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Speaker 1: Hopes of a rate cut pushes the ASX to a

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Speaker 1: new record with implications for investors and politics, weight loss,

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Speaker 1: miracle drugs set to flow into the Australian market, and

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Speaker 1: the mastermind of the nine to eleven attacks to be

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Speaker 1: sentenced to nearly three thousand years jail. Welcome to Fear

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Speaker 1: and Agreed. Daily business news for people who make their

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Speaker 1: own decisions. It is Friday, the second of August twenty

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Speaker 1: twenty four. Are Michael Thompson and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: The main story this morning, Sean. The local share market

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Speaker 1: hit a new record high yesterday as the US Central

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Speaker 1: Bank confirmed a rate cut is on the way and

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Speaker 1: odds for a reduction in local rates by the end

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Speaker 1: of the year shortened.

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Speaker 2: There's plenty of excitement in the market at the moment.

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Speaker 2: Maybe too much excitement, Michael. Yesterday the SNPA six two

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Speaker 2: hundred pushed through eighty one hundred points for the first time,

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Speaker 2: hit about eighty one to forty five points before finishing

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Speaker 2: at eighty one fifteen points. It follows the Consumer Price

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Speaker 2: Index data from the Bureau Statistics on Wednesday, which show

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Speaker 2: underlying inflation which takes out volatile items and is the

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Speaker 2: one that the Reserve Bank prefers shows that that underlying

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Speaker 2: inflation is slowing. That triggered a rethink of what's next

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Speaker 2: for interest rates. Locally, Those that thought there was another

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Speaker 2: hike in the offing have backtracked, while some high profile economists,

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Speaker 2: notably from Conwealth Bank and Westpac, reckon the first cut

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Speaker 2: will occur in November this year, not next. GYM bond

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Speaker 2: markets are fully priced in a cut by February next year. Meanwhile,

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Speaker 2: the Federal Reserve said it could start lowering interest rates

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Speaker 2: as soon as September, after holding rates at a twenty

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Speaker 2: three year high for the eighth meeting in a row.

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Speaker 2: Federal Reserve chair j Powell said there'd been no real

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Speaker 2: discussion at the Federal Open Market Committee about cutting rates,

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Speaker 2: but the world's most important central bank wants to see

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Speaker 2: further progress towards lowering inflation to its two percent goal.

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Speaker 2: Put all of that together, the ASEX two hundred valued

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Speaker 2: an new high.

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Speaker 1: All right, so a rate cut in the US and

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Speaker 1: here should help corporate earnings, hence the rally. Understand all

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Speaker 1: of that beyond markets, sean, no doubt, has some political

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Speaker 1: implications as well.

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Speaker 2: Yes, very good question. I'd guarantee that Prime Minister Anthony

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Speaker 2: Albernezi is hoping for rate cut ahead of announcing any

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Speaker 2: federal poll, which must be held by May next year.

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Speaker 2: The cost of living crisis is hurting every day Australians.

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Speaker 2: It's also hurting voters view of the government. So a

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Speaker 2: rate cut would definitely be welcomed by Labor. Same deal

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Speaker 2: in the US, no doubt. Carm La Harris the incumbent, well,

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Speaker 2: Joe Biden's the incumbent, but the Democrats of the incumbent,

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Speaker 2: no doubt Carmla Harris would love a rate cut in

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Speaker 2: the world's biggest economy before November. What's interesting in your question, Michael,

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Speaker 2: is actually the first part. The theory says lower rates

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Speaker 2: means reducing pressures on corporate and household balance sheets fair

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Speaker 2: enough that should boost earnings and share markets. In practice,

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Speaker 2: that actually hasn't always been the case. When monetary policy

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Speaker 2: cycles have turned and you've ended up with these sustained

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Speaker 2: cuts in rates, it might be that rates are being

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Speaker 2: cut because economies are slowing sharply. That's bad for earnings. Currently,

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Speaker 2: there's also all this geopolitical risk around the place, especially

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Speaker 2: around the Middle East, there's growing skepticism about short term

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Speaker 2: returns from artificial intelligence. Markets already highly valued. We're talking

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Speaker 2: about the market being at a record high just as

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Speaker 2: we head into earning season. So theoretically, yes, all this

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Speaker 2: should mean high markets, but I wouldn't put the money

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Speaker 2: on it.

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Speaker 1: I just love that just as I feel like I'm

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Speaker 1: getting a handle on something, I feel like I've been

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Speaker 1: absorbing enough from you over the last few years that

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Speaker 1: I'm like, yeah, I can make an assumption here and

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Speaker 1: put this out there. Then all of a sudden you

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Speaker 1: just come in with Well, in theory, that might be right,

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Speaker 1: but in practice it doesn't always happen. Okay, it is,

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Speaker 1: Thanks for that show. You've just set my education back

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Speaker 1: about three years.

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Speaker 2: But that's how that's why we have trillions of dollars

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Speaker 2: in share markets. We knew what was going to happen. Wow,

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Speaker 2: we wouldn't be here having a Fear and Greed podcast,

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Speaker 2: wouldn't they.

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Speaker 1: That's a very good point. Now. The market local market

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Speaker 1: obviously hit a new high yesterday, up zero point three percent.

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Speaker 1: Which stocks did best well.

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Speaker 2: There are a bunch of stocks that were doing okay,

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Speaker 2: only to fade later in the day. National Australia Bank,

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Speaker 2: for example, end of the day down more than one percent.

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Speaker 2: Comwealth Bank was off zero point seven percent. It was

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Speaker 2: really the tech stocks and real estate investment trust that

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Speaker 2: did best. Goodman Group jumped three point six percent. Zero

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Speaker 2: was up two percent. Rio, following its bumper prof on Wednesday,

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Speaker 2: jumped two percent, while Woodside and Woollies also did well.

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Speaker 2: At corporate news around yesterday, Australian Indigenous leader, social advocate

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Speaker 2: and lawyer Noel Pearson has joined the board of iron

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Speaker 2: Ore Minor Fortescue as a non executive director. Australia's competition

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Speaker 2: watchdogs said it won't oppose Louis Dreyfuss's proposed acquisition of

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Speaker 2: Namoi Cotton, despite concerns the deal could lessen competition in

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Speaker 2: the supply of cotton ginning services in the North of

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Speaker 2: Western Australia and Northern Territory. One of your favorite industries

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Speaker 2: ginning services and then always share price jump six percent

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Speaker 2: and defense technology group drone Shield completed a one hundred

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Speaker 2: and twenty million dollar capital raise. It started trading again

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Speaker 2: at share price fell fifteen percent.

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Speaker 1: Sewan International markets now thanks to blue chip communication the

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Speaker 1: experts helping financial services companies, market, communicate and grow. Visit

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Speaker 1: blue chip communication, dot com, dot AU. I would ask

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Speaker 1: you just basically, based on what the US FED said

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Speaker 1: about rates about I would make some assumptions about what

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Speaker 1: the implications of that would be. But I'm over making

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Speaker 1: assumptions now. I feel like I feel like I have

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Speaker 1: just been been put back in my box.

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Speaker 2: Well, this is a fair point because some commodities, well,

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Speaker 2: you would think commodities would do well. You would think

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Speaker 2: because the idea of cunning interest jasy. You're boosting activity,

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Speaker 2: you're boosting growth in major economies. That should help commodities. Say,

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Speaker 2: copper was higher on and all was higher. Oil was

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Speaker 2: also higher, but it didn't have much to do with

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Speaker 2: interest rates. That's more about the tension in the Middle East.

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Speaker 2: You see.

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Speaker 1: God, just today is just one of those days that

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Speaker 1: just throws everything out, Like you just assume that things

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Speaker 1: are going to go one way, and instead it's a

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Speaker 1: whole bunch of different kind of factors all combining. I'm

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Speaker 1: just going to sit back and just let you talk

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Speaker 1: for a bit.

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Speaker 2: Ah. Well, yeah, see, Well, the Aussie dollars back above

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Speaker 2: sixty five yeways says a couple of things I do

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Speaker 2: want to talk about Japan. We don't talk a lot

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Speaker 2: about Japan, but it's still the world's third or fourth

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Speaker 2: largest economy and kind of dukes that one out with

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Speaker 2: Germany behind the US and China. Really important for Australia

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Speaker 2: because we sell lots of coal and iron ore and

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Speaker 2: aluminium and beef to Japan. Now, earlier in the week

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Speaker 2: the Japan lifted the benchmark interesst rate to zero point

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Speaker 2: twenty five percent. We mentioned that Japan's had languagest rates

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Speaker 2: not for the last couple of years, for about twenty

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Speaker 2: five years. I mean it's even had negative interest rates.

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Speaker 2: Suddenly rates are rising. That's pushed up the value of

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Speaker 2: ven not necessarily good for Aussie holiday makers, but good

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Speaker 2: for people selling stuff to Japan. It's also pushed down

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Speaker 2: the Nike stock average, that's the market over there. So

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Speaker 2: plenty going on in Japan, and it is a powerhouse economy.

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Speaker 2: It's just that because it's been in the doldrums and

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Speaker 2: low interest rates for years and years and years, we

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Speaker 2: don't really focus much on it. But if that decides

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Speaker 2: to start growing and buying lots of stuff from Australia,

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Speaker 2: very good news for US also can't not mention Nvideo.

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Speaker 2: Its share price has been falling all week until yesterday.

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Speaker 2: In one session it jumped thirteen percent. That is three

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Speaker 2: hundred and twenty nine billion US dollars about five hundred

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Speaker 2: billion Bussie dollars. It smashed the best one day rise

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Speaker 2: in terms of value ever, which admittedly was record it's

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Speaker 2: set a few months back. But imagine that adding five

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Speaker 2: hundred billion dollars to your value in one set.

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Speaker 1: Yeah, that is extraordinary. Now, Sean, we've got a fair

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Speaker 1: bit still to get through. Quick mention of the interview though,

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Speaker 1: that you have coming up after the show an interesting one.

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Speaker 1: It's slightly different today. One of our supporters on Fear

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Speaker 1: and Greed is AHM Health Insurance, and today we're taking

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Speaker 1: a closer look at the health insurance industry. We are

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Speaker 1: speaking with Tim Bennett from Finder.

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Speaker 2: It's really fascinating. We talk about health insurance or private

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Speaker 2: health insurance, how that compares with our public medicare system,

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Speaker 2: who should be using it, whether there are anyone who

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Speaker 2: shouldn't need private health insurance, and then stuff about what

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Speaker 2: to look for when you're taking out cover the extras.

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Speaker 2: I must say I learned a lot in this interview

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Speaker 2: because private health insurance is one of those things you think,

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Speaker 2: I suppose I mean, and certainly as you get older

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Speaker 2: you definitely need it. But Tim had such in depth

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Speaker 2: knowledge about the sector itself, it was a really fascinating chat.

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Speaker 1: Yeah, and here's a real insurance expert kind of assessing

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Speaker 1: policies right across the sector. The entire kind sector as

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Speaker 1: an entirety, the entire sector as an entirety.

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Speaker 2: That last word, that's a.

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Speaker 1: New one for me, right, I'm not sure anyway. It

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Speaker 1: is a great interview which is coming up after the show,

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Speaker 1: so stick around for that one. Stick around as well,

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Speaker 1: because in a moment we'll be back with the rest

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Speaker 1: of the day's business news Shawn. Only five out of

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Speaker 1: nineteen closing the gap targets are on track, according to

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Speaker 1: the Productivity Commission, prompting Prime Minister Anthony Alberinezi to say

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Speaker 1: generational inequality for Indigenous Australians won't be solved overnight.

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Speaker 2: Mistrailmineasi said the government was still committed to closing the

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Speaker 2: gap targets, but change would not be immediate. According to

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Speaker 2: a report on AAP but advocates said Indigenous Australians were

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Speaker 2: somewhere between disappointed and frustrated at the lack of traction

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Speaker 2: in addressing the targets, with some saying approaches by the

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Speaker 2: federal government were not working. The Productivity Commission's annual data

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Speaker 2: compilation report released yesterday shows efforts to reduce rates of incarceration,

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Speaker 2: out of home care, and suicide are not on track

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Speaker 2: to hit specified targets. The most recent data show suicide

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Speaker 2: was the leading cause of death for Aboriginal and Torres

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Speaker 2: Strait Island of people aged fifteen to thirty nine, quite shocking.

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Speaker 2: As well, the Commission noted the life expectancy of Aboriginal

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Speaker 2: and Torres Strait Islander men is less than seventy two

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Speaker 2: years and seventy five point six years for women. For

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Speaker 2: non Indigenous people it's eighty one and eighty five point

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Speaker 2: three for women. However, some good news targets for healthy

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Speaker 2: birth weights, preschool enrollments, and Indigenous employment are heading towards

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Speaker 2: fulfillment by twenty thirty one.

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Speaker 1: Sean just on the topic of the Productivity Commission, yesterday

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Speaker 1: we released a bonus episode of Fear and Greed. We

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Speaker 1: do this every Tuesday and Thursday, called Ask Fear and Greed.

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Speaker 1: And one of our listeners by the name of Duncan

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Speaker 1: asked a question about the Productivity Commission and when the

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Speaker 1: Commission is putting out a lot of detailed reports into

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Speaker 1: some very kind of worthy topics, why a lot of

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Speaker 1: the recommendations aren't necessarily adopted, or why the Productivity Commission

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Speaker 1: and the government policy often seemed to be at loggerheads.

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Speaker 1: And you did a lot of research and looked into

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Speaker 1: this and kind of went into the history of the

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Speaker 1: Productivity Commission and how many times in the past the

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Speaker 1: recommendations have been adopted. It's a really interesting episodes, only

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Speaker 1: five minutes long. I would definitely recommend going back and

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Speaker 1: having a listen to it. It came out at midday yesterday.

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Speaker 2: Yeah. One of the great things about Ask Fear and

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Speaker 2: Greed is I get to sort of think about stuff

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Speaker 2: like the Productivity Commission and its role in society and

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Speaker 2: kind of whether it adds value or not. And that's

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Speaker 2: what this episode's all about. It's really interesting little well

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Speaker 2: I'm talking so maybe I shouldn't say it's interesting because

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Speaker 2: you should be the judge about yourself, but I found

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Speaker 2: it fascinating.

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Speaker 1: Yeah, So he's essentially saying that you found itself fascinating.

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Speaker 2: Yeah, I think so.

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Speaker 1: That sounds like the kind of thing I would say

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Speaker 1: on the weekend edition now Sean. Moving on, Federal Treasurer

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Speaker 1: Jim Chalmers has hinted that the Government is at least

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Speaker 1: considering injecting equity into the failed REX airline.

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Speaker 2: Essentially. Dr Chalmers said he wouldn't rule out intervening in

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Speaker 2: REX Regional Express after it went into administration on Tuesday night.

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Speaker 2: When asked an ABC's Radio National whether the Government would

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Speaker 2: take an equity stake in the embattled regional airline, Chalmers

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Speaker 2: said the Government was having serious conversations about all of

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Speaker 2: our options. Later in the day, Prime Minister Anthony Albernezi

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Speaker 2: suggested a reason for Rex's failure was due to its

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Speaker 2: attempt to break into the competitive Sydney Melbourne route. It

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Speaker 2: also emerged yesterday that REX asked E why the financial

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Speaker 2: services firm to conduct a review of its strategy months

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Speaker 2: before it went into administration.

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Speaker 1: Weight loss drug supplies in Australia are set to improve

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Speaker 1: dramatically as the company behind a zenpic prepares to provide

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Speaker 1: its version of the medication that's specifically designed for patients

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Speaker 1: seeking to shed killer.

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Speaker 2: Drug maker Nova nor disk decision to finally launch its

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Speaker 2: powerful wegovy medication in Australia resolves the prospect of supply

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Speaker 2: shortage in October, when chemists made versions of enzenpic were

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Speaker 2: scheduled to be banned. Until now, Australias have only been

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Speaker 2: able to buy limited supplies of zempic, which is officially

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Speaker 2: licensed as a diabetes treatment rather than for weight loss.

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Speaker 2: The Australian Financial Review is reporting that Novae nor Disc

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Speaker 2: is planning to begin offering its weight loss drug Wegovi

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Speaker 2: in Australia this month. Patients will need a prescription from

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Speaker 2: their doctor and the drug will not be on the

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Speaker 2: subsidized Pharmaceutical Benefits scheme. The cost is yet to be revealed. Now,

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Speaker 2: we Goovi comes in higher doses than Ozenpik that makes

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Speaker 2: it more effective for weight loss, and has been approved

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Speaker 2: by the Therapeutic Goods Administration since twenty twenty two, but

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Speaker 2: never sold in Australia.

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Speaker 1: Now, Albemarle, which is the world's largest lithium producer, will

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Speaker 1: cut three hundred jobs from its Australian operations and slow

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Speaker 1: down it reduction of the commodity.

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Speaker 2: Yesterday, the group said it will stop constructing the third

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Speaker 2: production unit at its Commergon facility south of Perth and

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Speaker 2: put the second unit into care and maintenance. Instead, it

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Speaker 2: will focus on ramping up Unit one within the lithium

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Speaker 2: hydroxide processing plant. It follows a sharp drop in lithium

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Speaker 2: spotameine prices, which are down eighty eight percent from the

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Speaker 2: peak in twenty twenty two. Western Australia has now lost

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Speaker 2: around seven thousand jobs in the nickel and lithium industries

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Speaker 2: since prices of both commodities started tumbling.

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Speaker 1: All right, turning to international news now, and Donald Trump

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Speaker 1: has questioned Vice President Carmala Harris's identity as a black

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Speaker 1: woman in front of an audience of black journalists, suggesting

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Speaker 1: his opponent for the presidency has adopted her racial profile

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Speaker 1: as a way to gain a political advantage.

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Speaker 2: In comments that were jeered by the audience, mister Trump said,

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Speaker 2: I quote, she was Indian all the way, and then

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Speaker 2: all of a sudden, she made a turn and she

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Speaker 2: became a black person. End quote. Now, Miss Harris's mother

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Speaker 2: is in American, her father is Jamaican. She's always identified

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Speaker 2: as a black woman. According to the New York Times,

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Speaker 2: she went to one of the most famous black universities

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Speaker 2: in the US. Mister Trump's remarks prompted gaps and jeers

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Speaker 2: from the audience at the National Association of Black Journalists

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Speaker 2: in Chicago. The former president's combative appearance was one of

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Speaker 2: the more unusual of the campaign so far, as he

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Speaker 2: sparred with reporters over diversity efforts, repeated falsehoods about a

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Speaker 2: range of subjects, and told the group that he was

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Speaker 2: the best president for the black population since Abraham Lincoln.

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Speaker 1: Sean I mentioned this one at the top of the show.

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Speaker 1: The alleged mastermind of the September eleven, two thousand and

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Speaker 1: one attacks on the US will be spared the death

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Speaker 1: penalty as part of a plea agreement that aims to

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Speaker 1: end years of legal wrangling over his treatment by the

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Speaker 1: CIA and interrogation under torture in Guantanamo Bay.

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Speaker 2: Fifty nine year old Colored Sheik Muhammad, who is accused

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Speaker 2: of plotting with the late alcaed Of founder Oshama bin

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Speaker 2: Laden to hijack planes and fly them into the World

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Speaker 2: Trade Center in Pentagon, will now receive a minimum sentence

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Speaker 2: of two nine hundred and seventy six years in a

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Speaker 2: military tribunal. According to a report in the Financial Times,

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Speaker 2: The Pentagon, which announced the plea deal, said it had

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Speaker 2: also reached agreements with two other defendants who were first

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Speaker 2: charged alongside Muhammad sixteen years ago. The exact terms of

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Speaker 2: their pleas were not disclosed by the US government, but

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Speaker 2: the trio are expected to plead guilty and avoid a

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Speaker 2: full trial. Muhammad was captured in two thousand and three

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Speaker 2: and Pakistan was held at CIA prisons before being sent

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Speaker 2: to Guantanamo Bay. The agency has since been found to

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Speaker 2: have subjected him to waterboarding, a form of torture, at

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Speaker 2: least one hundred and eighty three times.

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Speaker 1: Meta founder Mark Zuckerberg says strength in the group's core

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Speaker 1: advertising business will allow the company to continue spending heavily

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Speaker 1: on artificial intelligence next year and beyond, triggering an eight

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Speaker 1: percent jump in at share price.

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Speaker 2: The company's Meta AI chatbot was also on track to

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Speaker 2: become the most used AI assistant in the world by

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Speaker 2: the end of the year, mister Zuckerberg said went on

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Speaker 2: to say that while products such as chatbots would increase

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Speaker 2: engagement with Meta's platform, it would take years for the

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Speaker 2: monetization of any of those things by themselves. Revenue at

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Speaker 2: the social media group jump twenty two percent to thirty

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Speaker 2: nine billion dollars in the past three months. That was

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Speaker 2: better than expected. Net income at Meta, of course we're

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Speaker 2: talking Facebook, Instagram, what'sapp here roase seventy three percent to

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Speaker 2: thirty and a half billion dollars, also better than expected.

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Speaker 1: Up next is the Fear and Greed Daily interview with

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Speaker 1: Tim Bennett from.

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Speaker 2: Finder, all about private health insurance, Who needs it, when

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Speaker 2: you need it, what you should look for.

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Speaker 1: Yeah, it's a great chatter. Is up next to the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearangreed dot com dot au. Thank you, Sean, Thank you

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Speaker 1: very much.

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Speaker 2: Michael.

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Speaker 1: It is Friday, the second of August twenty twenty four.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.