1 00:00:03,840 --> 00:00:06,720 Speaker 1: It's Wednesday, the twenty third of October twenty twenty four. 2 00:00:06,880 --> 00:00:09,640 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,680 --> 00:00:11,600 Speaker 1: where we give you the top five business stories you 4 00:00:11,640 --> 00:00:14,160 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,160 --> 00:00:15,600 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,840 --> 00:00:17,920 Speaker 2: Good morning Michael, Sean. 7 00:00:18,000 --> 00:00:21,280 Speaker 1: Five stories in five minutes. Let's get cracking. Story number one. 8 00:00:21,480 --> 00:00:24,480 Speaker 1: Professional investors are pushing out the timing of an interest 9 00:00:24,560 --> 00:00:27,960 Speaker 1: rate cut in Australia towards the middle of next year, 10 00:00:28,040 --> 00:00:30,200 Speaker 1: and that is hitting the local share market. 11 00:00:30,560 --> 00:00:32,920 Speaker 2: You might think there's nothing exciting about bond yields, but 12 00:00:33,040 --> 00:00:36,080 Speaker 2: in times like this, they're the things that big investors 13 00:00:36,200 --> 00:00:38,640 Speaker 2: use to predict what's going to happen to interest rates, 14 00:00:38,720 --> 00:00:40,839 Speaker 2: and it isn't great news for those wanting a rate cut. 15 00:00:40,880 --> 00:00:43,400 Speaker 2: A little over a month ago, big investors at priced 16 00:00:43,440 --> 00:00:45,960 Speaker 2: in a rate cut this year. Now bond yields have risen, 17 00:00:46,400 --> 00:00:49,080 Speaker 2: it suggests the first rate cut might not be until 18 00:00:49,120 --> 00:00:52,120 Speaker 2: May next year. There's a sense that the Australian economy 19 00:00:52,159 --> 00:00:54,800 Speaker 2: isn't slowing fast enough to get inflation down to the 20 00:00:54,840 --> 00:00:58,960 Speaker 2: Reserve banks preferred two to three percent target. Also, US 21 00:00:59,040 --> 00:01:02,960 Speaker 2: investors Well, they're worried that the US economy is better 22 00:01:03,120 --> 00:01:05,399 Speaker 2: or stronger than they thought, that rate cuts in that 23 00:01:05,480 --> 00:01:09,120 Speaker 2: economy won't come down as fast as they thought. The 24 00:01:09,200 --> 00:01:11,959 Speaker 2: bottom line, Reserve Bank might have to keep rates higher 25 00:01:12,120 --> 00:01:14,560 Speaker 2: for longer. It's been four years since the Reserve Bank's 26 00:01:14,640 --> 00:01:17,200 Speaker 2: last cut interest rates. That was in the COVID years. 27 00:01:17,240 --> 00:01:20,360 Speaker 2: Of course, right now interest rates are at twelve year highs. 28 00:01:20,560 --> 00:01:22,640 Speaker 1: All right, so there's plenty going on clearly in the 29 00:01:22,640 --> 00:01:24,680 Speaker 1: bond market. What does it mean for the share marker? 30 00:01:24,760 --> 00:01:27,360 Speaker 2: Though? Sean big sell off yesterday? The market fell by 31 00:01:27,360 --> 00:01:29,800 Speaker 2: nearly two percent to just over eighty two hundred points. 32 00:01:29,840 --> 00:01:32,240 Speaker 2: Eighty percent of companies at the top two hundred fell 33 00:01:33,160 --> 00:01:36,200 Speaker 2: all about worries about higher interustrates, worries about consumer spending, 34 00:01:36,240 --> 00:01:39,600 Speaker 2: worries about business investment. Big falls among the large caps 35 00:01:40,120 --> 00:01:43,320 Speaker 2: come off Bank, National, Australian Bank, Macquarie, Wes Farmer's, Good Minister, 36 00:01:43,400 --> 00:01:46,160 Speaker 2: Cat Leisure all fell between that two to three percent level. 37 00:01:46,440 --> 00:01:50,760 Speaker 2: The rate sensitive sectors healthcare, real estate, discretionary financials they 38 00:01:51,000 --> 00:01:53,680 Speaker 2: sold off. Remember just a few days ago we're at 39 00:01:53,720 --> 00:01:56,200 Speaker 2: a peak. Well, seems long time ago now. 40 00:01:56,480 --> 00:02:00,000 Speaker 1: Story Number two. Wine exports jumped by a third over 41 00:02:00,120 --> 00:02:02,560 Speaker 1: the year to the end of September, showing the importance 42 00:02:02,800 --> 00:02:04,840 Speaker 1: of China as a sales destination. 43 00:02:05,440 --> 00:02:09,960 Speaker 2: Exports to China when from eight million dollars a year 44 00:02:10,080 --> 00:02:15,000 Speaker 2: to September twenty twenty three to six twelve million over 45 00:02:15,040 --> 00:02:17,680 Speaker 2: the last twelve months, according to Wine Australia. Of course, 46 00:02:17,720 --> 00:02:21,680 Speaker 2: tariffs were removed in March this year. Exports to China 47 00:02:21,760 --> 00:02:25,160 Speaker 2: are at premium price points. That means that while volumes 48 00:02:25,240 --> 00:02:28,400 Speaker 2: up only seven percent, the value is thirty four percent higher. 49 00:02:28,600 --> 00:02:31,560 Speaker 2: What you're seeing is restocking, particularly during the June quarter, 50 00:02:31,840 --> 00:02:36,239 Speaker 2: that help boost overall outcomes. Because Chinese are buying premium wines, 51 00:02:36,320 --> 00:02:38,800 Speaker 2: the cheaper red wine is less likely to be sold 52 00:02:38,840 --> 00:02:43,000 Speaker 2: overseas plenty for US locals. Good news there. Otherwise, exports 53 00:02:43,040 --> 00:02:47,160 Speaker 2: of wine globally stable about one point seven eight billion 54 00:02:47,200 --> 00:02:50,640 Speaker 2: dollars were at the highest level of shipments in about 55 00:02:50,800 --> 00:02:52,920 Speaker 2: three years. Of course, the big winner out of this 56 00:02:53,160 --> 00:02:56,160 Speaker 2: is probably pen Foles because well Treasury Wine Estates which 57 00:02:56,200 --> 00:02:59,760 Speaker 2: owns Penfolds, because Penfolds is the biggest exported to China. 58 00:03:00,040 --> 00:03:03,959 Speaker 1: Story number three. Sean Suncourt held its AGM yesterday and 59 00:03:03,960 --> 00:03:07,280 Speaker 1: there's some good news from the insurance chief executive Steve Johnston, 60 00:03:07,800 --> 00:03:09,560 Speaker 1: it sounds like a made up name to me. Big 61 00:03:09,560 --> 00:03:12,480 Speaker 1: insurance premium hikes might be over for now. 62 00:03:12,919 --> 00:03:14,919 Speaker 2: Yes, some of the very big heights in recent years. 63 00:03:14,960 --> 00:03:17,800 Speaker 2: It might be in the review mirror what we had. 64 00:03:17,840 --> 00:03:21,239 Speaker 2: We had inflation adverse, where a fundamental recent and global 65 00:03:21,280 --> 00:03:24,840 Speaker 2: reinsurance markets that hit profits, especially in home and motor insurance, 66 00:03:24,880 --> 00:03:27,720 Speaker 2: that led to higher premiums. Now Suncorck dealt with around 67 00:03:27,800 --> 00:03:30,839 Speaker 2: seven hundred thousand natural hazard claims over the past five 68 00:03:30,919 --> 00:03:34,440 Speaker 2: years at a cost around nine billion dollars. Not a 69 00:03:34,440 --> 00:03:38,360 Speaker 2: surprise insurance premiums rose so much. The outlook, though, is 70 00:03:38,440 --> 00:03:42,160 Speaker 2: much more promising. Mister Johnston called for the government to 71 00:03:42,200 --> 00:03:46,200 Speaker 2: spend more money on disaster mitigation to invest in resilience infrastructure. 72 00:03:46,360 --> 00:03:49,320 Speaker 2: He also suggested that people shouldn't build homes where they 73 00:03:49,320 --> 00:03:50,280 Speaker 2: shouldn't be built. 74 00:03:50,640 --> 00:03:54,360 Speaker 1: Makes sense to me, me too. Story number four. Winning 75 00:03:54,440 --> 00:03:57,320 Speaker 1: the US election Sean takes money, and plenty of it. 76 00:03:57,480 --> 00:04:00,680 Speaker 1: Kamala Harris has pulled in more cash in the past 77 00:04:00,720 --> 00:04:03,960 Speaker 1: three months then Donald Trump has managed over the past 78 00:04:04,000 --> 00:04:04,920 Speaker 1: eighteen months. 79 00:04:05,760 --> 00:04:09,280 Speaker 2: Since July twenty one this year, Harris received money from 80 00:04:09,480 --> 00:04:13,480 Speaker 2: four point nine million donors. Trump since the beginning of 81 00:04:13,560 --> 00:04:17,320 Speaker 2: last year, just one point four million donors. Now, Harris 82 00:04:17,320 --> 00:04:19,200 Speaker 2: has rais nine hundred and seventy one million dollars in 83 00:04:19,240 --> 00:04:22,320 Speaker 2: the last three months. Trump in that eighteen nineteen month 84 00:04:22,360 --> 00:04:25,760 Speaker 2: period he's raised eight hundred and ninety four million US dollars. Big, 85 00:04:25,760 --> 00:04:29,000 Speaker 2: big caveat this Those numbers don't include money from what 86 00:04:29,000 --> 00:04:31,800 Speaker 2: they call super political action committees. We hear a lot 87 00:04:31,800 --> 00:04:36,159 Speaker 2: about Elon Musk's super pack. If you include that, Binen 88 00:04:36,200 --> 00:04:37,920 Speaker 2: and Harris were in front of Trump by about one 89 00:04:37,920 --> 00:04:40,839 Speaker 2: point nine billion to one point five billion. Basically Trump 90 00:04:41,080 --> 00:04:43,600 Speaker 2: Trump's campaign gets much more money from about this four 91 00:04:44,000 --> 00:04:47,880 Speaker 2: mega rich people. They tend to spend more money with Trump, 92 00:04:48,200 --> 00:04:51,960 Speaker 2: whereas Harris's fundraising efforts are much more diverse. 93 00:04:52,480 --> 00:04:54,840 Speaker 1: Last one story number five. It seems that in sport 94 00:04:55,120 --> 00:04:58,760 Speaker 1: Sean nothing is not for sale. Chanelle has brought the 95 00:04:58,839 --> 00:05:01,960 Speaker 1: rights to the annual boat race between Oxford and Cambridge 96 00:05:02,000 --> 00:05:05,000 Speaker 1: in the fashion houses first push into sports sponsorship. 97 00:05:05,320 --> 00:05:07,960 Speaker 2: The race will be called the Chanel J twelve Boat 98 00:05:08,000 --> 00:05:10,840 Speaker 2: Race J twelve being a Chanel watch. Not sure how 99 00:05:10,920 --> 00:05:13,440 Speaker 2: much it's worth sta. Chanell is taking the main sponsorship 100 00:05:13,520 --> 00:05:17,240 Speaker 2: from Gemini, which was a Crypto exchange. The Yeah Boat Race, 101 00:05:17,520 --> 00:05:19,960 Speaker 2: Big spring event on the TAMS quarter of a million 102 00:05:19,960 --> 00:05:23,200 Speaker 2: spectators form Mole Course through West London, first held eighteen 103 00:05:23,240 --> 00:05:26,000 Speaker 2: twenty nine. Women joined in nineteen twenty nine. I think 104 00:05:26,040 --> 00:05:28,799 Speaker 2: more interesting is Chanelle. First time they'd ever pushed into sport. 105 00:05:28,920 --> 00:05:32,159 Speaker 2: More about Margo, Robbie, Penelope Cruz Chanell than sport. But 106 00:05:32,279 --> 00:05:33,080 Speaker 2: that's where they're going. 107 00:05:33,400 --> 00:05:35,000 Speaker 1: Yeah, indeed, all right, there we go the top five 108 00:05:35,040 --> 00:05:38,000 Speaker 1: business stories in five minutes. Thank you Sean, Thank you Michael. 109 00:05:38,279 --> 00:05:41,240 Speaker 1: It's Wednesday, the twenty third of October twenty twenty four. 110 00:05:41,440 --> 00:05:43,960 Speaker 1: Remember to hit follow on the podcast Andy. Five minutes 111 00:05:44,000 --> 00:05:46,600 Speaker 1: isn't enough. You can find our longer daily show called 112 00:05:46,600 --> 00:05:49,839 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 113 00:05:49,880 --> 00:05:52,040 Speaker 1: Thompson and that was the fast five business news by 114 00:05:52,040 --> 00:05:53,719 Speaker 1: Fear and Greed. Have a great day.