1 00:00:03,720 --> 00:00:06,320 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,320 --> 00:00:09,640 Speaker 1: for Wednesday, the seventh of May twenty twenty five. I'm sure, alma, 3 00:00:09,760 --> 00:00:12,360 Speaker 1: every afternoon, we've got the five stories that happened today 4 00:00:12,360 --> 00:00:14,080 Speaker 1: that you need to know about. Storry Number one, The 5 00:00:14,120 --> 00:00:17,439 Speaker 1: SMPA s X two hundred closed up zero point three 6 00:00:17,480 --> 00:00:20,320 Speaker 1: percent today to eight thousand, one hundred and seventy eight points. 7 00:00:20,680 --> 00:00:24,319 Speaker 1: Rent oil prices rose again, pushing towards sixty three US 8 00:00:24,320 --> 00:00:27,520 Speaker 1: dollars a barrel helping lift woodside and Santos iron ore 9 00:00:27,560 --> 00:00:30,639 Speaker 1: prices were also higher, edging towards one hundred US dollars 10 00:00:30,680 --> 00:00:34,440 Speaker 1: a ton helping BHP and Rio tinto. The banks were mixed, 11 00:00:34,479 --> 00:00:38,680 Speaker 1: while CSL was sold off. Newek's tumbled seventeen percent after 12 00:00:38,720 --> 00:00:42,080 Speaker 1: withdrawing full year guidance for revenue growth and underlying cash flow, 13 00:00:42,479 --> 00:00:46,320 Speaker 1: reporting that customers are holding off committing to new IT contracts. 14 00:00:46,600 --> 00:00:48,599 Speaker 1: It was easily the worst performer among the top two 15 00:00:48,680 --> 00:00:52,480 Speaker 1: hundred today, and Zipco rose twelve percent after talking about 16 00:00:52,479 --> 00:00:55,720 Speaker 1: a significant turnaround over the past couple of years for 17 00:00:55,760 --> 00:00:59,400 Speaker 1: the buy now, pay later operator. Sorry number two, there's 18 00:00:59,480 --> 00:01:02,280 Speaker 1: plenty of hope following news that the US and China 19 00:01:02,720 --> 00:01:08,000 Speaker 1: have taken small early steps around tariff's Senior Chinese officials 20 00:01:08,000 --> 00:01:11,240 Speaker 1: are expected to meet with US Treasury Secretary Scott Bessant 21 00:01:11,560 --> 00:01:15,399 Speaker 1: and Trade Representative jameson Greer in Switzerland this week, the 22 00:01:15,520 --> 00:01:19,920 Speaker 1: first formal step towards negotiating down Donald Trump's huge tariffs 23 00:01:19,920 --> 00:01:22,880 Speaker 1: on Chinese imports to the US that helped risk your 24 00:01:22,959 --> 00:01:26,759 Speaker 1: assets like bitcoin, which pushed up towards ninety eight thousand 25 00:01:26,880 --> 00:01:29,720 Speaker 1: US dollars a unit sorry number three. The corporate regulator 26 00:01:29,760 --> 00:01:33,520 Speaker 1: has ordered Macquaribank to appoint an independent expert to review 27 00:01:33,560 --> 00:01:38,800 Speaker 1: its futures and derivatives trading business and improve compliance, criticizing 28 00:01:38,840 --> 00:01:42,880 Speaker 1: the group for ineffective supervision of trading desks. ASEK said 29 00:01:42,959 --> 00:01:45,679 Speaker 1: it had identified nine areas of concern over the part 30 00:01:45,720 --> 00:01:48,760 Speaker 1: eighteen months and has put additional conditions on McCrae Bank's 31 00:01:48,760 --> 00:01:52,560 Speaker 1: financial services license. According to the finn review, those concerns 32 00:01:52,600 --> 00:01:57,960 Speaker 1: include misreporting of derivative transactions assex also concerned with ineffective 33 00:01:58,000 --> 00:02:02,200 Speaker 1: supervisions and weak compliance in control management. It involved poor 34 00:02:02,360 --> 00:02:06,440 Speaker 1: change management practices, unclear roles and responsibilities, and an incomplete 35 00:02:06,520 --> 00:02:10,880 Speaker 1: understanding of its own processes and controls, including around data governance. 36 00:02:11,360 --> 00:02:14,280 Speaker 1: Straight number four, sales growth at market Darling JB Hi 37 00:02:14,440 --> 00:02:17,760 Speaker 1: Fi has slowed somewhat, with the group's good guys in 38 00:02:17,840 --> 00:02:20,720 Speaker 1: E and S brands being challenged by lower consumer spending. 39 00:02:21,200 --> 00:02:24,600 Speaker 1: March quarter sales grew overall on a same store sales 40 00:02:24,639 --> 00:02:28,080 Speaker 1: basis at six percent. Now the number is decent, but 41 00:02:28,240 --> 00:02:31,160 Speaker 1: faster growth came in January. It had slowed down by 42 00:02:31,320 --> 00:02:35,280 Speaker 1: March that newcent JB High Fi's share price down slightly today. 43 00:02:35,720 --> 00:02:39,040 Speaker 1: Another retailer to report half year sales growth was online 44 00:02:39,120 --> 00:02:42,200 Speaker 1: furniture group Temple and Webster. It said growth had risen 45 00:02:42,240 --> 00:02:45,399 Speaker 1: to eighteen percent. Sounds good, but it was low expectations, 46 00:02:45,400 --> 00:02:48,480 Speaker 1: and its share price fell eight percent. CEO Mark Coulter 47 00:02:48,680 --> 00:02:52,040 Speaker 1: commented that the US China tariff war was beneficial to 48 00:02:52,080 --> 00:02:55,320 Speaker 1: the business with ships from several countries, including China, because 49 00:02:55,400 --> 00:02:59,760 Speaker 1: inbound shipping rates have fallen. And finally, story number five, 50 00:02:59,800 --> 00:03:03,360 Speaker 1: Canian Prime Minister Mark Carney visited the White House yesterday 51 00:03:03,639 --> 00:03:06,120 Speaker 1: for his first talks with Donald Trump and told the 52 00:03:06,200 --> 00:03:09,520 Speaker 1: US President that Canada would never be for sale. Carney 53 00:03:09,560 --> 00:03:11,960 Speaker 1: was elected late last month mostly on his stance standing 54 00:03:12,040 --> 00:03:14,480 Speaker 1: up to Trump. Trump of course, has imposed tariffs on 55 00:03:14,520 --> 00:03:18,320 Speaker 1: some Canadian products and talked about annexing the country. The 56 00:03:18,360 --> 00:03:21,160 Speaker 1: two leaders showed little animosity during an opening session at 57 00:03:21,160 --> 00:03:24,000 Speaker 1: the Oval Office. Both men praised each other. Trump said 58 00:03:24,000 --> 00:03:26,800 Speaker 1: that the two sides would not be discussing Canada becoming 59 00:03:26,880 --> 00:03:29,560 Speaker 1: part of the United States, but he then went on 60 00:03:29,600 --> 00:03:32,160 Speaker 1: to say it would be a wonderful marriage. Carney put 61 00:03:32,200 --> 00:03:35,120 Speaker 1: down the idea firmly. I quote it's not for sale. 62 00:03:35,160 --> 00:03:38,960 Speaker 1: It won't be for sale ever. End quote. Trump's response, 63 00:03:39,120 --> 00:03:42,240 Speaker 1: never say never, never say never. There you go. That's 64 00:03:42,280 --> 00:03:44,440 Speaker 1: it for the Afternoon Report for Wednesday, this seventh of 65 00:03:44,440 --> 00:03:46,520 Speaker 1: May twenty twenty five. Make sure you hit follow on 66 00:03:46,560 --> 00:03:49,560 Speaker 1: the podcast. We'll be back tomorrow morning with thursd edition 67 00:03:49,640 --> 00:03:51,880 Speaker 1: of Fear and Greed Business News. I'm Sean i Elma. 68 00:03:52,160 --> 00:03:52,880 Speaker 1: Enjoy your evening.