1 00:00:03,990 --> 00:00:06,689 Sean Aylmer: Welcome to the Fear and Greed afternoon report for Monday, 2 00:00:06,690 --> 00:00:10,500 Sean Aylmer: the 5th of June 2023. I'm Sean Aylmer. Every afternoon 3 00:00:10,500 --> 00:00:12,478 Sean Aylmer: we've got the five stories that happened today that you 4 00:00:12,480 --> 00:00:14,880 Sean Aylmer: need to know about. Story number one. The S& P/ASX 5 00:00:14,880 --> 00:00:21,090 Sean Aylmer: 200 closed up 1% today to 7, 216 points. Consumer 6 00:00:21,090 --> 00:00:24,420 Sean Aylmer: discretionary stocks did best, followed by the materials companies and 7 00:00:24,420 --> 00:00:28,620 Sean Aylmer: healthcare stocks. Worst were tech companies. And oil prices jumped 8 00:00:28,679 --> 00:00:32,070 Sean Aylmer: again today, helping the big miners. BHP closed up 1. 9 00:00:32,340 --> 00:00:37,290 Sean Aylmer: 7%. Fortescue Metals spiked 3. 6%, and Rio was 1. 10 00:00:37,530 --> 00:00:41,040 Sean Aylmer: 3% higher. Wesfarmers had a good day rising 2%, while 11 00:00:41,040 --> 00:00:43,860 Sean Aylmer: the big banks were led by ANZ, which jumped more 12 00:00:43,860 --> 00:00:46,320 Sean Aylmer: than one and a half percent. The laggards included the 13 00:00:46,320 --> 00:00:49,440 Sean Aylmer: gold miners Newcrest and Northern Star, and tech leaders, WiseTech 14 00:00:49,440 --> 00:00:53,369 Sean Aylmer: Global and Xero. In corporate news, Myer chief executive John 15 00:00:53,369 --> 00:00:56,190 Sean Aylmer: King will step down in the second half of next 16 00:00:56,190 --> 00:00:58,290 Sean Aylmer: year to return to the US after more than six 17 00:00:58,290 --> 00:01:00,780 Sean Aylmer: years in the top job, where he has led a 18 00:01:00,810 --> 00:01:04,589 Sean Aylmer: pretty decent turnaround of the department store chain. Story number 19 00:01:04,590 --> 00:01:08,219 Sean Aylmer: two. The full judgment of Ben Roberts- Smith's defamation case 20 00:01:08,219 --> 00:01:11,069 Sean Aylmer: has been released, four days after the result was delivered 21 00:01:11,069 --> 00:01:15,390 Sean Aylmer: in court. Justice Anthony Besanko had only provided a summary 22 00:01:15,390 --> 00:01:17,610 Sean Aylmer: judgment last week due to a last minute request from 23 00:01:17,610 --> 00:01:20,669 Sean Aylmer: the Commonwealth to inspect the full judgment before its public 24 00:01:20,670 --> 00:01:25,049 Sean Aylmer: release. The full judgment is 736 pages long, and in 25 00:01:25,049 --> 00:01:29,670 Sean Aylmer: it, justice Besanko wrote that Ben Roberts- Smith and various 26 00:01:29,670 --> 00:01:34,410 Sean Aylmer: witnesses he called were not honest and reliable. Last week, 27 00:01:34,410 --> 00:01:37,589 Sean Aylmer: justice Besanko found that nine newspapers, The Age, the Sydney 28 00:01:37,590 --> 00:01:40,679 Sean Aylmer: Morning Herald, and the Canberra Times had proven that Roberts- 29 00:01:40,679 --> 00:01:46,048 Sean Aylmer: Smith unlawfully killed four unarmed Afghan prisoners. Story number three. 30 00:01:46,049 --> 00:01:49,560 Sean Aylmer: The Australian Financial Review held its annual ESG summit today. 31 00:01:49,860 --> 00:01:51,870 Sean Aylmer: There were plenty of business leaders in attendance and one 32 00:01:51,870 --> 00:01:55,860 Sean Aylmer: of the more interesting discussions came from ASIC chair Joe 33 00:01:55,860 --> 00:01:58,980 Sean Aylmer: Longo, who said the regulator has a bunch of concerns 34 00:01:58,980 --> 00:02:02,880 Sean Aylmer: that keep cropping up in greenwashing claims. Now, greenwashing is 35 00:02:02,969 --> 00:02:07,710 Sean Aylmer: essentially an unsubstantiated claim to deceive investors or customers into 36 00:02:07,710 --> 00:02:12,720 Sean Aylmer: believing a company or its products are environmentally friendly. Spin, 37 00:02:13,050 --> 00:02:16,110 Sean Aylmer: shall we say. Longo isn't happy with companies that make 38 00:02:16,169 --> 00:02:19,799 Sean Aylmer: net zero statements and targets without a reasonable basis that 39 00:02:19,799 --> 00:02:23,430 Sean Aylmer: they're factually correct. He isn't a fan of companies using 40 00:02:23,430 --> 00:02:27,510 Sean Aylmer: terms like carbon neutral, clean or green when they're not 41 00:02:27,510 --> 00:02:31,350 Sean Aylmer: founded on reasonable grounds, and he doesn't like the overstatement 42 00:02:31,350 --> 00:02:36,780 Sean Aylmer: or inconsistent application of sustainability related investment screens. He also 43 00:02:36,780 --> 00:02:41,280 Sean Aylmer: warned companies against inaccurate labeling or vague terms in sustainability 44 00:02:41,309 --> 00:02:45,450 Sean Aylmer: related funds. Story number four. In one of the most incredible 45 00:02:45,450 --> 00:02:50,370 Sean Aylmer: stories of the year, Kathleen Folbigg has been pardoned and 46 00:02:50,370 --> 00:02:53,820 Sean Aylmer: will be released from prison after spending 20 years behind 47 00:02:53,820 --> 00:02:57,210 Sean Aylmer: bars for the deaths of her four children. After a seven- 48 00:02:57,210 --> 00:03:01,889 Sean Aylmer: week trial in 2003, a jury found Folbigg guilty of 49 00:03:01,889 --> 00:03:05,880 Sean Aylmer: killing her four babies, Caleb, Patrick, Sarah, and Laura between 1989 and 50 00:03:05,880 --> 00:03:11,730 Sean Aylmer: 1999. New South Wales Attorney General Michael Daley today said 51 00:03:11,730 --> 00:03:15,929 Sean Aylmer: he'd recommended to Governor Margaret Beazley she be pardoned after 52 00:03:15,929 --> 00:03:19,409 Sean Aylmer: an inquiry into her convictions heard credible evidence that the 53 00:03:19,410 --> 00:03:23,460 Sean Aylmer: children might have died of natural causes. Thomas Bathurst, who 54 00:03:23,460 --> 00:03:28,080 Sean Aylmer: led the inquiry into Folbigg's convictions, said there's reasonable possibility 55 00:03:28,080 --> 00:03:31,230 Sean Aylmer: that three of the children died of natural causes, and 56 00:03:31,230 --> 00:03:34,288 Sean Aylmer: he was unable to accept the proposition that Folbigg was 57 00:03:34,288 --> 00:03:37,740 Sean Aylmer: anything but a caring mother for her children. Folbigg has 58 00:03:37,740 --> 00:03:42,180 Sean Aylmer: always maintained her innocence. A rare genetic variant identified in 59 00:03:42,180 --> 00:03:45,780 Sean Aylmer: Folbigg and her daughters triggered the second inquiry into her 60 00:03:45,780 --> 00:03:50,190 Sean Aylmer: conviction not long after a 2019 inquiry kept her in 61 00:03:50,190 --> 00:03:53,849 Sean Aylmer: jail. In story number five, the US Navy has released 62 00:03:53,850 --> 00:03:56,700 Sean Aylmer: a video of what it called an unsafe interaction in 63 00:03:56,700 --> 00:04:00,000 Sean Aylmer: the Taiwan Strait, in which a Chinese warship crossed in 64 00:04:00,000 --> 00:04:03,360 Sean Aylmer: front of a US destroyer in the sensitive waterway. The 65 00:04:03,360 --> 00:04:06,599 Sean Aylmer: US military said the USS Chung- Hoon, a destroyer in 66 00:04:06,599 --> 00:04:12,540 Sean Aylmer: Canada's HSMC Montreal, a frigate, were conducting a routine transit 67 00:04:12,629 --> 00:04:15,360 Sean Aylmer: of the strait over the weekend when the Chinese ship 68 00:04:15,600 --> 00:04:19,230 Sean Aylmer: cut in front of the US vessel coming within 150 69 00:04:19,230 --> 00:04:22,678 Sean Aylmer: yards, according to a report on Reuters. In the video 70 00:04:22,678 --> 00:04:25,979 Sean Aylmer: released by the US Navy, a Chinese warship can clearly 71 00:04:25,980 --> 00:04:29,100 Sean Aylmer: be seen sailing across the path of the Chung- Hoon 72 00:04:29,100 --> 00:04:32,070 Sean Aylmer: in calm waters. A voice can be heard in English 73 00:04:32,070 --> 00:04:35,310 Sean Aylmer: apparently sending a radio message to the Chinese ship warning 74 00:04:35,310 --> 00:04:39,450 Sean Aylmer: against attempts to limit freedom of navigation, though the exact 75 00:04:39,450 --> 00:04:42,449 Sean Aylmer: wording is a little unclear because of wind noise. China 76 00:04:42,450 --> 00:04:45,149 Sean Aylmer: has not commented directly on the US criticism of the 77 00:04:45,150 --> 00:04:48,389 Sean Aylmer: encounter, but did rebuke the United States in Canada for 78 00:04:48,389 --> 00:04:53,010 Sean Aylmer: deliberately provoking risk with the rare joint sailing. That's it 79 00:04:53,010 --> 00:04:55,290 Sean Aylmer: for the afternoon report for Monday, the 5th of June 80 00:04:55,290 --> 00:04:58,650 Sean Aylmer: 2023. Michael Thompson and I will be back tomorrow morning 81 00:04:58,710 --> 00:05:01,109 Sean Aylmer: with the Tuesday edition of Fear and Greed. I'm Sean 82 00:05:01,110 --> 00:05:02,609 Sean Aylmer: Aylmer. Enjoy your evening.