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Speaker 1: Today on Fear and Greed, the local share market hits

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Speaker 1: a new record high. Prime Minister Anthony Albernezi defends his

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Speaker 1: decision to buy a four point three million dollar holiday

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Speaker 1: home amid a housing crisis, and Google orders six small

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Speaker 1: nuclear reactors to power its data centers. All at plus

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Speaker 1: much more. Welcome to Fear and Greed. Daily business news

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Speaker 1: for people who make their own decisions. It is Wednesday,

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Speaker 1: the sixteenth of October twenty twenty four. Are Michael Thompson

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Speaker 1: and Good Morning, Sean.

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Speaker 2: Aylmer, Good Morning, Michael Sewn.

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Speaker 1: The main story this morning the local share market hit

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Speaker 1: a record high yesterday is confidence over stimulus in China,

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Speaker 1: slowing inflation in Australia, and a soft landing for the

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Speaker 1: US economy. While at all combined to encourage investors sure has.

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Speaker 2: The SMPA six two hundred hit a record high yesterday

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Speaker 2: of eight thousand, three hundred and thirty one point seven points.

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Speaker 2: That was in early afternoon trading before finishing at a

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Speaker 2: called close of eight three one eight points. The benchmark

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Speaker 2: is up eighteen percent in the past twelve months, so

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Speaker 2: about half of that occurred in November and December last year.

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Speaker 2: Still nine percent in twenty twenty four is a pretty

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Speaker 2: good result. You've given the reasons for the strength and

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Speaker 2: the bores, and yesterday's push to a new high was

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Speaker 2: mostly about a strong leading from Wall Street. If we

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Speaker 2: step back, though, the last twelve months has really been

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Speaker 2: a story of the technology stocks, the big banks, and

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Speaker 2: the real estate companies. Investors love tech companies. Two of

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Speaker 2: the biggest on the local market, wise tech Global and

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Speaker 2: Promedicus have more than doubled in value over the past

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Speaker 2: twelve months. The banks have defied all predictions, including Arise yesterday,

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Speaker 2: with all big four having an absolute cracking last twelve months,

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Speaker 2: while the likelihood of Lura Interstrates has helped the real

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Speaker 2: estate investment trusts companies like Charter Hall, Goodman Group, Center

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Speaker 2: and Stockland are all up between forty and seventy percent

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Speaker 2: over the last year. And while the mining stocks have

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Speaker 2: done well recently over the past year, they really haven't

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Speaker 2: done much. In fact, they're flat. The worst performers of

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Speaker 2: all have been the energy companies.

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Speaker 1: All right, so I've gone through a few of the

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Speaker 1: sectors and you mentioned a few companies. What have been

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Speaker 1: the best performing stocks over the last year.

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Speaker 2: Well, in a sense, the market's done really well because

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Speaker 2: of the big four banks. They move the index more

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Speaker 2: than most because they're the heavyweights in the SMPA six

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Speaker 2: two hundred, but in pure share price terms, they're not

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Speaker 2: even in the running. The best performer of the top

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Speaker 2: two hundred by now pay later group Zipco, which is

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Speaker 2: up nine hundred and fifty percent over the past twelve months.

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Speaker 2: I reckon eighteen months ago, couldn't find a friend that

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Speaker 2: is incredible. Sure is Intelligence Software Group New He fits

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Speaker 2: into that category as well. It was absolutely shunned it

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Speaker 2: listed in late twenty twenty, had all sorts of management challenges.

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Speaker 2: No one wanted to go near. It humbled in value.

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Speaker 2: It is up nearly four hundred percent over the past

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Speaker 2: twelve months. It's actually back almost to where it was

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Speaker 2: when it listed in December twenty twenty. The other one

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Speaker 2: worth a mention is Clarity Pharmaceuticals. It uses radiation to

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Speaker 2: target cancers for diagnostic and treatment purposes. It's up five

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Speaker 2: hundred and seventy percent. Others to have more than doubled

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Speaker 2: the price over the last year include Sigma Healthcare Regions,

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Speaker 2: Healthcare in Life three sixty. However, Michael, we should always

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Speaker 2: mention the ones who haven't done so well.

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Speaker 1: We'd like to have balance on this show, doesn't we

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Speaker 1: shall we do?

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Speaker 2: We do? A bunch of lithium companies have been poor performers,

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Speaker 2: IDP Education, Absolute Market, Darling a couple of years ago.

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Speaker 2: It's had a shocker. Nine Entertainment has had a shocker,

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Speaker 2: as has Woodside Energy.

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Speaker 1: Sean, it seems a perfectly good opportunity right now to

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Speaker 1: mention today's interview that you have coming up after the show.

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Speaker 1: You're speaking with David Talbot and here's from HSBC Australia

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Speaker 1: and it is all about investing.

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Speaker 2: Sure is. They've got their investors Insights survey our. The

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Speaker 2: big news I think from it is that diversification seems

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Speaker 2: a touch out of fashion among many investors, which is

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Speaker 2: actually bad news. We talked to David all about that,

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Speaker 2: about the rules of investing, about how people are investing

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Speaker 2: offshore and what they're doing with their money. It's a

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Speaker 2: fantastic chat. If you're interested in investing, particularly.

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Speaker 1: Stick around for that one. It's coming up a bit

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Speaker 1: later on. It was there much corporate news around yesterday.

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Speaker 2: Sean, Yeah, Bits and pieces Investment Platform Business Hub twenty

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Speaker 2: four Jump two and a half percent after announcing a

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Speaker 2: record quarterly net inflow of four billion dollars. Title funds

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Speaker 2: under administration hit one hundred and thirteen billion dollars, and

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Speaker 2: the company said it's confident it could meet its target

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Speaker 2: of up to one hundred and twenty three billion dollars.

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Speaker 2: This financially Hub twenty four actually is one of those

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Speaker 2: companies that have been I think it's a top ten

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Speaker 2: best performer. Over the last twelve months, it's been flying.

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Speaker 2: Mpole announced a fifty million dollar cost cutting plan to

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Speaker 2: be rolled out next year. It came after the group

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Speaker 2: reported a big drop in quarterly refinery margins as weak

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Speaker 2: demand for some oil products and an outage weighed on

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Speaker 2: the business. It's share price closed down two percent. Entiree

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Speaker 2: Payments share price tumbled thirteen percent after the federal government

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Speaker 2: announced that it intends to crack down on debit card surcharges.

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Speaker 2: More of that in a moment.

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Speaker 1: And what's happening on international markets.

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Speaker 2: The oil prices are lower on the back of a

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Speaker 2: report that Israel may avoid targeting Iran's crude infrastructure. Friends

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Speaker 2: training around seventy five US dollars a barrel. Bitcoin jumped

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Speaker 2: after US Vice President Carl LA Harris pledged to support

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Speaker 2: a regulatory framework for cryptocurrencies. Doald Trump's a big fan

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Speaker 2: of cryptos, albeit a fairly recent convert ever since he

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Speaker 2: got a business deal involved in one, and trade is

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Speaker 2: a way that a Harris government in the upcoming election

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Speaker 2: would hurt the sector. That seems to be alleviated by

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Speaker 2: her comments in recent days. I mentioned Wall Street a

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Speaker 2: moment ago, and Vidia's share price continues to do well,

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Speaker 2: heading a new record yesterday morning Australian Time. The company

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Speaker 2: share price has tripled in the past year, and its

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Speaker 2: market capitalization is now three point four trillion US dollars,

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Speaker 2: Apples at three point five trillion, Microsoft's at three point

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Speaker 2: one trillion dollars. Otherwise, gold is steady and the Ausie

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Speaker 2: dollar is buying sixty seven point one US sense.

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Speaker 1: All right, Sean, Today's newsletter day. The Fear and Greed

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Speaker 1: weekly newsletter comes out every Wednesday. It's coming out in

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Speaker 1: a couple of hours time, so you're running out of

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Speaker 1: time to head to Fearangreed dot com dot au. Pop

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Speaker 1: your email addressing and Sean, I'm sure we can look

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Speaker 1: forward to some spicyviews on a few different topics.

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Speaker 2: Yeah, I'm running out of time to write it. I

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Speaker 2: think that's also important to note that plenty of spicyviews,

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Speaker 2: especially the debit card c Yeah, we'll get to the

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Speaker 2: debit card story in a moment, but a little bit

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Speaker 2: about that.

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Speaker 1: Oh, I'm very excited. Head along to Fearangreed dot com

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Speaker 1: dot au. Pop your email address in and you will

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Speaker 1: get this hastily written newsletter in just a few hours time.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news. Sean Daber is looking to outlaw

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Speaker 1: debit card surcharges in a crackdown on consumer fees ahead

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Speaker 1: of the next federal election.

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Speaker 2: Federal Treasurer Jim Chalmers said consumers shouldn't be punished for

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Speaker 2: using cards or digital payments, and small businesses shouldn't have

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Speaker 2: to pay hefty fees just to get paid themselves. Shoppers

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Speaker 2: pay about one and a half billion dollars annually on

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Speaker 2: debit and credit card surcharges. Now, the government's not looking

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Speaker 2: at banning search charges on credit cards, just debit cards.

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Speaker 2: The banks themselves broadly support the move to ban debit surcharging,

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Speaker 2: even though it probably does mean a change for infrastructure.

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Speaker 2: I got to say, this is a bit of a gripe,

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Speaker 2: and I do talk about it in the newsletter. It

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Speaker 2: really irritates me when I use a debit card. I

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Speaker 2: don't use credit cards anymore or not much anyway, close

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Speaker 2: figure better control of my money if I use debit cards.

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Speaker 2: It really irritates me when there's a surcharge on my

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Speaker 2: debit card, because all it is there's no risk there.

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Speaker 2: It's just a transfer of money from one account to another.

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Speaker 2: Why should I have to pay a surcharge for that?

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Speaker 1: It makes no sense. It actually doesn't make any sense. Yeah, although, Sean, yes,

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Speaker 1: you familiar with the TV show Family Guy.

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Speaker 2: Go on, go on, well, there.

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Speaker 1: Is an episode there where Peter Griffin, the main character,

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Speaker 1: he gets his own segment on a talk show and

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Speaker 1: what was it called What Grinds My Gears? Where he

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Speaker 1: just has a platform to have a little rant about

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Speaker 1: various things. I can just actually picture now, we can

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Speaker 1: create a little image of you as Peter Griffin. And

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Speaker 1: I'm not being particularly complimentary to you or not.

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Speaker 2: I don't want to be Peter Griffin.

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Speaker 1: But go on, I'm sorry, Sean, clearly though, back on track,

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Speaker 1: the election isn't too far away because obviously we've got

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Speaker 1: this crackdown on these surcharges. But there are also media

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Speaker 1: reports about the government wanting to introduce a flat daily

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Speaker 1: fee for all childcare.

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Speaker 2: It would be part of the government's push for universal

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Speaker 2: childcare and goes against recent recommendations the Productivity Commission. The

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Speaker 2: AFI is reporting that flat fee options of ten dollars

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Speaker 2: and twenty dollars are being considered, as is the mechanism

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Speaker 2: for moving from the current subsidy system to flat fees

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Speaker 2: while maintaining capacity. The option would include removing the requirement

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Speaker 2: for parents to look for work or do some training

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Speaker 2: and I'd imagine would trigger huge demand if it's introduced.

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Speaker 1: You'd have to think so now. The Prime Minister Anthony

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Speaker 1: Albernezi in this story got a big, big, big run yesterday.

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Speaker 1: He spent the day, the entire day, it seemed, defending

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Speaker 1: his decision to buy a four point three million dollar

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Speaker 1: holiday home on the central coast of New South Wales

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Speaker 1: amid a housing crisis for many Australians.

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Speaker 2: It appears that Prime Minister bought the four bedroom, three bathroom,

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Speaker 2: three car port property in Capa Kabana in September. Yesterday,

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Speaker 2: he was pretty unapologetic about it, though he added he

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Speaker 2: understood people were struggling. In a press conference in Queensland,

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Speaker 2: he said, and I'm quoting the PA. Of course I

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Speaker 2: am much better off as Prime Minister. I earn a

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Speaker 2: good income. I understand that. I also know what it's

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Speaker 2: like to struggle. My mum lived in the one public

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Speaker 2: housing that she was born in for all of her

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Speaker 2: sixty five years. Michael personally, I couldn't give two hoots

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Speaker 2: that he and partner Jodie Hayden bought a home. But

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Speaker 2: it just isn't a very good look, especially when oppositionally

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Speaker 2: to Peter Dutton is making inroads on mister Alban easy

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Speaker 2: being out of touch. Yesterday, Peter Dutton said he had

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Speaker 2: no problems with miss Hayden and mister alban Easy buying somewhere.

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Speaker 2: He was more worried about all the Australians who couldn't

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Speaker 2: afford a house. Dog whistle politics, pretty smart. Just a

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Speaker 2: bad look for the Prime minister. But couldn't give two

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Speaker 2: hurts good on him.

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Speaker 1: No, no, and look, I mean the fact is even

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Speaker 1: kind of characterizing it as a holiday home realistically is

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Speaker 1: because they are living in the lodge at the moment,

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Speaker 1: so they it would be a home for the future,

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Speaker 1: you would think.

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Speaker 2: Or likelihood it's their home post politics.

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Speaker 1: I'm guessing yeah, yeah, now staying in politics, but at

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Speaker 1: a state level, the Men's Labor government in New South

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Speaker 1: Wales is looking to cap rental increases to once a

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Speaker 1: year statewide and also change the law so that a

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Speaker 1: landlord needs to provide reasonable and sensible reasons for ending

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Speaker 1: a lease.

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Speaker 2: The move is hoped to provide greater certainty for renters

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Speaker 2: and make it harder for them to be victed. Current

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Speaker 2: rental laws allow for multiple rent hikes for fixed term

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Speaker 2: leases of less than two years, or when there's a

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Speaker 2: change in the type of lease, such as from periodic

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Speaker 2: to fixed term. Government wants to look after those renters

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Speaker 2: out there.

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Speaker 1: Australians are being told not to travel to Israel and

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Speaker 1: to leave as soon as possible as hostilities escalate between

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Speaker 1: the Jewish state and its neighbors.

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Speaker 2: After a drone attack by Hesbalah breached Israel's Iron Dome

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Speaker 2: air defence system, killing force soldiers at a military base

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Speaker 2: in northern Israel, the Department of Foreign Affairs and Trade

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Speaker 2: updated its travel advice for Israel. The advice says we

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Speaker 2: now advise do not travel to Israel in the occupied

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Speaker 2: Palestinian territories due to the volatile security situation, armed conflict,

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Speaker 2: civil unrest and terrorism. If you're in Israel, you should

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Speaker 2: leave while commercial flights remain available, border crossings are open,

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Speaker 2: and while it's safe to do so. Defact also warns

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Speaker 2: that the situation could deteriorate quickly with little or no notice,

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Speaker 2: and that could mean airspace closures, flight cancelations to versions,

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Speaker 2: and other travel disruptions.

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Speaker 1: Yesterday, Sean he had a really good interview with Stephen mabb,

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Speaker 1: the chair of the Australian Shareholders Association, about agms, and

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Speaker 1: one of the reasons for talking to him yesterday was

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Speaker 1: because Telstra was holding its AGM for its one million

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Speaker 1: plus shareholders yesterday. A few interesting things came out of it.

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Speaker 1: Newchair Craig Dunn said he would support a sale of

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Speaker 1: Foxtel and the telco would consider paying shareholders a special dividend.

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Speaker 2: Yeah, it's a fairly quite a fair to be perfectly honest,

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Speaker 2: but mister Dunn said the telco understood that News Court

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Speaker 2: was undertaking a strategic review of the Foxtail business, which

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Speaker 2: could lead to a potential sale which would include Telstra's

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Speaker 2: thirty five percent stake. He said that would be a

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Speaker 2: sensible decision. According to a report in The Australian, mister

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Speaker 2: Dunn said Telstra was continuing to focus on its core business.

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Speaker 2: Basically Foxtel isn't part of the core business. Asked by

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Speaker 2: a shareholder whether that sale would warrant a special dividend

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Speaker 2: for shareholders, mister Dunn said the telco would consider it

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Speaker 2: as it had in the past.

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Speaker 1: Sean there's a bit of disquiet at AMZ at the moment,

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Speaker 1: with the Big Bank calling in global consulting group Oliver

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Speaker 1: Wyman to review the culture of its markets unit.

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Speaker 2: The bank said Oliver Wyman had been engaged to review

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Speaker 2: strengths and areas for improvements in our markets team's culture

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Speaker 2: and risk governance. The appointment of Oliver Wyman follows that

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Speaker 2: of Allen's after the law firm was hired to investigate

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Speaker 2: internal complaints about excessive drinking during work hours and bullying.

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Speaker 2: According to report in the AFR, an Z's markets unit

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Speaker 2: faces and investigation by the corporate regulator over alleged market

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Speaker 2: manipulation and internal complaints about workplace misconduct that have already

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Speaker 2: led to the departure of three traders. Oliver Wyman's appointment

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Speaker 2: was supported by the banking regulator, the Australian Prudential Regulation Authority.

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Speaker 1: And Crown Melbourne Sean now owned by a private equity

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Speaker 1: group Blackstone, will pay the Victorian casino regulator two million

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Speaker 1: dollars after it allowed two hundred and forty two self

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Speaker 1: excluded gamblers to place bets at its casino.

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Speaker 2: The breaches, which occurred between October last year and May

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Speaker 2: this year, were detected through monitoring of the casino by

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Speaker 2: the Victorian Gambling and Casino Control Commission. The commission chair

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Speaker 2: fran Thorne, said the casino had broken its obligation to

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Speaker 2: protect people at risk of gambling harm and the breaches

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Speaker 2: related to system and control failures rather than a deliberate

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Speaker 2: disregard of regulation. Crown was asked to engage an independent

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Speaker 2: expert to assess the effectiveness of its self exclusion program,

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Speaker 2: but has already taken some steps to strengthen its controls.

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Speaker 2: Of course, Crown was only granted an unconditional license to

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Speaker 2: run it's casino at seven months ago. Talking about casinos

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Speaker 2: not that we were at a casino last night, but Michael,

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Speaker 2: you and I and Adam had dinner to chat all

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Speaker 2: things fear and greed, and we raised a glass to

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Speaker 2: George Nigas, who died in the past couple of days,

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Speaker 2: aged eighty two, are founding member of sixty minutes in Australia,

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Speaker 2: inaugural host of ABC's Foreign Correspondent, an old fashioned journalist.

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Speaker 2: I'd say I met him a few times. He was

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Speaker 2: always very giving to me. I was always a junior journalist,

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Speaker 2: but he was always giving, and I thought he's a

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Speaker 2: good fellow as well.

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Speaker 1: Yeah, well said well, said Sean, turning to international news.

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Speaker 1: Now I mentioned this one at the top of the show.

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Speaker 1: Google has ordered six to seven small modular nuclear reactors

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Speaker 1: from Cairos Power, becoming the first tech company to commission

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Speaker 1: new nuclear power plants to provide low carbon electricity for it. Well,

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Speaker 1: it's very, very energy hungry data centers. I've got to

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Speaker 1: be energy hungry if they're ordering their own power plant, Sean.

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Speaker 2: The tech company had placed an order for small modular

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Speaker 2: nuclear reactors with a tail capacity of five hundred megawat's

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Speaker 2: helping Kiros, a seven year old startup, to bring its

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Speaker 2: first commercial reactor online by twenty thirty more by about

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Speaker 2: twenty thirty five. According to the FT. Google said it

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Speaker 2: is a landmark agreement. In its fifteen year clean Energy journey,

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Speaker 2: Google's considering options for the power to be fed into

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Speaker 2: the grid or directly connected to the data centers. Last month,

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Speaker 2: Microsoft announced that it would commit to buying twenty year

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Speaker 2: supply of electricity from the mothballed US nuclear power plant

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Speaker 2: Three Mile Island if it's owner, Constellation Energy, restarted the site.

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Speaker 2: Tech companies are increasingly interested in nuclear as a medium

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Speaker 2: term solution to providing low carbon electricity to power up

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Speaker 2: their data centers. This move by Google, as I mentioned

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Speaker 2: a moment ago, I think, is quite extraordinary.

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Speaker 1: Something else that I find quite extraordinary out of the

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Speaker 1: US Sean. Until a week ago, you couldn't bet in

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Speaker 1: the US on the presidential election. Then all of a sudden,

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Speaker 1: the court victory in Washington opened the market and the money,

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Speaker 1: the money has just come flooding in, with Donald Trump

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Speaker 1: narrowly favored over Karmala Harris.

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Speaker 2: Yes, so, I think it's about forty six cents in

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Speaker 2: the dollar for Karmla Harris fifty four for Donald Trump,

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Speaker 2: though initially it was forty nine to fifty one. And

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Speaker 2: after I reckon you follow the money, that's probably the

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Speaker 2: best place to go rather than polling. Financial Exchange CALCI,

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Speaker 2: whose court victory opened up the market, is offering institutional

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Speaker 2: investors the opportunity to put as much as one hundred

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Speaker 2: million US dollars and either Carla Harris or Donald Trump

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Speaker 2: for a win. In November. In the first day since

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Speaker 2: the ban was lifted, more than twelve million dollars has

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Speaker 2: been waged, and the company is in the process of

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Speaker 2: setting up several institutional players on the platform. According to

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Speaker 2: the ft, the amounts are expected to continue growing as

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Speaker 2: election days and more traders are attracted to the platform.

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Speaker 2: We'd just like to comment, We're here in Australia betting

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Speaker 2: on elections.

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Speaker 1: For years, so weird claim to fame there. Yeah, we

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Speaker 1: will bet on anything.

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Speaker 2: We will pretty much we will.

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Speaker 1: Now Sean up next is the Fear and Greed Daily

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Speaker 1: Interview David Talbot from HSBC Australia as your guest.

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Speaker 2: Yes, it's all about the investor Insights survey that HSBC

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Speaker 2: has done and as we mentioned at the top of

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Speaker 2: the show, a bit about like diversification, going a bit

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Speaker 2: out of fashion. Something to worry about. I think.

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Speaker 1: Yeah, it's a good one. That's coming up next to

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Speaker 1: the Fear and Greed playlist on your podcast platform or

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Speaker 1: at Fearangreed dot com dot au. And time is running

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Speaker 1: out to sign up for that newsletter. Do that at

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Speaker 1: the website as well. It's coming out in a few hours. John,

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Speaker 1: you better get writing.

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Speaker 2: Let me go, Michael, So I'm going to write right now. Goodbye.

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Speaker 1: It's Wednesday, the sixteenth of October twenty twenty four. Make

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Speaker 1: sure you're following the podcast and join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson. And that was

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Speaker 1: Fear and Greed. Have a great day.