1 00:00:02,800 --> 00:00:05,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:05,960 --> 00:00:08,720 Speaker 1: for Friday, the seventh of June twenty twenty four. Oh 3 00:00:08,720 --> 00:00:11,520 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:11,560 --> 00:00:13,920 Speaker 1: happened today that you need to know about. So let's 5 00:00:13,920 --> 00:00:16,840 Speaker 1: get going. Story number one. The S and PA is 6 00:00:16,960 --> 00:00:19,800 Speaker 1: X two hundred closed half of one percent higher today 7 00:00:19,880 --> 00:00:22,760 Speaker 1: to seven eight hundred and sixty points, a pretty solid 8 00:00:22,920 --> 00:00:25,479 Speaker 1: end to the week, really bringing gains across the last 9 00:00:25,520 --> 00:00:28,960 Speaker 1: five days to more than two percent. Consumer discretionary and 10 00:00:29,040 --> 00:00:31,160 Speaker 1: mining stocks did a lot of the heavy lifting today. 11 00:00:31,200 --> 00:00:33,200 Speaker 1: The big miners had a good one off the back 12 00:00:33,240 --> 00:00:37,160 Speaker 1: of higher iron ore prices. BHP closed one point one 13 00:00:37,200 --> 00:00:39,760 Speaker 1: percent higher, four to SQU was up one point three percent. 14 00:00:40,200 --> 00:00:42,400 Speaker 1: Similar story for the gold diggers. The price of the 15 00:00:42,400 --> 00:00:45,720 Speaker 1: precious metal was up in Newmont climbed nearly three percent, 16 00:00:45,840 --> 00:00:49,440 Speaker 1: Evolution Mining was up one point nine percent, and Regius 17 00:00:49,440 --> 00:00:53,240 Speaker 1: Resources closed up three and a half percent. IDP Education 18 00:00:53,520 --> 00:00:55,440 Speaker 1: was the best on the borse today, up more than 19 00:00:55,480 --> 00:00:58,640 Speaker 1: six point two percent. Commonwealth Bank, NAB and A and 20 00:00:58,720 --> 00:01:01,400 Speaker 1: Z were all up about half one percent. The only 21 00:01:01,480 --> 00:01:04,880 Speaker 1: sector to go backwards today was technology, and even then 22 00:01:04,920 --> 00:01:07,920 Speaker 1: it was only just in the red. The worst performer 23 00:01:08,080 --> 00:01:10,440 Speaker 1: was tech company Life three sixty. I'll have a bit 24 00:01:10,440 --> 00:01:12,720 Speaker 1: more on that one later. Over All, though, a pretty 25 00:01:12,720 --> 00:01:15,559 Speaker 1: good day for local markets. Onto story number two now 26 00:01:15,600 --> 00:01:19,240 Speaker 1: and the fallout from Chair of nine Entertainment and former 27 00:01:19,280 --> 00:01:23,760 Speaker 1: Federal Treasurer Peter Costello seemingly pushing a journalist, continues with 28 00:01:23,920 --> 00:01:27,240 Speaker 1: current Federal Treasurer Jim Chalmers, who of course comes from 29 00:01:27,240 --> 00:01:29,760 Speaker 1: the other side of the political fence, saying it is 30 00:01:29,920 --> 00:01:33,480 Speaker 1: important that journalists are treated with respect. Even the Deputy 31 00:01:33,560 --> 00:01:36,360 Speaker 1: Leader of the Liberal Party, Susan Lee, weighed in saying 32 00:01:36,400 --> 00:01:38,759 Speaker 1: it was important journalists were allowed to do their jobs. 33 00:01:38,959 --> 00:01:41,240 Speaker 1: The incident, which is of course all over the Internet, 34 00:01:41,480 --> 00:01:45,000 Speaker 1: shows a journalist from The Australian pestering mister Costello with 35 00:01:45,120 --> 00:01:49,560 Speaker 1: questions about nine management as he was walking through Canberra Airport. 36 00:01:49,880 --> 00:01:53,080 Speaker 1: Mister Costello then appears to veer into the reporter, who 37 00:01:53,120 --> 00:01:56,760 Speaker 1: falls over while still filming. Others at the airport alleged 38 00:01:56,800 --> 00:02:00,880 Speaker 1: to the Nine chair deliberately shoved the journalists. Costello today 39 00:02:00,920 --> 00:02:03,800 Speaker 1: said the journalist was walking backwards asking him questions and 40 00:02:03,880 --> 00:02:06,760 Speaker 1: he ran into an advertising placard. Now, the board of 41 00:02:06,840 --> 00:02:10,720 Speaker 1: nine was due to meet today anyway to discuss other matters. 42 00:02:11,080 --> 00:02:13,600 Speaker 1: I'm guessing there might have been a late addition to 43 00:02:13,680 --> 00:02:17,480 Speaker 1: the agenda for that meeting. Story number three. Immigration Minister 44 00:02:17,560 --> 00:02:20,919 Speaker 1: Andrew Giles has stepped up the extent to which community 45 00:02:21,040 --> 00:02:24,440 Speaker 1: safety needs to be considered in visa directions with new rules. 46 00:02:24,720 --> 00:02:28,520 Speaker 1: The new order, known as Direction one ten, will require 47 00:02:28,600 --> 00:02:30,800 Speaker 1: more weight to be given to safety and the impact 48 00:02:30,840 --> 00:02:34,239 Speaker 1: on family violence victims when visa decisions are made. Community 49 00:02:34,280 --> 00:02:36,720 Speaker 1: safety is included as a key principle of the decision 50 00:02:36,760 --> 00:02:39,880 Speaker 1: making framework for visa applications under the new direction, and 51 00:02:40,000 --> 00:02:43,480 Speaker 1: elevates the impact on victims of family violence and their 52 00:02:43,520 --> 00:02:48,000 Speaker 1: families into a primary consideration. Mister Giles says the Administrative 53 00:02:48,000 --> 00:02:51,120 Speaker 1: Appeals Tribunal has been making visa decisions that do not 54 00:02:51,240 --> 00:02:55,519 Speaker 1: prioritize community safety enough. He said he has canceled forty 55 00:02:55,639 --> 00:02:58,880 Speaker 1: visas in the national interest since the start of last week. 56 00:02:59,360 --> 00:03:02,320 Speaker 1: Story number before Life three sixty I mentioned it earlier. 57 00:03:02,360 --> 00:03:06,320 Speaker 1: This is the ASX listed developer of family social media apps, 58 00:03:06,320 --> 00:03:09,880 Speaker 1: debuted on the Nasdaq overnight and closed at its listing 59 00:03:09,919 --> 00:03:13,040 Speaker 1: price of twenty seven US dollars. The shares opened at 60 00:03:13,120 --> 00:03:15,800 Speaker 1: twenty six US dollars each, but recovered by the end 61 00:03:15,800 --> 00:03:18,280 Speaker 1: of the session, according to The Financial Review, The San 62 00:03:18,320 --> 00:03:21,840 Speaker 1: Francisco based company, which makes a popular daily tracking app 63 00:03:21,880 --> 00:03:26,200 Speaker 1: and owns Bluetooth tracking device brand Tile, sold three point 64 00:03:26,200 --> 00:03:30,480 Speaker 1: seven million shares to raise one hundred million US dollars. Locally, 65 00:03:30,639 --> 00:03:33,079 Speaker 1: Life three sixties share prices up nearly one hundred percent 66 00:03:33,160 --> 00:03:36,840 Speaker 1: this year. Chief executive Chris Hulls said the Nasdaq listing 67 00:03:36,920 --> 00:03:39,640 Speaker 1: was needed to help the under the radar consumer tech 68 00:03:39,680 --> 00:03:42,880 Speaker 1: company lift its profile in the United States and help 69 00:03:42,920 --> 00:03:46,720 Speaker 1: the company raise capital to fund bigger acquisitions in the future. 70 00:03:47,080 --> 00:03:49,880 Speaker 1: On the local market, though, Life three sixty closed down 71 00:03:50,160 --> 00:03:53,720 Speaker 1: nearly seven percent and finally story number five. The European 72 00:03:53,760 --> 00:03:56,440 Speaker 1: Central Bank last night became the second central bank in 73 00:03:56,600 --> 00:03:59,280 Speaker 1: just twenty four hours to cut interest rates, behind the 74 00:03:59,280 --> 00:04:02,800 Speaker 1: Bank of Kenady. Yesterday, the ECB lowered the benchmark rate 75 00:04:02,840 --> 00:04:06,240 Speaker 1: by twenty five basis points, saying the inflation outlook has 76 00:04:06,360 --> 00:04:11,080 Speaker 1: improved markedly. President Christine Legarde said there is a strong 77 00:04:11,280 --> 00:04:13,880 Speaker 1: likelihood that the central Bank is shifting into a dialing 78 00:04:13,960 --> 00:04:17,200 Speaker 1: back phase, even though inflation will stay above the target 79 00:04:17,279 --> 00:04:19,920 Speaker 1: range for the next twelve months. The shift in Canada 80 00:04:19,960 --> 00:04:22,880 Speaker 1: and Europe marks the official end of the global rate 81 00:04:23,000 --> 00:04:26,920 Speaker 1: hiking cycle, which emerged along with COVID. The RBA is, 82 00:04:26,960 --> 00:04:30,440 Speaker 1: of course, unlikely to cut interest rates anytime soon, with 83 00:04:30,560 --> 00:04:32,640 Speaker 1: the first reduction possible at the end of the year. 84 00:04:33,080 --> 00:04:36,040 Speaker 1: That's it for the afternoon report for Friday, the seventh 85 00:04:36,080 --> 00:04:39,119 Speaker 1: of June twenty twenty four. We'll be back tomorrow morning 86 00:04:39,160 --> 00:04:42,080 Speaker 1: with the weekend edition of Fear and Greed. I'm Michael Thompson. 87 00:04:42,279 --> 00:04:43,040 Speaker 1: Enjoy your evening.