dotties, JJ's

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Speaker 1: Just Genes all owned by Mine Now. The new look

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Speaker 1: expanded retailer will have seven hundred and eighty three outlets

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Speaker 1: and annual sales of about four billion dollars. Commonwealth Bank

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Speaker 1: has sold its steak in a China headquartered commercial bank

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Speaker 1: called Bank of Hangzau for nine hundred and forty million dollars.

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Speaker 1: Gold Digger Newmont has sold the mining operation in Canada

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Speaker 1: for about six hundred and seventy five million dollars, and

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Speaker 1: fordesqu Metals is buying Red Hawk Mining for around two

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Speaker 1: hundred and fifty million dollars. It's a Western Australian iron

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Speaker 1: ore company. Fortescue has the backing of the board and

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Speaker 1: that one story number three. Federal Treasurer Jim Chalmers today

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Speaker 1: said there are real reasons for people to be confident

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Speaker 1: about the rest of twenty twenty five. He said real

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Speaker 1: wages are growing, inflation is falling, and tax cuts are

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Speaker 1: rolling out. He expects growth to pick up a bit,

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Speaker 1: but not a lot. His words, He also talked about

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Speaker 1: the improvement in the cost of living. Now tomorrow we

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Speaker 1: get the December quarter inflation figures. They'll be pivotal in

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Speaker 1: determining whether or not they'll be interest rate cut next month.

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Speaker 1: There's still some uncertainty around global growth. That seems to

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Speaker 1: be the thing that Jim Chalmers is most worried about. Meanwhile,

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Speaker 1: Peter Dutton was in Western Australia. He was asked about

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Speaker 1: the Coalition and women voters. He basically said that by

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Speaker 1: and large women look after the household budget. They're being

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Speaker 1: hit by the cost of living. Therefore, women voters are

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Speaker 1: turning to the Coalition. I'm not sure if that makes

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Speaker 1: sense or not. Maybe stroight number four. Signal Healthcare share

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Speaker 1: price jump twelve percent today have to merge a partner.

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Speaker 1: Chemist Warehouse, reported record sales in the six months to

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Speaker 1: the end of December. The pharmacy giant reported five point

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Speaker 1: one five billion dollars worth of sales in a half year,

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Speaker 1: up from four point five to six billion twelve months earlier.

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Speaker 1: New franchise store openings and the international expansion was behind

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Speaker 1: the rise. Chemist Warehouse also said that implement it's implementing

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Speaker 1: a new supply agreement to drive efficiencies. Signal Healthcare and

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Speaker 1: Chemist Warehouse are expected to merge next month, creating a

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Speaker 1: thirty billion dollar company and story at number five new

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Speaker 1: he share price for more than twenty percent today after

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Speaker 1: the software provider said it would post a fall in

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Speaker 1: the underlying earnings and a half years to December. The

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Speaker 1: reason project delays and the company taking on more complex

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Speaker 1: contracts It said growth would be weighted towards the second

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Speaker 1: half of the fiscal year, though investors weren't impressed. News

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Speaker 1: had a wild ride really. It listed late December twenty twenty, surged,

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Speaker 1: then crashed, and I mean crashed. It bobbled along improved management.

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Speaker 1: Last year. Was among the best performing stocks in the AX,

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Speaker 1: up four hundred percent. This year, including today, it's down

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Speaker 1: thirty percent. That's it for the Afternoon Report for Tuesday,

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Speaker 1: the twenty eighth of January twenty twenty five. Make sure

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Speaker 1: you hit follow on the podcast. We'll be back tomorrow

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Speaker 1: morning with the Wednesday edition up here and Green Business News.

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