1
00:00:04,120 --> 00:00:06,720
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,760 --> 00:00:09,240
Speaker 1: for Thursday, the first of May twenty twenty five. I'm

3
00:00:09,280 --> 00:00:12,119
Speaker 1: Sean Aylmer. Every afternoon, we've got the fire stories that

4
00:00:12,160 --> 00:00:14,319
Speaker 1: happened today that you need to know about. Story M one.

5
00:00:14,360 --> 00:00:18,200
Speaker 1: The SMPASX two hundred finished up slightly zero point two

6
00:00:18,200 --> 00:00:21,400
Speaker 1: percent to eighty one hundred and forty six points. That's

7
00:00:21,480 --> 00:00:24,320
Speaker 1: six days in a row in the black. Tech stocks

8
00:00:24,400 --> 00:00:28,160
Speaker 1: led the way, especially anything related to data centers more

9
00:00:28,200 --> 00:00:31,680
Speaker 1: on that moment. Real estate and consumer staples stocks also

10
00:00:31,720 --> 00:00:35,440
Speaker 1: did well, while energy companies underperformed. There wasn't much action

11
00:00:35,600 --> 00:00:38,360
Speaker 1: really among the large caps, with the exception of Goodman Group,

12
00:00:38,400 --> 00:00:41,519
Speaker 1: which jumped three point four percent, while Woodside Energy was

13
00:00:41,560 --> 00:00:43,960
Speaker 1: off about two and a half percent. Storry Number two

14
00:00:44,040 --> 00:00:47,800
Speaker 1: Prime Minister Anthony Alberanezi and opposition leader Peter Dunton spent

15
00:00:48,080 --> 00:00:51,840
Speaker 1: the second last full day of campaigning ahead of Saturday's

16
00:00:51,840 --> 00:00:55,040
Speaker 1: election visiting marginal electorates, fighting over who is the most

17
00:00:55,120 --> 00:00:59,520
Speaker 1: fiscally responsible and hoping to win over undecided voters. The

18
00:00:59,560 --> 00:01:03,400
Speaker 1: Colories today released its policy costings and was immediately criticized

19
00:01:03,400 --> 00:01:07,240
Speaker 1: for doing so so late in the campaign. Shadow treasurer

20
00:01:07,319 --> 00:01:10,480
Speaker 1: Angus Taylor says the federal budget deficit will worsen in

21
00:01:10,520 --> 00:01:14,080
Speaker 1: the next two years under the coalition before improving significantly

22
00:01:14,480 --> 00:01:17,320
Speaker 1: in the second half of the four year forward estimates

23
00:01:17,360 --> 00:01:21,040
Speaker 1: by nearly fourteen billion dollars. Stray number three. The share

24
00:01:21,120 --> 00:01:25,839
Speaker 1: prices of data center operators like dig COO Infrastructure, Next DC,

25
00:01:26,440 --> 00:01:29,200
Speaker 1: Goodman Group I mentioned, as well as tech heavyweight Wise

26
00:01:29,240 --> 00:01:33,840
Speaker 1: tech Global surged today after Wall Street based Microsoft and

27
00:01:33,880 --> 00:01:36,920
Speaker 1: Meta reported strong results overnight. Now the link between the

28
00:01:36,959 --> 00:01:39,640
Speaker 1: Wall Street companies and the local property groups is that

29
00:01:39,760 --> 00:01:42,720
Speaker 1: Microsoft and Meta both said they want to ramp up

30
00:01:42,760 --> 00:01:46,399
Speaker 1: investing in data centers. Facebook and Instagram own a. Meta

31
00:01:46,480 --> 00:01:49,280
Speaker 1: expects to spend more than one hundred billion dollars on

32
00:01:49,400 --> 00:01:52,040
Speaker 1: data centers this year. Meta reported first quarter sales ahead

33
00:01:52,080 --> 00:01:55,680
Speaker 1: of expectations, about sixty six billion dollars for the quarter

34
00:01:56,080 --> 00:01:59,080
Speaker 1: as its advertising business holds up. Now that's important for

35
00:01:59,200 --> 00:02:02,080
Speaker 1: Meta because it needs the money to fund its push

36
00:02:02,440 --> 00:02:06,120
Speaker 1: the artificial intelligence, which needs the data centers. Microsoft results

37
00:02:06,160 --> 00:02:09,560
Speaker 1: were also better than expected, with cloud services remaining in demand.

38
00:02:10,080 --> 00:02:13,800
Speaker 1: Story number four. Tesla's board has reportedly opened a search

39
00:02:13,880 --> 00:02:17,359
Speaker 1: to replace Tesla chief executive Elon Musk. According to a

40
00:02:17,400 --> 00:02:20,160
Speaker 1: story in The Wall Street Journal, the Carmaker's board is

41
00:02:20,200 --> 00:02:23,120
Speaker 1: said to have reached out to several executive search firms.

42
00:02:23,360 --> 00:02:26,840
Speaker 1: The newspaper reported that has disgruntled investors complained about Musk's

43
00:02:26,880 --> 00:02:29,919
Speaker 1: increasing focus on the White House, the board got serious

44
00:02:29,960 --> 00:02:33,480
Speaker 1: about looking for a successor. The current status of succession

45
00:02:33,520 --> 00:02:36,640
Speaker 1: planning isn't really determined, according to the newspaper, nor it's

46
00:02:36,720 --> 00:02:39,480
Speaker 1: not really clear with the Musk has been made aware

47
00:02:39,560 --> 00:02:42,840
Speaker 1: of the effort now. Robin Denholme, the Australian chair of

48
00:02:42,919 --> 00:02:46,040
Speaker 1: the company, came out this afternoon and said they weren't

49
00:02:46,360 --> 00:02:49,120
Speaker 1: walking to replace Elon Musk, but I think we should

50
00:02:49,120 --> 00:02:52,080
Speaker 1: stay tuned to that one and story number five. International

51
00:02:52,080 --> 00:02:54,639
Speaker 1: markets have been on a roller coaster ride. Initially hit

52
00:02:54,760 --> 00:02:58,840
Speaker 1: hard overnight after figures showed the US economy went backwards

53
00:02:59,000 --> 00:03:02,960
Speaker 1: last quarter. Then markets rebounded when another report showed inflation

54
00:03:02,960 --> 00:03:06,640
Speaker 1: in the world's biggest economy stagnating. That second report ups

55
00:03:06,639 --> 00:03:09,320
Speaker 1: the chances of a rate cup. The US economy contracted

56
00:03:09,360 --> 00:03:12,440
Speaker 1: by an annualized zero point three percent over the first quarter.

57
00:03:12,760 --> 00:03:14,959
Speaker 1: That's the first time it's gone backward since two thousand

58
00:03:15,000 --> 00:03:18,120
Speaker 1: and two. Was mostly the result of companies rushing to

59
00:03:18,200 --> 00:03:22,400
Speaker 1: buy imported goods ahead of the Trump paraf announcements, so

60
00:03:22,480 --> 00:03:26,720
Speaker 1: the contraction actually might be a statistical quirk rather than

61
00:03:26,760 --> 00:03:29,239
Speaker 1: much more than that. That sent Wall Street down two percent,

62
00:03:29,280 --> 00:03:31,920
Speaker 1: but it rebounded to close slightly higher after the fed's

63
00:03:31,960 --> 00:03:36,160
Speaker 1: preferred measure of inflation suggested a price rises were negligible.

64
00:03:36,640 --> 00:03:38,960
Speaker 1: That's if the afternoon report for Thursday, the first of

65
00:03:39,000 --> 00:03:41,040
Speaker 1: May twenty twenty five. Make sure you hit follow on

66
00:03:41,040 --> 00:03:43,600
Speaker 1: the podcast. We'll be back tomorrow morning with the Friday

67
00:03:43,680 --> 00:03:46,200
Speaker 1: edition of the Past five Business Years by Fear and Greed.

68
00:03:46,320 --> 00:03:48,240
Speaker 1: I'm Sean ae Elma. Enjoy your reading.