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Speaker 1: Welcome to the Fear and Greed business Years. The Afternoon

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Speaker 1: Report for Wednesday, the third of July twenty twenty four,

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Speaker 1: I'm Sean a Elma. Every afternoon, we've got the five

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Speaker 1: stories that happened today that you need to know about

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Speaker 1: Storing Tom, I'm the SMPA. Six two hundred closed up

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Speaker 1: zero point three percent today to seven seven hundred and

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Speaker 1: forty points, with the tech stocks leading the way thanks

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Speaker 1: to a strong knight on Wall Street. Wistet Global reversed

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Speaker 1: some of yesterday's losses, finishing up nearly two percent. Zero

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Speaker 1: also did well. It was a good day of the miners,

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Speaker 1: with the best on the moors, or at least among

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Speaker 1: the top two hundred being Uranium Stock Deep Yellow, while

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Speaker 1: the energy stocks did well also. BHP four to squ

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Speaker 1: Metals and Rio all closed up one percent or better.

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Speaker 1: Worst was line Town Resources, which actually was the best yesterday,

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Speaker 1: so there was a bit of profit taking going on there.

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Speaker 1: The big banks were all lower. Online book retailer book

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Speaker 1: Topia has been placed in voluntary administration. Shares will remain

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Speaker 1: suspended after they were halted in mid June as the

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Speaker 1: company searched for more funding, and APA Group shares fell

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Speaker 1: after it said it expected a non cash impairment of

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Speaker 1: one hundred and forty five million dollars to its member

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Speaker 1: Sydney Ethane Pipeline Straight Number two. The broad based SMP

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Speaker 1: five hundred closed above five five hundred points overnight for

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Speaker 1: the first time ever. Was pushed higher by the tech stocks,

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Speaker 1: notably Tesla, which finished up ten percent. The tech heavy

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Speaker 1: Nasdaq also finished at a record above eighteen thousand points

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Speaker 1: for the first time. The jump came after US Federal

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Speaker 1: Reserve chairs Round Powell said he'd seen some really good

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Speaker 1: progress in a recent decline in the Fed's preferred measure

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Speaker 1: of inflation. In commodity markets, oil prices remained on an

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Speaker 1: upward trend, with Brent fetching close to eighty seven US

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Speaker 1: dollars a barrel. Goals also trading higher around twenty three

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Speaker 1: thirty US dollars announce I all prices earlier in the

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Speaker 1: month were forecast to drop below one hundred US dollars

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Speaker 1: a ton, but they've shown some resilience. They're trading around

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Speaker 1: one hundred and eight US dollars a ton level. In

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Speaker 1: currency markets, Bitcoin's worth just under sixty one thousand US

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Speaker 1: dollars a unit, and the Aussie dollar is buying six

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Speaker 1: six point eight US cents. Story number three. There was

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Speaker 1: a welcome jump in dwelling approvals in May. The numbers

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Speaker 1: jump around a fair bit, but approvals rose by five

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Speaker 1: and a half percent during the month, following a near

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Speaker 1: two percent rise in April. The increase in May was

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Speaker 1: driven by a big jump in approvals for apartments and townhouses.

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Speaker 1: They are up mostly in Western Australia, followed by Queensland,

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Speaker 1: South Australia, Tasmania and New South Wales. Now, given the

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Speaker 1: slump in the building industry post COVID, any good news

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Speaker 1: in terms of building approvals is very welcome, but the

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Speaker 1: pace of approvals is now running at only one hundred

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Speaker 1: and sixty one thousand dwellings per anum. The peak during

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Speaker 1: the apartment boom back in twenty sixteen was around two

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Speaker 1: hundred and forty thousand, and the underlying demand is about

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Speaker 1: two hundred and fifty thousand per year on AMP estimates.

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Speaker 1: The chronic undersupply of housing remains a big, big problem

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Speaker 1: for the economy and will keep pressure on prices and rents.

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Speaker 1: Story A number four. Donald Trump's sentencing hearing in the

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Speaker 1: Manhattan hush money case has been pushed back to mid September.

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Speaker 1: To Trump, who's the first former president to be convicted

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Speaker 1: of a crime, was set to be sentenced in a

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Speaker 1: week's time, but following the Supreme Court ruling this week

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Speaker 1: which said presidents and ext presidents are immune from prosecution

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Speaker 1: if undertaking official duties, lawyers for mister Trump wrote to

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Speaker 1: Justicewan Merchant, who oversaw the Manhattan trial, and asked for

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Speaker 1: more time to appeal the verdict. They argue that some

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Speaker 1: of the evidence used at the trial, including social media

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Speaker 1: posts and public statements, might have been official acts and

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Speaker 1: therefore inadmissible under the same Preme Court's decision. And story

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Speaker 1: number five, Tesla's share price jump ten percent overnight after

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Speaker 1: the electric vehicle maker reported a second consecutive quarterly drop

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Speaker 1: in deliveries on the back of slowing demand and tough

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Speaker 1: competition from cheaper Chinese rivals. There was slowing demand, but

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Speaker 1: it was less than expected, hence the surge in Tesla's

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Speaker 1: share price. Their company stock is now up thirty five

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Speaker 1: percent since June eleven, though the value of the company

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Speaker 1: is still around sixty percent of its peak in November

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Speaker 1: twenty twenty one. Tesla delivered four hundred and forty thousand

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Speaker 1: via kills in the three months. At the end of June,

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Speaker 1: it's back as the number one EV maker in the world.

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Speaker 1: China's BYD also came out with numbers. It delivered four

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Speaker 1: hundred and twenty six thousand vehicles. It was further good

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Speaker 1: news for Elon Musk. In recent weeks, shareholders have reapproved

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Speaker 1: his fifty six billion dollar pay packet, which had been

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Speaker 1: struck down by a Delaware court. Shareholders also agreed to

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Speaker 1: move the company to Texas and it is being repositioned

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Speaker 1: as a robotics and AI company. Infact, the Bravo taxis

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Speaker 1: supposed to be unveiled on August eighth. As always plenty

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Speaker 1: going on around Elon Musk, as if the Afternoon Report

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Speaker 1: for Wednesday, the third of July twenty twenty four, don't

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Speaker 1: forget tit. Follow on the podcast and find Fear and

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Speaker 1: Greed on LinkedIn, Instagram, x TikTok and Facebook. Join Michael

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Speaker 1: Thompson and I Tomorrow I'm wanning for the Fast five

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Speaker 1: by Fear and Greed, the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Sean Elma

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Speaker 1: enjoy your evening