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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the fifth of September twenty twenty four. I'm

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. So let's

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Speaker 1: get cracking. Story number one, The S and p ASX

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Speaker 1: two hundred closed up zero point four percent today to

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Speaker 1: seven nine hundred and eighty two points, as the market

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Speaker 1: bounced back a bit after yesterday's hammering it. Real Estate,

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Speaker 1: investment trusts and financials performed strongly, but there were steep

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Speaker 1: falls for energy and a fall in utilities and resources.

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Speaker 1: Iron ore prices hit near two year lows, adding to

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Speaker 1: the challenges. Coronado Global Resources had a particularly rough day,

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Speaker 1: with shares down sixteen percent after it told investors that

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Speaker 1: heavy rainfall and at Central Queensland coal mine had hit

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Speaker 1: production levels. Woodside was another one, down six point two percent.

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Speaker 1: Investment management firm Challenger fell eleven percent following US based

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Speaker 1: Apollo Global Management's decision to sell down at stake in

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Speaker 1: the business. The top performer was Data Center Business Next DC,

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Speaker 1: up eight point four percent. Story number two Reserve Bank

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Speaker 1: Governor Michelle Bullock today gave her first speech since Treasurer

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Speaker 1: Jim Chalmer's comment that high rates us smashing the economy,

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Speaker 1: as she put the blame for economic pressures back on inflation,

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Speaker 1: but said that so far borrowers are largely okay and

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Speaker 1: there's no risk of financial instability from defaults. At the

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Speaker 1: same time as her speech, the Council of Financial Regulators

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Speaker 1: handed down the latest financial Stability report. It found that

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Speaker 1: five percent of borrowers right now are cash flow negative,

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Speaker 1: with their income not covering their expenses. Michelle Bullock warned

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Speaker 1: that if inflation isn't brought back down to target in

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Speaker 1: a timely fashion, then this number will likely rise, with

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Speaker 1: lower income households most at risk and just for anybody wondering,

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Speaker 1: She chose not to comment on the Treasurer's statement and

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Speaker 1: speaking of the Treasurer and Parliament Elsewhere in politics, Labor

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Speaker 1: frontbencher and former Leader Bill Shorten is retiring after almost

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Speaker 1: two decades in Parliament. Onto story number three now ethical lending.

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Speaker 1: Fintech Before Pay has released new data on the consumer

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Speaker 1: spending slowdown. Their cost of Living index shows a seven

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Speaker 1: point three percent drop in the average daily spend of

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Speaker 1: Australians do out of sixty five dollars and seventy four

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Speaker 1: cents in August. It shows the pressure that households are

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Speaker 1: under right now, with the average spend sitting at seventy

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Speaker 1: dollars and fifty five cents a day in July. But

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Speaker 1: it's still up from sixty one dollars ninety two in

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Speaker 1: August last year, so about a six point two percent

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Speaker 1: rise year on year, which may well be due to

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Speaker 1: higher prices, of course, overall due to inflation. Some of

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Speaker 1: the biggest reductions in spending were in the categories of

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Speaker 1: general shopping and durable goods. Shopping as a category was

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Speaker 1: down fifteen point seven percent over the month. Entertainment and

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Speaker 1: leisure fell seven percent. Story number four or The Biden

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Speaker 1: administration has pointed the finger squarely at Vladimir Putin's inner

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Speaker 1: circle for election interference in the lead up to the

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Speaker 1: US presidential election. The US is claiming that the Russian

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Speaker 1: president is undertaking a covert campaign to sway its democratic

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Speaker 1: process and is bombarding Americans with political propaganda and outright misinformation,

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Speaker 1: including pro Kremlin views. This is the strongest accusation the

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Speaker 1: US has ever made against Russia. On the basis of

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Speaker 1: election propaganda in recent times. And finally story number five,

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Speaker 1: Uber is raising three billion US dollars in its first

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Speaker 1: ever bond sale, having achieved blue chip investment grade status.

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Speaker 1: It could have raised even more potentially, with reports suggesting

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Speaker 1: signals from investors more indicating about eight billion US dollars

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Speaker 1: worth of demand. Uber only recently posted results with record

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Speaker 1: levels of profit for the second quarter and growth in bookings.

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Speaker 1: Uber is going to use the money it raises to

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Speaker 1: repay almost two billion US worth of loans, and the

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Speaker 1: rest will be for general corporate purposes. It's a moment

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Speaker 1: in time for those who remember these groundbreaking companies launching

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Speaker 1: to see them now moving into these new sorts of

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Speaker 1: deals where they have achieved that blue chip investment grade status.

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Speaker 1: That's it for the Afternoon Report for Thursday, the fifth

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Speaker 1: of September twenty twenty four. Don't forget to follow on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Joined us tomorrow morning for the

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Speaker 1: Friday edition of the Fast five Business News by Fear

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Speaker 1: and Greed, the top five business stories you need to

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Speaker 1: know in US five minutes A'm Michael Thompson, enjoy your evening,