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Speaker 1: Welcome to fear and greed business news you can use Today.

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Speaker 1: A mega mining merger and China fears trigger a massive

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Speaker 1: sell off in local mining companies, but the big banks

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Speaker 1: save the day. Apple launches a new super slim iPhone

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Speaker 1: and Oracles Larry Ellison on track to pip Elon Musk

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Speaker 1: as the world's richest person. Plus the federal government spends

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Speaker 1: up big on underwater drones and housing affordability tumbles. It

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Speaker 1: is Thursday, the eleventh of September twenty twenty five. I'm

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Speaker 1: Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Sewn.

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Speaker 1: The main story this morning, there's been a massive sell

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Speaker 1: off in commodity stocks, with folds across the mining companies

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Speaker 1: yesterday on the back of a mega mining merger. Now

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Speaker 1: it happened even though gold is trading around a record

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Speaker 1: high and iron ore prices are at six month highs.

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Speaker 2: Yes, even that good news for Australian stocks couldn't stop

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Speaker 2: the selling big going on. First, lithium miners led the

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Speaker 2: losses across the moors on news that China's a Chinese

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Speaker 2: company Contemporary Emperors Technology is about to resume production at

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Speaker 2: a lithium mine now. It had halted last month due

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Speaker 2: to a license expiry. Our lithium minus searched well, it's

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Speaker 2: back in business now. More supply from China puts pressure

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Speaker 2: on the price of the medal. That doesn't help our

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Speaker 2: local share market. So Linetown down eighteen percent yesterday, Pilbrim

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Speaker 2: Mineral seventeen percent, IG fourteen percent, Mineral Resources six percent.

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Speaker 2: That is a big sell off in that sector. There

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Speaker 2: was also bad news from rare arts producer at Luka.

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Speaker 2: The company will halt production at one of its mines

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Speaker 2: in Western Australia from December. That's judas of due demand

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Speaker 2: for mineral cents. Its share price is down fourteen percent.

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Speaker 2: Let's shift to the big miners BHP and Rio Tinto.

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Speaker 2: They dropped despite iron ore prices topping one hundred and

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Speaker 2: seven US dollars per ton for the first time in

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Speaker 2: about six months. They fell because investors are digesting the

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Speaker 2: merger of Anglo American with Canada's tech resources. That will

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Speaker 2: create a major new player, potentially the biggest miner in

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Speaker 2: the world. Of course, BHP is the biggest miner in

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Speaker 2: the world at the moment. Even the gold companies couldn't

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Speaker 2: be saved. The precious metal might be at a record high,

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Speaker 2: but the major gold stocks think Northern Star, of Bellevue Gold,

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Speaker 2: Perseus Mining were all sold off.

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Speaker 1: Sean just on the lifting of mine in China. It

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Speaker 1: is a fascinating story, that one, because and we talked

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Speaker 1: a fair bit about it last month when the mine

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Speaker 1: was shut down because it was shut down because there

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Speaker 1: was an expired license. And this thing is absolutely massive,

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Speaker 1: run by the biggest the biggest kind of EV battery

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Speaker 1: maker in the world. But it was so important and

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Speaker 1: so critical that there were even reports of traders flying

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Speaker 1: drones over the mine looking for any change in production

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Speaker 1: to see if any of the conveyor belts were moving,

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Speaker 1: which I just thought was just incredible. And obviously the

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Speaker 1: fact that they were supposed to be offline for three

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Speaker 1: months and it's coming back online early major impact on

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Speaker 1: Lithian prices and then the local market then too. Now,

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Speaker 1: notwithstanding the selloff in commodity markets, the local boss, the

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Speaker 1: s and PA Sex two hundred still ended the day higher.

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Speaker 1: It was the banks to the rescue.

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Speaker 2: Ah, we used to have the banks to the rescue

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Speaker 2: all the time. But I reckon I over the last

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Speaker 2: six months or so. We just don't say this quite

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Speaker 2: as much. The big four banks Comonwealth Bank, National Australia Bank,

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Speaker 2: Westpac and ain Z all jump by around one and

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Speaker 2: a half percent. That was enough to push the boss higher,

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Speaker 2: and FED was up zero point three percent to close

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Speaker 2: it eight eight hundred and thirty. National Australia Bank joined

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Speaker 2: ain Z yesterday in cutting jobs, saying it will reduce

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Speaker 2: its technology headcount by four hundred. Remember on Tuesday A

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Speaker 2: and Z said it was going to cut three and

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Speaker 2: a half thousand jobs. I think, I mean, I've been

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Speaker 2: away for four weeks, as you know, Michael, I was

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Speaker 2: just checking out how the market has done this year.

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Speaker 2: It's up eight percent in twenty twenty five. It's really

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Speaker 2: been a good year so far. We've still got, you know,

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Speaker 2: a third of the year to go.

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Speaker 1: Yeah, yeah, we do. And I mean just that the

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Speaker 1: last month has been so strange, the extraordinary swings in

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Speaker 1: share prices, where companies were reporting their results and all

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Speaker 1: of a sudden the share price would be off by

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Speaker 1: twenty twenty five percent or up by twenty or twenty

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Speaker 1: five percent. It was the most extraordinary period. And the

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Speaker 1: fact that the market is still up so much for

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Speaker 1: the year, staggering.

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Speaker 2: And we're still less than one percent off its all

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Speaker 2: time high. Yeah, so the market is still doing really well.

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Speaker 1: Yeah, certainly is. Now let's talk politics show on. The

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Speaker 1: federal government will spend one point seven billion dollars building

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Speaker 1: a fleet of AI controlled underwater drones over the next

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Speaker 1: five years, which sounds like something out of science fiction,

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Speaker 1: doesn't it, But it does. The government insists this has

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Speaker 1: nothing to do with the demand by the Trump administration

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Speaker 1: for Australia to increase its defense budget, as Sir.

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Speaker 2: Richard Miles said, Australia was holding the line against US

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Speaker 2: demands that Australia lift its defense budget to three and

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Speaker 2: a half percent of GDP, up from the current level

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Speaker 2: of just above two percent. But notwithstanding that, as comments,

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Speaker 2: Australia has increased spending, including yesterday's announcement and a one

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Speaker 2: point six billion dollar contributions so far to enhance the

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Speaker 2: production of submarines in the US and the provision of

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Speaker 2: more than one hundred personnel who will learn how to

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Speaker 2: maintain the vessels at the base in Hawaii. Notably, the

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Speaker 2: latter two are directly beneficial to the US. Maybe we

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Speaker 2: should be reading between the lines there. Yesterday Prime Minister

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Speaker 2: Anthony Albanez, who also noted Australia's commitment to upgrading the

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Speaker 2: Henderson Naval Base in Western Australia to host US subs

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Speaker 2: from twenty twenty seven onwards, as well as the rotation

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Speaker 2: of US marines and aircraft through Darwin. I think we

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Speaker 2: know what he's getting at. The Ghost Shark program, funded

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Speaker 2: from the existing defense budget, will result in the construction

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Speaker 2: of more than two dozen drones over the next five

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Speaker 2: years at the Sydney plant owned by US Company andrel Australia.

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Speaker 1: Sean, you glossed over it very quickly, but the name

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Speaker 1: of the program, the ghost Shark program, pretty cool. Who

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Speaker 1: Ever came up with that definitely deserves a pay rise.

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Speaker 1: That is some top notch program naming. Okay, let's take

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Speaker 1: a very quick break. We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Sean. While

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Speaker 1: the government is working to make it easier for first

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Speaker 1: home buyers to enter the market, higher prices are making

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Speaker 1: it more and more difficult to actually afford a house.

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Speaker 1: This is according to a new report from Domain.

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Speaker 2: Affordable homes are essentially becoming unaffordable houses priced in the

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Speaker 2: twenty fifth percentile typically purchased by first home buyers, have

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Speaker 2: increased in price at a greater rate than premium houses

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Speaker 2: those in the seventy fifth percentile across most major capitals

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Speaker 2: since twenty twenty two. So the cheaper homes are becoming

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Speaker 2: relatively more expensive than the expensive homes. It's happening across

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Speaker 2: the country, but especially in the hot spots of recent

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Speaker 2: years Perth, Adelaide and Brisbane. The Domain report says the

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Speaker 2: time to save for a home deposit is now over

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Speaker 2: eight years, up from six years in the early two thousands,

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Speaker 2: though the government policy reducing the need for a large

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Speaker 2: deposit for first home buyers will certainly help that issue.

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Speaker 2: For the first home buyers. At least, mortgage repayments now

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Speaker 2: make up fifty four percent of household income, a twenty

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Speaker 2: year high. It doesn't leave a lot of money for

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Speaker 2: anything else, No.

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Speaker 1: It doesn't. I've included a table in today's newsletter, the

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Speaker 1: Fear and Greed newsletter Sean, and it is from that

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Speaker 1: Domain data, and it shows that over sixty eight percent

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Speaker 1: of the population born between nineteen forty seven and nineteen

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Speaker 1: fifty one. Right, So an entirely different generation owned a

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Speaker 1: home by the age of say thirty. Today only fifty

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Speaker 1: percent of people in that same age group age thirty

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Speaker 1: to thirty four owner home. So it's gone from sixty

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Speaker 1: eight percent down to fifty percent. And you can actually

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Speaker 1: see it tracked around the country in different markets where

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Speaker 1: it's slightly higher and some surprise surprise, Sydney in particular,

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Speaker 1: where that that percentage is much much lower than the

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Speaker 1: national average. So it is just yeah, it is a big,

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Speaker 1: big challenge housing affordability. Now, we talked a little bit

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Speaker 1: about the Prime Minister before. Anthony Albanezi is visiting Pacific

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Speaker 1: nations at the moment, and yesterday a deal was done

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Speaker 1: for Australia and Fiji to negotiate a new bilateral security treaty.

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Speaker 2: Fijian Prime Minister instead of any Rabuka recently rate to

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Speaker 2: alb and Easy to propose negotiating the deal. The PM

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Speaker 2: endorsed the idea yesterday. It comes a day after Vanawatu

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Speaker 2: decline to sign a deal with Australia which would have

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Speaker 2: involved five hundred million dollars of ossie spending. Now, the

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Speaker 2: reason that they declined to sign it was on the

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Speaker 2: back of wording around infrastructure deals in what that meant

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Speaker 2: for the Pacific nation's relationship with China. Yesterday, Foreign Minister

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Speaker 2: Penny wants at Australia's determined to restore its status as

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Speaker 2: a partner of choice for Vanawatu. Now turning to the

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Speaker 2: other side of politics, Michael Opposition leader Susan Lee has

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Speaker 2: sacked to sin to Nampajimpa Price from the Shadow cabinet

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Speaker 2: after the outspoken senator refused to endorse Lee's leadership. Speaking

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Speaker 2: in Tasmania last night, Lee said serving in the shadow

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Speaker 2: ministry as a privilege and it is a requirement to

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Speaker 2: have confidence in the leadership and Senator Price had failed

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Speaker 2: that test now. Earlier yesterday, Price defied calls to apologize

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Speaker 2: for her previous comments on Indian migration. When asked by

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Speaker 2: reporters if she supported Lee's leadership, Price pretty much avoided

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Speaker 2: the question by saying it was a matter for our

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Speaker 2: party room. Last night, Lee reiterated that Price's comments about

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Speaker 2: Indian migration were wrong and should not have been made,

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Speaker 2: criticizing her for not apologizing. After the Price might consider

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Speaker 2: returning to the Nationals. Remember, she left just a few

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Speaker 2: months ago to joined the liberals. Immediately after the last election,

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Speaker 2: Lee said it was a matter for her to consider,

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Speaker 2: but she was still welcome in the liberal party room.

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Speaker 2: Price had held the portfolio of defense, industry and personnel.

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Speaker 1: Now, recent interest rate cuts and expectations of further cuts

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Speaker 1: has pushed the real return on many savings accounts. That's

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Speaker 1: taking inflation into account down to zero or even less.

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Speaker 2: Sean yes, so the average bank term deposit rate now

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Speaker 2: sits at two point eighty five percent, down from three

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Speaker 2: point twenty five percent according to the Reserve Bank. For

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Speaker 2: one year bank term deposits, you're getting about three point

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Speaker 2: six the lowest in October twenty two. Three year you

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Speaker 2: getting about two point nine to five. Online savings accounts,

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Speaker 2: so they're more transaction accounts are getting about one point

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Speaker 2: three percent. That's the lowest in nearly three years. According

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Speaker 2: to Michael Kordari from Cordari Securities. The point here inflation

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Speaker 2: is running about two and a half percent, So if

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Speaker 2: you're getting one point three percent on your online savings account,

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Speaker 2: your real return is actually going backwards. Now most of

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Speaker 2: us use term deposits to invest rather than your online

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Speaker 2: savings account. So even if the three year term deposit at

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Speaker 2: two point ninety five percent versus two and a half

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Speaker 2: percent or thereabouts. You're hardly going forwards if you're using

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Speaker 2: term deposits at the moment.

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Speaker 1: Okay, turning to international news now and Poland has condemned

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Speaker 1: a Russian drone incursion as an active aggression, saying it's

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Speaker 1: military shot down some of the objects that entered its

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Speaker 1: airspace from neighboring Ukraine.

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Speaker 2: The Polish military said the Russian Federation undertook an unprecedented

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Speaker 2: violation of Polish airspace by drone type objects. On exit

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Speaker 2: said this is an active aggression that posed a real

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Speaker 2: threat to the safety of our citizens. It's the first

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Speaker 2: known time that the Polish military has engaged with Russia

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Speaker 2: since the beginning of the Ukraine War. Of course, Poland

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Speaker 2: borders Ukraine. The incursion prompted authorities to close the airspace

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Speaker 2: over parts of the country, including the main international airport

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Speaker 2: in Warsaw. According to a report on Bloomberg.

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Speaker 1: Apple Sean has launched a new slim line iPhone air

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Speaker 1: It's the biggest change to the look of its flagship

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Speaker 1: product in years. As the tech giant, and this was interesting.

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Speaker 1: It actually held smartphone prices steady despite a fair amount

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Speaker 1: of pressure from US trade disruption.

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Speaker 2: Chief executive Tim Cook described the iPhone Air, which is

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Speaker 2: five point six millimeters thick, features a single camera on

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Speaker 2: the back, and is packed with Apple's own custom chips,

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Speaker 2: as the biggest sleep ever for iPhone. The creation of

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Speaker 2: a thinner version of the smartphone, which still accounts for

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Speaker 2: about half of Apple's four hundred billion dollars in annual revenue,

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Speaker 2: follows the introduction of slim, lower cost air models for

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Speaker 2: the MacBook and iPad in recent years. The basic look

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Speaker 2: of the iPhone hasn't changed significantly over at recent times,

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Speaker 2: and customers have been slower to update to the latest devices.

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Speaker 2: Apple's hoping iPhone Air, which goes and saale later this

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Speaker 2: month at a starting price of US nine one hundred

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Speaker 2: and ninety nine dollars, can inspire consumers to upgrade their devices.

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Speaker 2: According to the FT, Samsung, Apple's biggest competitor in the US,

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Speaker 2: at least, launched its own slim smartphone, the S twenty

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Speaker 2: five in May. The rivals like Huawei and China have

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Speaker 2: pushed into thinner foldable phones that open up in tablet

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Speaker 2: sized screens. A lot of debate about whether what Apple

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Speaker 2: has done in the past thirty six hours or so

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Speaker 2: is the beginning of Apple moving into foldable, tablet sized screens.

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Speaker 2: You know a lot more about this one than I did, Michael.

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Speaker 1: I had a great chat for today's Fear and Greed

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Speaker 1: Q and A speaking to Stephen Fennick, the editor of

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Speaker 1: tech guide dot Com TODAU. It's kind of our go

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Speaker 1: to guy for any tech related questions, good Man, and

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Speaker 1: he's analyzed all of the announcements from Apple, and basically

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Speaker 1: I put to him the question is what was announced yesterday?

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Speaker 1: Is it enough to justify the investment? If you're thinking

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Speaker 1: about a phone? Is this actually enough? Is there enough

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Speaker 1: new stuff in here? Is the tech good enough? Are

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Speaker 1: there enough big changes to justify handing over two thousand

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Speaker 1: dollars or even more so? It's an interesting analysis and

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Speaker 1: without spoiling it too much, generally yes, sometimes no, there

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Speaker 1: you go. How's that for edging a little bit?

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Speaker 2: That's teas.

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Speaker 1: Yeah, I'm going to have to listen to it now

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Speaker 1: epic teas Now. Finally, Sean Oracle boss Larry Ellison is

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Speaker 1: closing in on Elon Musk for the title of the

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Speaker 1: world's richest person after the software group reported very strong

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Speaker 1: quarterly results, sending a share price up a casual thirty percent.

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Speaker 2: Allison's now worth three hundred and sixty four billion US dollars,

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Speaker 2: within striking distance of Musk, who sits at three hundred

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Speaker 2: and eighty four billion US dollars according to the Bloomberg

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Speaker 2: Billionaires Index. The eighty one year old Ellison co founded Oracle.

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Speaker 2: He's now chairman and chief technology officer. Most of his

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Speaker 2: worth is tied up in the database software company. Oracles shares,

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Speaker 2: which had already gained forty five percent this year, swed

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Speaker 2: almost thirty percent in extended training trading after the company

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Speaker 2: posted a big increase in bookings and gave an aggressive

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Speaker 2: outlook for its cloud infrastructure busines. This is all about

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Speaker 2: AI and the big AI players like Chat, GPT, Open

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Speaker 2: Ai wanting Oracles cloud infrastructure. The jump in at share

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Speaker 2: price was the biggest for Oracle since nineteen ninety nine.

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Speaker 2: Hence Larry Ellison plenty of shares in Oracle. He's closing

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Speaker 2: in on Elon Mask. In contrast, Telstra shares are down

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Speaker 2: about fourteen percent this year, whereas Oracles are up far

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Speaker 2: far more.

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Speaker 1: All right, coming up next, As I mentioned, Fear and

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Speaker 1: Greed Q and A with Stephen Fenick, all about the

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Speaker 1: new iPhones and why don't you do yourself a favor?

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Speaker 1: Head along to Fear and Greed dot com dot au

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Speaker 1: and sign up for the Fear and Greed Daily newsletter.

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Speaker 1: It comes out every morning by six am and at

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Speaker 1: Scott all of the headlines, everything you need to know

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Speaker 1: for the day, really, isn't that right?

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Speaker 2: Absolutely everything you need to know, and a bit of

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Speaker 2: commentary as well, a bit of fun tables, all sorts

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Speaker 2: of things.

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Speaker 1: Yeah, and it on. It takes about three minutes to read.

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Speaker 1: I'll put a link in today's show notes as well

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Speaker 1: to make it really easy to sign up. Thank you

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Speaker 1: very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Thursday, the eleventh of September twenty twenty five.

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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.