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Speaker 1: Prime Minister Anthony Alberzi pushes the US on subsidies for

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Speaker 1: the local critical minerals industry, supplying American firms. Auction clearance

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Speaker 1: rates across the country continue to fall, and the booming

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Speaker 1: business of dead celebrities. Welcome to Fear and Greed. Daily

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Speaker 1: business news for people who make their own decisions. It

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Speaker 1: is Monday, the twenty third of September twenty twenty four.

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Speaker 1: I'm Michael Thompson and good morning, Adam Lang.

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Speaker 2: Good morning, Michael, Adam.

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Speaker 1: The main story this morning Australia's critical mineral exporters are

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Speaker 1: closer to winning US subsidies following Quad Leaders talks on

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Speaker 1: the weekend, as allies step up coordinated efforts to counter

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Speaker 1: China's dominance of a sector that is absolutely crucial for

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Speaker 1: the green energy transition.

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Speaker 3: Yes, Michael, there were significant chats over the weekend. Prime

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Speaker 3: Minister Anthony Alberanzi pressed US President Joe Biden on the

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Speaker 3: need to classify Australia's critical minerals as a meror made

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Speaker 3: to win favorable treatment, and that was during their talks

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Speaker 3: on the sidelines of the Quadrilateral Security Dialogue in Delaware.

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Speaker 3: Mister Biden hosted mister Albanesi and the leaders of India

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Speaker 3: and Japan at his home and former high school in

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Speaker 3: Wilmington yesterday. Following the discussions, the leaders stepped up their

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Speaker 3: tough language on China's increasing aggression in the South China

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Speaker 3: Sea and their efforts to disrupt other countries' development of

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Speaker 3: fishing and other resources. And that was according to a

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Speaker 3: report in the Australian Financial Review, mister Biden was caught

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Speaker 3: on a hot microphone telling the other Quad leaders that

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Speaker 3: China's President Xijingping was testing the Western allies with increasing

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Speaker 3: military assertiveness in the region at a turbulent moment for

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Speaker 3: the Asian giant, whose economy is currently weakening in their Communica.

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Speaker 3: After the talks, the leaders said they were seriously concerned

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Speaker 3: about the situation in the East and South China Seas,

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Speaker 3: including the militarization of disputed features and coercive and intimidating maneuvers.

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Speaker 1: I love that are in These are what you would

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Speaker 1: say are they are extraordinarily important diplomatic meetings, and you

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Speaker 1: describe them as significant chats.

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Speaker 2: Using big words.

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Speaker 1: That's probably one way to put it. Having a nice

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Speaker 1: little chat. Now, Joe Biden will end his presidency in

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Speaker 1: four months. It is getting close now, and Japanese Prime

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Speaker 1: Minister Fumio Kashita is also stepping down, So that's two

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Speaker 1: out of the four quad leaders. What can Australia get

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Speaker 1: out of the obvious warm relations between mister Biden and

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Speaker 1: Anthony Albanezi Wiley's still there.

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Speaker 3: Well, hopefully favored treatment for Australia's mining companies. Australia and

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Speaker 3: the United States have been in talks about allowing our

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Speaker 3: mineral companies to get the American subsidized loans if, for example,

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Speaker 3: they send minerals to US electric vehicle manufacturers for batteries

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Speaker 3: and other components, such as exports from Japan and South Korea. Effectively,

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Speaker 3: Australian critical minerals companies will be treated as Americans under

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Speaker 3: the massive spending in the Inflation Reduction Act. That would

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Speaker 3: be a boon for our local companies, though it isn't

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Speaker 3: clear what a Donald Trump administration would think about such

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Speaker 3: an arrangement.

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Speaker 1: Everything is up in the air. No guarantees after November

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Speaker 1: kind of who knows. Who knows what kind of state

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Speaker 1: we'll be operating in. Then let's take a look back

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Speaker 1: home local markets. How did things finish up on Friday.

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Speaker 3: Very interesting week, Michael, The S and p ASX two

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Speaker 3: hundred closed up zero point two percent to two hundred

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Speaker 3: and ten points, with West Farmers and Anz among the

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Speaker 3: best performers of the large caps and Telstra among the worst.

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Speaker 3: It was a record close, reflecting optimism following the federal

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Speaker 3: reserves fifty basis point cut to the benchmark interest rate

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Speaker 3: last week in the US futures trading suggests that local

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Speaker 3: shares are set to open a bit lower this morning.

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Speaker 1: Just quickly, I'll make a very quick mention of Sean's

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Speaker 1: interview that comes up after the show, because it is

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Speaker 1: relevant to what you've just been talking about, Adam. He's

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Speaker 1: speaking with Lachlan Halloway, who is the equity strategist at

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Speaker 1: morning Star. This is a terrific chat because it comes

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Speaker 1: off the back of the local market setting multiple records

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Speaker 1: last week, and really Sean and Locklan kind of go

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Speaker 1: through what it means for investors in terms of the

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Speaker 1: large caps, looking at the banks, looking at the resources,

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Speaker 1: looking at even at the tech stocks, and Lachlan goes

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Speaker 1: through and picks out a couple of companies that he

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Speaker 1: has been looking at and just maybe a couple of

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Speaker 1: ways that investors can navigate their way through the market,

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Speaker 1: kind of hitting these hitting these record highs. We are,

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Speaker 1: of course, not an investing podcast, and you should seek

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Speaker 1: professional advice before making investment decisions. But it is a

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Speaker 1: terrific interview.

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Speaker 3: Yeah, Michael, big companies, bags of data. Can you imagine

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Speaker 3: how excited I am to.

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Speaker 2: Listen to this one.

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Speaker 1: I want people to listen to it, Adam, I want

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Speaker 1: people to stick around here you are. It's not just

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Speaker 1: about the data. It's about the names, it's about all

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Speaker 1: this other stuff.

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Speaker 3: It's true, it's about his insights, really, isn't it. Lachlan Holloway.

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Speaker 1: I suspect if you're just focusing on the data, it

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Speaker 1: kind of narrows down the excited parties down to one. Adam, Lan,

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Speaker 1: I never sorry, not meaning to dismiss other data nuts

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Speaker 1: like yourself. I'm sorry I interrupted you. You were telling

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Speaker 1: us about some corporate news as well.

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Speaker 2: All right.

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Speaker 3: In further corporate news, Michael Tabcorp Chair Bruce Akhurst will

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Speaker 3: step down after major investors expressed concern about the company's

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Speaker 3: weak performance and rising costs. Tabcorps share price is down

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Speaker 3: nearly fifty percent this year, and retailer Harvey Norman was

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Speaker 3: served a second class action for misleading and deceptive conduct

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Speaker 3: over the alleged selling of extended warranties days after Echo

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Speaker 3: Law launched similar proceedings against the company. The new proceedings

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Speaker 3: Michael were announced by law firm Morris Blackburn.

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Speaker 1: All right, now, thanks to blue Chip Communication, the experts

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Speaker 1: helping financial services companies, markets communicate and grow. Visit blue Chipcommunication,

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Speaker 1: dot com, dot AU. Let's take a look at international markets.

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Speaker 1: Much happening overseas.

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Speaker 2: Adam Plenty, Michael.

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Speaker 3: The rate cut boosted you AS shares to record high's

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Speaker 3: early last week, but the rally lost some momentum over

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Speaker 3: the weekend, with the S and P five hundred and

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Speaker 3: Nasdaq one hundred both down zero point two percent. Market

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Speaker 3: analysts are warning there is a good chance of a

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Speaker 3: correction in the coming months. On Wall Street, amp's deputy

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Speaker 3: chief economist Diana Messina said valuations are high, seasonality is

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Speaker 3: a problem in September, and tech names like Nvidia could

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Speaker 3: have some downsides. There are also geopolitical risks, such as

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Speaker 3: the US election and conflict in Ukraine and the Middle East.

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Speaker 1: All right, now, we have plenty to get through Adam.

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Speaker 1: We will take a quick break and we'll be back

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Speaker 1: in a moment with the rest of the day's business news.

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Speaker 2: Adam.

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Speaker 1: It was a very big week for auctions with two thousand,

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Speaker 1: seven hundred homes going under the hammer, and the falling

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Speaker 1: clearance rate supports the argument that it is becoming a

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Speaker 1: buyer's market.

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Speaker 3: That's true, Michael. It was the biggest weekend for auctions

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Speaker 3: since Easter. The nationwide preliminary clearance rate of sixty eight

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Speaker 3: point two percent is the second lowest thing this year,

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Speaker 3: and that was after the weekending June ninth, the King's Birthday,

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Speaker 3: long weekend in some states. Melbourne hosted the largest volume

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Speaker 3: of auctions, with one thy two hundred and seventy four

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Speaker 3: homes going under the hammer. The clearance rate came in

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Speaker 3: at sixty eight point three percent.

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Speaker 2: There.

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Speaker 3: Nine hundred and ninety five auctions were held in Sydney,

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Speaker 3: where seventy point three percent was successful. Adelaide recorded the

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Speaker 3: most auctions across the smaller capital cities, with two hundred

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Speaker 3: and six homes taken to market and a preliminary clearance

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Speaker 3: rate of seventy four point six percent.

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Speaker 2: That's high.

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Speaker 3: Brisbane came in at fifty six point eight percent and

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Speaker 3: the Act forty eight point six and all that data

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Speaker 3: is according to core Logic.

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Speaker 1: Now after the show, Adam, today we have fear and

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Speaker 1: greed the week ahead, which comes up every Monday, and

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Speaker 1: today Stephen Coculus, our resident economist, is very very excited,

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Speaker 1: as he often is, but he's got very good reason

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Speaker 1: to be excited because the Reserve Bank Board meets today

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Speaker 1: and tomorrow with you've got to say plenty tamulover.

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Speaker 2: Yeah, Michael, it sure does.

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Speaker 3: And Stephen Caculus aka the Coup, our resident economist, he

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Speaker 3: has a very good grasp of all the data, un

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Speaker 3: let's just say, a very firm view on what might happen.

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Speaker 3: So we'll be listening closely to what happens to the

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Speaker 3: RBA over the coming days. The Central Bank is widely

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Speaker 3: accepted to keep the cash rate on hold at four

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Speaker 3: point three five percent, but the big question is whether

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Speaker 3: we'll continue to sound hawkish or sound like it's thinking

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Speaker 3: about lifting rates. Reserve Bank Governor Michelle Bullock has already

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Speaker 3: ruled out any cut before Christmas. Of course, Michael, the

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Speaker 3: Reserve Bank will be watching the release of the monthly

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Speaker 3: inflation indicator on Wednesday, with markets expecting annual headline inflation

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Speaker 3: to fall to two point seven percent in August, and

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Speaker 3: that was from three point five percent in July. That's

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Speaker 3: a big change and it would mark the first time

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Speaker 3: inflation has been in the Reserve Bank's target band of

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Speaker 3: two to three percent since October twenty twenty one, it's

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Speaker 3: nearly three years. The decline is expected to be driven

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Speaker 3: by steep drop in electricity prices, and that's thanks to

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Speaker 3: the government's energy rebates. The trimmed mean rate, which ignores

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Speaker 3: those rebut dates, will likely be a little above three

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Speaker 3: point seven percent.

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Speaker 1: The four big banks ADAM are back offering thousands of

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Speaker 1: dollars in upfront cash to win and keep home loan customers,

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Speaker 1: revisiting a period of intense competition and shrinking margins.

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Speaker 2: Here Michael.

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Speaker 3: The major banks and that's except for am Z, ended

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Speaker 3: cash back promotions last year after a crunch in profits,

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Speaker 3: with the Commonwealth Bank Chief Executive Mac common warning at

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Speaker 3: the time the country's largest lender was riuning home loans

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Speaker 3: below the cost of capital, But Commonwealth Bank, Australian National,

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Speaker 3: Australia Bank and Westpac have since given their bankers discretion

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Speaker 3: to offer cash incentives as that competition intensifies, and that's

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Speaker 3: according to a report in the Australian Financial Review. The

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Speaker 3: return of cashback promotions comes ahead of anticipated interest rate cuts,

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Speaker 3: which are expected to boost housing activity. The cash rate

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Speaker 3: has been at four point three five percent since November

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Speaker 3: twenty twenty three, and while the Reserve Bank insists nothing

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Speaker 3: will change this year, financial markets have actually priced in

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Speaker 3: a sixty seven percent chance of a rate cut this year.

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Speaker 3: Adam Meyer has recorded a drop in sales and a

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Speaker 3: slump in profit for the twenty twenty four financial.

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Speaker 2: Year Yeah Michael.

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Speaker 3: The group said challenging macroeconomic conditions and the closure of

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Speaker 3: its Brisbane, Frankston and Werribee stores led to a three

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Speaker 3: percent drop in sales to almost three billion. Net profit

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Speaker 3: after tax fell twenty eight percent. Executive chair Olivia Worth

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Speaker 3: outlined plans to return the department's store business to sustainable growth.

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Speaker 3: Maya Tomorrow includes stronger cost controls, cracking down on in

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Speaker 3: store theft, better use of promotions, and unlocking the full

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Speaker 3: potential of its Maya one loyalty scheme. It will also

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Speaker 3: seek to increase customer engagement, especially among male and younger

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Speaker 3: shoppers to enhance the loyalty scheme and give Maya a

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Speaker 3: greater share of wallet.

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Speaker 1: I think step one is customer service. You know, I

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Speaker 1: don't meant to give unsolicited advice.

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Speaker 3: Yeah, have you got some coincidental feedback, Michael?

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Speaker 1: You know it's just frustrat when you go in there

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Speaker 1: and you're trying to kind of find someone to help you,

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Speaker 1: and you just get shunted around between various desks within

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Speaker 1: the Yeah, this is why I shop online, Adam, help

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Speaker 1: is only a mouse click away. Yeah, that's right. You

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Speaker 1: can always get help from the chatbot. Now, Adam, yogurt

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Speaker 1: is on a tear, which is honestly, honestly five words

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Speaker 1: I never thought I would say together.

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Speaker 2: In a difficult metaphor to imagine, isn't it?

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Speaker 1: No, it absolutely is. But the thing is, sales are

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Speaker 1: booming in yogat land, particularly tubs with added protein or

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Speaker 1: reduced sugar. You see, yogurt has been growing far more

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Speaker 1: quickly than other dairy products, with consumers now spending one

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Speaker 1: point nine two billion dollars annually on the category. I

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Speaker 1: find that quite extraordinary, Michael.

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Speaker 2: Is your household doing its bit for yogurt? Yes?

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Speaker 1: I I have yogurt, will not surprise you to learn

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Speaker 1: that I eat the same thing every day for breakfast

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Speaker 1: I have.

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Speaker 3: I have no such thing as variety as the spice

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Speaker 3: of life.

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Speaker 1: No, no, And look, I like structure, I like consistency.

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Speaker 1: And I have exactly the same thing every.

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Speaker 2: Day, same time, same bowl, same spoon.

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Speaker 1: As much as I possibly can. Good sure, I should

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Speaker 1: not admit this anyway.

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Speaker 2: We'll come back to that at another time.

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Speaker 1: Goodness me, Please go on, Adam.

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Speaker 2: Save me all right.

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Speaker 3: As much as I don't want to save you, I

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Speaker 3: must get off with the story. Biga, which is the

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Speaker 3: biggest producer of yogurt, with brands including Farmers Union, Dairy Farmers,

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Speaker 3: and Yoplay, said industry wide yogat sales grew eleven percent

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Speaker 3: last year, now that easily outstrips fresh milk, where sales

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Speaker 3: industry wide rose two percent to two point one five billion.

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Speaker 3: Yogurt can be nutrient rich, and supermarkets of long sole

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Speaker 3: varieties marketed as probiotic, which maintains a so called good

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Speaker 3: back to you and the body. Research now suggests that

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Speaker 3: regularly eating yogurt reduces the risk of type two diabetes.

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Speaker 3: Dietitians have also begun to recommend high protein yogurt for

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Speaker 3: muscle game. And that's according to reporting this train Financial review.

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Speaker 3: Coles says customers are buying larger tubs of yogurt as

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Speaker 3: family budgets are being squeezed as well as single serves.

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Speaker 3: The boom in yogurt has been helpful to ASX listed BIGA.

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Speaker 3: Its share price is up nearly ninety percent over the

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Speaker 3: last year.

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Speaker 1: Of course, it's a growth industry, Adam, because they're using

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Speaker 1: they're using live culture.

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Speaker 2: Oh, very good goodness, not quite top shelf. Let's just

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Speaker 2: say upper middle.

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Speaker 1: It's ever a good time that I laugh more than

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Speaker 1: you do. And it's my own joke. All right, Well,

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Speaker 1: let's leave, let's leave yogurt behind. All right, let's turn

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Speaker 1: to international news. Now, a very serious story this one, Adam.

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Speaker 1: Israel and Lebanon exchanged heavy fire yesterday as Israeli warplanes

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Speaker 1: carried out the most intense bombardment in almost a year

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Speaker 1: of war across Lebanon South.

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Speaker 3: Here, Michael, this conflict continues. The Israeli military said it

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Speaker 3: had conducted a wave of strikes across southern Lebanon over

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Speaker 3: the past twenty four hours, hitting some four hundred militant sites,

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Speaker 3: including rocket launchers, and that's according to Reuters. An Israeli

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Speaker 3: military spokesman said those strikes had thwarted an even larger

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Speaker 3: attack and that will continue to strike targets as the

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Speaker 3: sides appear to be heading towards all out war Following

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Speaker 3: months of escalating tensions.

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Speaker 2: Israel closed schools.

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Speaker 3: And restricted gatherings in many northern areas of the country

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Speaker 3: and the Israeli occupied Golan Heights. Early on Sunday in

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Speaker 3: the region, sirens sounded all night as multiple rockets and

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Speaker 3: missiles were fired from Lebanon and Iraq, most of which

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Speaker 3: were intercepted by Israeli aerial defense systems, the military said.

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Speaker 3: Hezbollah said it targeted the Israeli Rama David Airbase with

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Speaker 3: dozens of missiles in response to repeated Israeli attacks on Lebanon.

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Speaker 3: The escalating attacks come less than forty eight hours after

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Speaker 3: an Israeli airstrike targeting Hespelo commanders killed at least forty

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Speaker 3: five people in a suburb of the Lebanese capital Adam.

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Speaker 1: Swiss watchmakers are warning of a worsening outlook for the

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Speaker 1: industry as the cost of living crunch hits buyers, though

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Speaker 1: demand apparently remained strong at the very top end, which

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Speaker 1: is obviously where we like to hang out.

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Speaker 3: Michael, It's curious to me every time that there's economic disruption,

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Speaker 3: what happens with different products and services, and luxury goods

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Speaker 3: really do seem to live in a world on their own.

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Speaker 3: According to the Federation of the Swiss Watch Industry, exports

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Speaker 3: rose last month due to demand for expensive watches made

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Speaker 3: of precious metals. However, it said that prospects for the

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Speaker 3: industry are still negative, as is the outlook for the

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Speaker 3: rest of the year. Demand for mid and entry level

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Speaker 3: priced watches has fallen sharply, while more costly time pieces

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Speaker 3: fared better. So what is an expensive watch? The Swiss

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Speaker 3: put it out three thousand francs or about two hundred

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Speaker 3: Australian dollars. Much of the slowdown reflects demand from China

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Speaker 3: and Hong Kong, while purchases from Japan and to a

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Speaker 3: lesser extent, the US and Singapore they remain solid.

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Speaker 1: Can you imagine a sales meeting at a Swiss watchmaker.

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Speaker 1: So yes, we saw an uptick in sales. Golly, just

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Speaker 1: busting them out today and none of them, none of

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Speaker 1: them have been my kind of premium material.

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Speaker 2: Not yet. Perhaps you're saving the best for the very end.

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Speaker 2: Stay tuned.

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Speaker 1: You're holding me to a standard that I cannot possibly

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Speaker 1: live up to. One last one, and I do not

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Speaker 1: know what to make of this. I actually feel really

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Speaker 1: uncomfortable about this story. The dead celebrity industry is growing,

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Speaker 1: and it is becoming more and more lucrative, thanks of

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Speaker 1: course to artificial intelligence, with the estates of pop stars

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Speaker 1: kind of right through to actors earning millions of dollars.

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Speaker 1: There are big sums involved here.

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Speaker 3: Incredible Michael AI is helping some brands live on. Despite

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Speaker 3: Michael Jack being about five hundred million in debt at

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Speaker 3: the time of his death, his estate has a master

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Speaker 3: fortune of two billion dollars, and that's according to People magazine,

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Speaker 3: thanks to projects such as Jukebox Musical and even posthumous

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Speaker 3: albums featuring work made while he was still alive. The

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Speaker 3: estates of Jamesteen, Judy Garland, Laurence Olivier, and Burt Reynolds

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Speaker 3: have all signed with AI voice cloning group Eleven Labs

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Speaker 3: as part of the company's Iconic Voices project. The actors

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Speaker 3: now narrate books, articles, and other text material, and according

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Speaker 3: to Bloomberg, Judy Garland can now read you The Wonderful

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Speaker 3: Wizard of Oz. Albert Einstein and mathematician Alan Turing are

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Speaker 3: set to deliver master classes next year via eleven Labs. However,

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Speaker 3: perhaps the biggest test of AI will arrive early in

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Speaker 3: next spring when Elvis Evolution premiers at Excel London. The

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Speaker 3: King of Rock and Roll will perform for the first

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Speaker 3: time in more than forty five years.

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Speaker 1: Would you want to go and see that?

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Speaker 2: I would?

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Speaker 1: Would those people that suspect that he never actually left us.

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Speaker 1: You're a bit of a conspiracy nut, aren't you. You

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Speaker 1: You conspiracy theorist, A closet conspiracy theorist, which is a

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Speaker 1: hard sentence to say. Goodness me, I was hoping you'd

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Speaker 1: refute me, but you haven't. I think I might have.

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Speaker 2: I'm all in on this one.

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Speaker 1: Oh golly, Okay. Up next. Fear and Greed Daily Interview

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Speaker 1: Lachland Holloway, equity strategist at Morning Star. It is a

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Speaker 1: great interview for anyone interested in investing, obviously, but particularly

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Speaker 1: in the context of the ASX two hundred setting multiple

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Speaker 1: records last week. It is great to hear what Lachlan

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Speaker 1: makes of all of that and what he thinks might

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Speaker 1: be kind of coming up and where some of the

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Speaker 1: opportunities might be for investors, and of course as well,

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Speaker 1: don't forget to listen to Fear and Greed The Weak

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Speaker 1: Ahead featuring resident economist Stephen could Cool us both coming

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Speaker 1: up next in the Fear and Greed playlist on your

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Speaker 1: podcast platform or at Fearangreed dot com dot au.

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Speaker 2: Thanks very much, Adam, Thank you, Michael.

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Speaker 1: It is Monday, the twenty third of September twenty two.

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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.