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

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Speaker 1: for Friday, the sixteenth of August twenty twenty four. 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, straightam, I'm

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Speaker 1: this and PASX two hundred finished up one point three

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Speaker 1: percent today to seven nine hundred and seventy one points,

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Speaker 1: led higher by energy and materials companies. The financials and

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Speaker 1: techtocs did pretty well also. It's been six sessions of

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Speaker 1: gains in a row and for the week the benchmark

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Speaker 1: is up two and a half percent. Comwoff Bank had

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Speaker 1: another very good day, out nearly two percent, while National

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Speaker 1: Australian Bank Westpac of Mains all performed well. The big

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Speaker 1: miners BHP of Fortescue, Metals Group in Rio Tinto bounced

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Speaker 1: after some pretty week sessions. Energy giants Woodside and Santos

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Speaker 1: also performed well, as did tech groups Aria and Zero

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Speaker 1: James Hardy Industries jump nearly six percent. Best on the

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Speaker 1: day was Zipco, which surged thirteen percent. In the not

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Speaker 1: so good category were Goodman West Farmers, Telstra and Cohle's

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Speaker 1: straight Number two Reserve Bank Governor Michelle Bullock made it

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Speaker 1: very clear today that interest rates are not going to rise,

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Speaker 1: but they're not going to fall either anytime soon, at least,

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Speaker 1: saying current interest rate settings appear likely to bring inflation

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Speaker 1: down to a manageable level. It's the end of a

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Speaker 1: very busy week for economists, with labor force, wage data,

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Speaker 1: business and consumer conference readings all suggesting a cooling economy,

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Speaker 1: though nothing too dramatic. Miss Bullock said it was premature

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Speaker 1: to think about rate cuts now, financial markets are pricing

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Speaker 1: in a strong chance of a cut later this year.

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Speaker 1: The governor said services inflation remains high, while the prices

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Speaker 1: of goods are coming down, in assign that supply chain

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Speaker 1: issues are being addressed. Miss Bullock said that she understood

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Speaker 1: many households would like to see a fall in interest rates,

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Speaker 1: especially for those with mortgages or business operators, but she

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Speaker 1: added the alternative of higher inflation for longer is much worse,

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Speaker 1: and I quote her, inflation has not been this high

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Speaker 1: for a few decades, and I think many people have

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Speaker 1: forgotten how bad it is. Some younger people will not

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Speaker 1: have experienced high inflation at all. Straight Number three ASX limited,

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Speaker 1: the organization that runs. The Secure Exchange reported a slight

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Speaker 1: falling profit today on the back of higher regulatory expenses.

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Speaker 1: The AX this week has been hit with a federal

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Speaker 1: court case brought by ASSEK about alleged misleading statements over

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Speaker 1: the replacement of its chess system. The chess system, along

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Speaker 1: with updates to core systems and the need for more

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Speaker 1: staff to address regulatory demands, is putting pressure on the

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Speaker 1: exchange's bottom line. Chief executive Helen Lofthouse said the exchange

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Speaker 1: was carefully reviewing and considering the allegations from ASIK, while

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Speaker 1: remaining committed to taking the AX forward. She said the

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Speaker 1: markets and data businesses had increased revenue while listing's income

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Speaker 1: had fallen, though as Lofthouse said, there were signs of

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Speaker 1: a return in IPO activity as share price finished flat

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Speaker 1: straight up before. There are a bunch of other earnings

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Speaker 1: results out today. Online property group Domain posted a sixty

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Speaker 1: three percent jump and net profit. This was built on

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Speaker 1: an eighteen percent rise in average revenue per listing and

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Speaker 1: growth in its unique audience. The number of listings on

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Speaker 1: demand was up four percent year on year during July.

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Speaker 1: The group to create a final dividend of four cents

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Speaker 1: of share, taking the full year payout to six cens

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Speaker 1: of share. MCRE, the world's largest consumer packaging group, says

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Speaker 1: there are some early signs of a small upturn in

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Speaker 1: demand from customers as a de stocking trend in inventory

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Speaker 1: comes to an end. Now. Mcore runs two hundred and

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Speaker 1: ten packaging plants in forty three countries, making pouches, raps

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Speaker 1: and containers for food, beverage, and healthcare customers. The de

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Speaker 1: stocking phenomenon had cut its bottom line by twenty seven

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Speaker 1: percent for the last financial YEM the other one out

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Speaker 1: today worth a mentioned wealth manager, GQG Partners, reported a

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Speaker 1: surge in funds under management in the first half of

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Speaker 1: this year, reflecting a strong investment performance. The Fort Lauderdale

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Speaker 1: based manager increased inflows by nearly seventeen billion dollars and

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Speaker 1: the company's share prices up more than sixty percent this year.

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Speaker 1: And finally, story a number five. Donald Trump has dismissed

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Speaker 1: calls to halt his personal attacks on Carmala Harris, insisting

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Speaker 1: that he would defeat the vice president by a wide

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Speaker 1: margin in November. Senior Republicans have urged the former president

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Speaker 1: to turn down his rhetoric against Harris, who has opened

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Speaker 1: up a lead in this years White House race, according

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Speaker 1: to report in the Financial Times. But Trump defied those calls,

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Speaker 1: telling reporters gathered at his Bedminster golf resort that he

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Speaker 1: was very angry at Harris and entitled to personal attacks.

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Speaker 1: I quote him, I don't have a lot of respect

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Speaker 1: for her. I don't have a lot of respect for

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Speaker 1: her intelligence, and I think she'll be a terrible president.

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Speaker 1: He went on to say, she certainly attacked me personally.

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Speaker 1: She actually called me weird. Trump went on to defend

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Speaker 1: his running mate j. D Vance, saying he's not weird.

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Speaker 1: He was a great student at Yale. He went on

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Speaker 1: to Ohio State, graduated at the top of his class. A'suh.

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Speaker 1: The Afternoon Report for Friday, the sixteenth of August twenty

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Speaker 1: twenty four Michael Thompson, Adam Lang, and I will be

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Speaker 1: back tomorrow morning with the weekend edition off Beeer and

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Speaker 1: Greed business News. I'm Sean Elma enjoy reading me.