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Speaker 1: It's Monday, the eighth of July twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories, five minutes. Let's go story number one. As

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Speaker 1: global investors worry about rising interest rates, the threat of

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Speaker 1: a recession, and uncertainty around the broader economic outlook, there

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Speaker 1: are some out of the ordinary moves among some pretty

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Speaker 1: popular asset classes.

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Speaker 2: Gold's a great example. Let's fetching just under twenty four

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Speaker 2: hundred US dollars an ounce. Apart from briefly in mid

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Speaker 2: twenty twenty and then April and May last year, gold

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Speaker 2: has never fetched more than two thousand US dollars an ounce.

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Speaker 2: Yet the precious metal has traded consistently above that level

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Speaker 2: since November last year. It's a sign of just how

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Speaker 2: fickle markets are at the moment, and as a store

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Speaker 2: of value, goal's attractive. If investors were confident about the future,

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Speaker 2: gold wouldn't be worth this much money. Then there's the

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Speaker 2: Aussie dollar. It ended its week trading at sixty seven

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Speaker 2: and a half FEUs since that's actually really good. It's

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Speaker 2: at the highest level since the beginning of the year,

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Speaker 2: and the last time it consistently traded above this level

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Speaker 2: was back in twenty twenty two. But the story here

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Speaker 2: is that the Aussie dollar has been really weak. Mostly

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Speaker 2: that's because of the US dollar. In fact, this year,

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Speaker 2: it's been weaker consistently than it has for any time

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Speaker 2: over the last couple of decades. It's more about the

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Speaker 2: US dollar appreciating. The greenback has been very strong against

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Speaker 2: major currencies for a couple of years, and like gold,

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Speaker 2: its reflection of the uncertainty and the desire of investors

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Speaker 2: to hold the safest currency. It's all about going to

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Speaker 2: safe places.

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Speaker 1: So sean. In that case, one asset that hasn't done

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Speaker 1: so well in recent sessions is Bitcoin. It's dropped as

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Speaker 1: part of a wider crypto sell off.

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Speaker 2: Yeah, same story. The digital asset fell by six percent

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Speaker 2: late last week to its lowest level since February. It's

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Speaker 2: been traded around fifty seven to fifty eight thousand US

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Speaker 2: dollars a unit. Smaller tokens like ether and XRP have

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Speaker 2: also fallen mostly they've fallen actually by more than bitcoin.

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Speaker 2: A bunch of things going on there. Surgeon demand for

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Speaker 2: US bitcoin exchange traded funds has waned somewhat, the reports

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Speaker 2: that governments are disposing of tokens. Also, there's a US

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Speaker 2: political situation and not helping. The administrators of the failed

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Speaker 2: mount Gox exchange are returning a horde of bitcoin to

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Speaker 2: creditors now. The Japanese based mount Cox was the biggest

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Speaker 2: exchange in the world. About ten years ago. It did

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Speaker 2: about seventy percent of trading. Suddenly stopped operating. About eight

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Speaker 2: billion dollars worth of bitcoin is to be dispersed. That's

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Speaker 2: putting pressure on prices.

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Speaker 1: Sean on to story number two. Prime Minister Anthony Ibneasy

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Speaker 1: bran new British Prime Minister Sir Keir Starmer over the weekend,

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Speaker 1: congratulated him and discussed the Commonwealth Heads of Government meeting

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Speaker 1: in Samoa later this year. Chogham, it sounds like something

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Speaker 1: that gets caught in your throat, doesn't it.

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Speaker 2: It does, according to a Downing Street spokesperson. So Kir

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Speaker 2: also said he hoped to build on the already strong

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Speaker 2: Orcist partnership between Australia the UK and the US, and

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Speaker 2: the two leaders agreed to stay in close touch. Our

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Speaker 2: Prime Minister using X said the two had a lot

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Speaker 2: of work to do together to grow economies, advance or

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Speaker 2: and sees the opportunities of the global clean energy transformation.

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Speaker 2: Mister Alberanezi was just one of many global leaders getting

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Speaker 2: in touch with the new British Prime Minister after his

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Speaker 2: landslide victory late last week that ended fourteen years of

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Speaker 2: a Conservative rule. He also announced his cabinet, including Britain's

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Speaker 2: first female treasurerse someone called Rachel Reeves.

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Speaker 1: Story number three. A pretty good weekend for auction results

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Speaker 1: for the preliminary clearance rate coming in at seventy four

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Speaker 1: point seven percent. That's the highest level since early April.

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Speaker 2: In Sydney, the clearance straight was seventy six point seven percent,

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Speaker 2: up almost five percentage points since the previous week. The

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Speaker 2: best result in a couple of months. In Melbourne came

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Speaker 2: in at seventy point two percent, up two percentage points.

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Speaker 2: Adelaide was eighty four point eight percent, Brisbane seventy eight

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Speaker 2: point nine percent, which was very good for that market.

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Speaker 2: Camber was the only major city to record a drop

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Speaker 2: in the clear and straight down to sixty four point

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Speaker 2: three percent. The number of auctions was lower than a

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Speaker 2: week ago, but it was still much higher than a

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Speaker 2: year ago. So while we're going into this winter, loll

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Speaker 2: a little momentum going into the lull if that's a possibility.

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Speaker 1: Story number four Sean Judy Garland and Sir Laurence Olivier

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Speaker 1: are to narrate audio books even though they're dead under

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Speaker 1: a new deal to clone their voices using artificial intelligence.

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Speaker 1: This all feels a little bit, a little bit strange.

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Speaker 2: Yeah. Eleven Labs of London, founded business launched by a

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Speaker 2: couple of Polish entrepreneurs, said it had reached deals with

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Speaker 2: the states of Mss Garland and Sir Lawrence to use

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Speaker 2: their audio likeness as in a new app. According to

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Speaker 2: a report in the Telegraph of London, the late actors

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Speaker 2: will lend their voices to Eleven Labs at reader app

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Speaker 2: which users will be able to pick celebrities to read

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Speaker 2: their favorite novels, a product it's called Iconic Voices. Miss

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Speaker 2: Garland's daughter the One Only, Eliza Minelli, said it's exciting

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Speaker 2: to see her mother's voice available to the countless millions

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Speaker 2: of people who love her. People will also be able

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Speaker 2: to listen to digital versions of James Dean, he died

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Speaker 2: in nineteen fifty five. Also Bert Reynolds, Michael.

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Speaker 1: Last One, Story Number five Sewan. Thirty nine year old

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Speaker 1: basketball superstar Lebron James has agreed to a two year,

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Speaker 1: one hundred and four million US dollar deal with the

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Speaker 1: the LA Lakers, the highest ever for a person of

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Speaker 1: his age, pushing his wealth to a staggering one point

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Speaker 1: five billion US dollars according to the Bloomberg Billionaires Index.

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Speaker 2: The contract confirms that James will realize a long held

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Speaker 2: goal of playing with his son, Bronni James Junior, the

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Speaker 2: nineen year old who was drafted by the Lakers last

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Speaker 2: week and reportedly agreed to a four year, seven point

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Speaker 2: nine million dollar contract. The senior James, who's entering his

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Speaker 2: twenty second season in the NBA, holds the league's all

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Speaker 2: time scoring record and average twenty five point seven points

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Speaker 2: per game last year, putting him in the top fifteen

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Speaker 2: players in the league. According to Bloomberg, he's the wealthiest

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Speaker 2: of the current crop of players Buddy ain't named Michael

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Speaker 2: Jordan released in terms of wealth. His wealth is estimated

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Speaker 2: at more than four billion dollars after last year's selling

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Speaker 2: his stake in the Charlotte Hornets.

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Speaker 1: Yeah, it's an amazing story that one. There we go

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Speaker 1: the top five business stories in five minutes. Thank you Sean,

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Speaker 1: thank you Michael. It's Monday, the eighth of July twenty

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Speaker 1: twenty four. Remember to hit follow on the podcast, and

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Speaker 1: if five minutes isn't enough, you can find our longer

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Speaker 1: daily show called Fear and Greed wherever you listen to podcasts.

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Speaker 1: That also comes to a bunch of interviews and things.

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Speaker 1: Today's interview was a great one for investors. Five stocks

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Speaker 1: to think about as part of your investment portfolio. Don't

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Speaker 1: miss it. I'm Michael Thompson and that was the fast

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Speaker 1: five business news by Fear and Greed. Have a great day.