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Speaker 1: It's Monday, the thirtieth of September 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 intus five minutes. A'm Michael Thompson and

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Speaker 1: good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: Five big stories to get through in five minutes, So

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Speaker 1: let's get cracking with story number one. Resource stocks are

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Speaker 1: surging on the back of last week's stimulus from Beijing,

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Speaker 1: with BHP once again the big Australian taking the top

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Speaker 1: spot on the ASX two hundred from the Commonwealth Bank.

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Speaker 2: It's been an incredible turnaround in just five days. It

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Speaker 2: started with Beijing promising lower interest rates, another stimuli to

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Speaker 2: help the struggling economy that triggered a surgeon. Commodity prices

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Speaker 2: on all prices top to one hundred US dollars a

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Speaker 2: ton mark in Singapore. That's that the share prices of

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Speaker 2: the big miners higher. For the full week. BEJP closed

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Speaker 2: up thirteen percent, REIL up fifteen percent, and fourtes Que

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Speaker 2: Metals jump seventeen percent. The Aussie dollar is a commodity

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Speaker 2: currency and so high commodity prices, particularly iron, or and coal,

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Speaker 2: pushes up the currency. It finished the week above sixty

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Speaker 2: nine US cents, about seven percent below its previous low.

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Speaker 2: The rotation to miners out of banks has been start

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Speaker 2: Commonwealth Bank down seven percent last week, NAB six percent,

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Speaker 2: Westpac five percent, a Zed four percent. In fact, the

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Speaker 2: rotation has been so sharp that on Friday, Badge Pe

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Speaker 2: regained the mental of biggest company on the AX, worth

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Speaker 2: two hundred and twenty seven billion dollars. Commonwealth Bank comes

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Speaker 2: in at number two to twenty five billion dollars. Rio

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Speaker 2: and fortyes Q are now ten and eleven, having pushed

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Speaker 2: down Woodside and Telstra Sean.

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Speaker 1: The big question here is will this rotation out of

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Speaker 1: banks into minors last. Is it going to stick around?

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Speaker 2: Well, it depends a bit on whether you think what

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Speaker 2: Beijing is doing will last. It also depends what you

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Speaker 2: think about interest rates in Australia. No doubt the banks

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Speaker 2: are very expensive on a historical basis. There's more value

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Speaker 2: in some commodity stocks. IMP chief economist Shane Oliver says

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Speaker 2: the risk of another correction in chairs remains high. Basically

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Speaker 2: stretched valuations, optimistic investor sentiment still a high risk of recession.

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Speaker 2: There's also got the US election coming. On the flip side,

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Speaker 2: global infation is falling. You know, banks central banks are

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Speaker 2: cutting interest rates. About fIF percent of global central banks

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Speaker 2: of now cut rates. China is doing much more. Doctor

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Speaker 2: Oliver generally says that there is a short term risk,

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Speaker 2: but the six to twelve month horizon is pretty good,

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Speaker 2: all right.

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Speaker 1: On the story number two, now Sean it was grand

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Speaker 1: final weekend in Melbourne and that severely reduced the number

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Speaker 1: of home auctions over the past week. Having said that,

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Speaker 1: the preliminary clearance rate across the nation tumbled to sixty

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Speaker 1: four point five percent.

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Speaker 2: It was the lowest in December last year, and the

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Speaker 2: final clearance rate for the previous week came in at

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Speaker 2: sixty point seven percent. It was also the lowest in

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Speaker 2: twenty twenty four according to core Logic twelve hundred homes

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Speaker 2: when under the hammer. In Sydney, it's clearance rate went

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Speaker 2: from seventy point three percent to sixty six point one percent.

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Speaker 2: There are only two hundred and thirty seven options. In Melbourne,

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Speaker 2: the preliminary clearance rate was fifty six point seven percent.

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Speaker 2: Adelaide came in at seventy four to seventy five percent,

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Speaker 2: Brisbane fifty five act just under sixty six percent. It's

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Speaker 2: probably reasonable to ignore the weekend's figure it's given all

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Speaker 2: the football finals going on. But the number one in

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Speaker 2: Sydney particular is really really weak. It just feels that

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Speaker 2: the housing market is cooling quite a bit.

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Speaker 1: Yeah, now story number three. The numbers in this one

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Speaker 1: are quite staggering. The biggest super funds are getting even bigger,

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Speaker 1: with Australian Super and Australian Retirement Trust now accounting for

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Speaker 1: more than half of all new retirement savings and more

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Speaker 1: than six hundred and fifty five billion dollars in assets.

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Speaker 2: Yeah. The next five largest UNI super host plus SeaBus

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Speaker 2: rest in Hester managed seven hundred billions, so it's not

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Speaker 2: far between the top two and the next five, and

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Speaker 2: the gap between the top two and the rest is growing.

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Speaker 2: The growth in the two mega funds is not necessarily

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Speaker 2: a good thing because it could trigger governance issues. Also

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Speaker 2: harder for them to find places to put the money.

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Speaker 2: According to analyst at morning Star, OZSI suber now manages

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Speaker 2: three hundred and forty one billion dollars in retirement savings.

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Speaker 2: Australian Retirement Trust three hundred and fourteen billion according to

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Speaker 2: the fin Review. Next is Aware Super and one hundred

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Speaker 2: and eighty billion dollars, also about thirty seven percent of inflows,

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Speaker 2: and the twelve months at the end of June wenty

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Speaker 2: Ozzie Super Australian time at Trust was about fifteen percent,

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Speaker 2: so they're getting about half the inflows as well, just

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Speaker 2: getting bigger and bigger indeed.

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Speaker 1: Story number four, the Financial Reviews annual list of the

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Speaker 1: ten most powerful business leaders has been released. Topping the

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Speaker 1: list is Commonwealth Bank boss Matt Common.

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Speaker 2: Matt Commons has done a great job deflating the anger

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Speaker 2: around banks and has increasingly grown his brief, speaking out

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Speaker 2: on everything from intergenerational inequality and artificial intelligence to housing

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Speaker 2: and tax policy. Number two on the list is Mark Delainey,

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Speaker 2: chief Investment Officer of OZSI Suber think that previous story

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Speaker 2: we're just talking about not much happens on the ASEX

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Speaker 2: without Ozzie Suber knowing about it. Next is BHPCO Mike Henry.

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Speaker 2: Then Superfund hessed Up chief executive Debbie Baky, followed by

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Speaker 2: Gina Reinhardt and Andrew Forrest.

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Speaker 1: Last one, Story number five, the first new kind of

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Speaker 1: treatment for schizophrenia patients in decades has just been approved

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Speaker 1: by the US Food and Drug Administration.

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Speaker 2: The new class of treatments could help st sabilize patient's

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Speaker 2: symptoms without the uncomfortable side effects that a company existing antipsychotics.

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Speaker 2: The new drug, called Kabenfi, works differently from the class

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Speaker 2: of drugs used by many detreats schizophrenia. According to The

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Speaker 2: Wall Street Journal, the Bristol Myers squib drug works by

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Speaker 2: mobilizing a new target in the brain. Traditional any psychotic

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Speaker 2: drugs of side effects including weight gain, falling, sleep involutory

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Speaker 2: muscle jerking. The new drug isn't without its own side effects.

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Speaker 2: Nause how vomiting constipation were reported in clinical trials. However,

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Speaker 2: it is the first major step forward in several decades.

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Speaker 1: All right, there we go the top five business stories

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Speaker 1: in five minutes. Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It's Monday, the thirtieth of September twenty twenty four. Remember

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Speaker 1: to hit follow on the podcast and in five minutes

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Speaker 1: sasn't enough. You can find our longer daily show called

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Speaker 1: Fear and Degreed whereever you listen to podcasts, and that

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Speaker 1: comes with a bunch of interviews and things as well.

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Speaker 1: Today's interview is a terrific one for investors. Don't miss it.

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Speaker 1: I'm Michael Thompson and that was the fast fire business

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Speaker 1: news by Fear and Greed. Had a great day.