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Speaker 1: Today on Fear and Greed. Trump andomics has royal financial markets,

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Speaker 1: with the Aussie dollar surging alongside local uranium stocks. The

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Speaker 1: local housing market bounces on the back of last week's

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Speaker 1: interest rate cut, and Wistech Global sent to bid four

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Speaker 1: billion dollars for a software group. Plus National's leader David

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Speaker 1: Little proud under pressure, and the boss of Rio Tinto

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Speaker 1: was forced out. Welcome to Fear and Greed. Daily business

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

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Speaker 1: the twenty sixth of May twenty twenty five. Are Michael

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Speaker 1: Thompson and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, Trump andomics is playing havoc

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Speaker 1: in financial markets, and over the past three days pronouncements

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Speaker 1: by the US president have sent the Aussie dollar back

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Speaker 1: to sixty five US cents, rattled equity markets, and pushed

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Speaker 1: local uranium miners sharply high. There is a lot going on.

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Speaker 2: Plenty going on. Donald Trump over the weekend said he

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Speaker 2: would recommend a fifty percent tariff on employees from Europe

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Speaker 2: starting next week, even though we know what he says

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Speaker 2: isn't necessarily what happens. The threats booked investors who are

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Speaker 2: increasingly worried about putting their hard earned their money into

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Speaker 2: US assets. The US dollar is still the reserve currency,

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Speaker 2: still the world's number one economy, but Trump's antics are

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Speaker 2: making investors look elsewhere now. Trump wants a deal with

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Speaker 2: the European Union. He's frustrated by a lack of progress

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Speaker 2: that triggered his threat, along with a warning that Apple's

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Speaker 2: foreign made iPhones could face big levies. Investors are getting

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Speaker 2: more and more wary about what's going on in the US,

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Speaker 2: and the surgeon the Aussie dollar is a result of

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Speaker 2: managers looking for non US currencies, so the Aussie dollar

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Speaker 2: hit sixty four point nine to nine US cents out

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Speaker 2: of the weekend, just below last month's high of sixty

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Speaker 2: five point one four US cents. The threats also hit

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Speaker 2: equity markets, with all three major US indices, the Dow

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Speaker 2: Jones Industrial Average, which is the top thirty stocks, the

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Speaker 2: broad based S and P five hundred, and the tech

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Speaker 2: heavy Nasdaq all dropping over the weekend. Future training suggests

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Speaker 2: a local market will fall on opening, though given the

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Speaker 2: local interest rate and inflation environment, and the relse will

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Speaker 2: be small size of our tech sector. The drops aren't

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Speaker 2: expected to be quite as large as what they were

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Speaker 2: on Wall.

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Speaker 1: Street shown that Apple situation is a fascinating situation, there

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Speaker 1: isn't it because the threats that there'll be big levies

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Speaker 1: on foreign made iPhones. I saw a lot of discussion

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Speaker 1: about this over the weekend and just saying that really

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Speaker 1: the US does not have the capacity or the skills

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Speaker 1: anymore to do what they need done overseas in terms

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Speaker 1: of China and elsewhere around the world where these phones

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Speaker 1: are actually manufactured.

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Speaker 2: Yes, an Apple iPhone could not be purely manufactured in

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Speaker 2: the US, as in only using US parts in US.

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Speaker 2: Now how it actually needs parts of now how from

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Speaker 2: somewhere else such as China.

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Speaker 1: Yeah, And then it got even worse than when hearing

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Speaker 1: some comments from Donald Trump talking about the impact on

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Speaker 1: Apple and saying, well, I don't want this passed on

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Speaker 1: to consumers, so it's just going to have to come

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Speaker 1: out of Apple's profits. Oh out, Yeah, that's going to

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Speaker 1: hurt back home though, local uranium stocks. What's the story there?

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Speaker 2: So uranium stocks rallied really hard on Friday following a

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Speaker 2: report that US President Donald Trump intends to sign an

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Speaker 2: executive order to boost the US nuclear capacity in windback

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Speaker 2: dependence on China and Russia for enriched uranium. Then over

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Speaker 2: the weekend, the order came directing the nation's independent nuclear

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Speaker 2: regulator to cut down on regulations and fast track new

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Speaker 2: licenses for reactors and power plants. On the rumor, so

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Speaker 2: before that happened, Paladin Energy jumped seven percent, bus Energy

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Speaker 2: was up eleven percent. The beautifully named Deep Yellow finished

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Speaker 2: eight percent. Today the uranium stocks will be trading on

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Speaker 2: the FACT, so it'd be very interesting to see how

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Speaker 2: they perform.

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Speaker 1: Yep, fact be room up. Okay, up next after the show, Sean,

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Speaker 1: you have an interview coming up, and it's a very

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Speaker 1: timely chat you're having with doctor Alexis Crowe, who is

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Speaker 1: the chief economist at PwC US in Australia. For a

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Speaker 1: very brief period of.

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Speaker 2: Time she was. She dropped in and had a chat

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Speaker 2: to us all about what the global economy looks like,

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Speaker 2: what Trump and nomics looks like, and what's it mean

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Speaker 2: for different parts of the world, including our part of

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Speaker 2: the world.

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Speaker 1: Yeah, it is probably one of my favorite Trump chats

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Speaker 1: we've had so far.

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Speaker 2: I'd agree with that.

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Speaker 1: It's coming up after the Show's still plenty to come though, Sean.

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Speaker 1: It was a big weekend for the auction market, with

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Speaker 1: twenty five hundred houses up for sale just days after

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Speaker 1: the Reserve Bank cut interest rates. And you've got to

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Speaker 1: say it didn't disappoint, It didn't.

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Speaker 2: The priminary clearance rate was a bit over seventy one percent,

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Speaker 2: the second highest of the year. This is just a

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Speaker 2: few weeks after the was close to the lowest preliminary

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Speaker 2: clearance rate of the year. Michael, over that.

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Speaker 1: World Sogue, My face just lit up, just didn't it,

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Speaker 1: Because you have been going so well with the word

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Speaker 1: preliminary for so long, and today it.

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Speaker 2: Just caught me out.

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Speaker 1: Ah, sorry, go on anyway.

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Speaker 2: So the preliminary clearance rate at seventy one percent, second

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Speaker 2: highest of the year a few weeks ago is down

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Speaker 2: like sixty six percent or something or other. It just

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Speaker 2: shows how important interest rates are to the market. In fact,

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Speaker 2: the only time the clearance rate was higher this year

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Speaker 2: was immediately after the February rate cut. Melbourne had most

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Speaker 2: auctions over the weekend came in at the preliminary clearing

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Speaker 2: strate came in at impressive seventy four percent. The median

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Speaker 2: house price in Melbourne is now just over one million dollars.

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Speaker 2: Sydney's rate went from sixty five percent a week agout

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Speaker 2: of seventy two percent, massive jump. The first seventy plus

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Speaker 2: result in ten weeks in that city. According to Cotality,

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Speaker 2: which was formerly known as core Logic, Sydney's median house

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Speaker 2: price is almost at two million dollars, quite incredible. Adelaide

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Speaker 2: was the best of these smaller capital cities and Brisbane

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Speaker 2: the most subdued.

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Speaker 1: Sean, I know that you're digging into house prices in

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Speaker 1: today's Fear and Greed newsletter. If you haven't signed up

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Speaker 1: for that one, head along to Fearangreed dot com dot au.

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Speaker 1: But Sean, I need to give an event a special plug.

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Speaker 1: We have something very special coming up next week, next Thursday,

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Speaker 1: on the fifth of June. If you happen to be

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Speaker 1: in Sydney or if you want to travel to Sydney.

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Speaker 1: It's a dual event. It is our first ever Fear

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Speaker 1: and Greed live recording. We're going to record the weekend

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Speaker 1: edition live, but it also doubles as the launch the

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Speaker 1: Australian launch of my new novel. It is called All

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Speaker 1: the Perfect Days. It launched in the US last week

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Speaker 1: and then next week it is launching in Australia and

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Speaker 1: we are Fear and Greed is doing a launch event.

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Speaker 2: It's very exciting. We'll do the weekend edition first and

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Speaker 2: then I'm going to interview you about the book. Find

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Speaker 2: out well, maybe not what it happens, but just the background.

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Speaker 2: Hey came up with the idea what it's like to

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Speaker 2: write a novel, whether or not you whether or not

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Speaker 2: you based any of the characters on anyone, we know,

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Speaker 2: things like that.

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Speaker 1: It'll be a really fun night Thursday, the fifth of June.

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Speaker 1: It is in Sydney. Tickets are free, but you must

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Speaker 1: register in advance. Please. I'll put a link in today's

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Speaker 1: show notes to do that. Sean will take a very

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Speaker 1: quick break. We'll be back in a moment with the

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Speaker 1: rest of the day's business news. Sean market leader wise

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Speaker 1: tech Global is expected to announce the acquisition of American

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Speaker 1: software firm E two Open for four billion dollars this week.

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Speaker 2: The Financial Review is reporting that terms around the funding

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Speaker 2: of the deal wrapped up over the weekend. Wise tech

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Speaker 2: has previously confirmed it's looking at a major acquisition. E

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Speaker 2: to Open has developed a platform known as Harmony that

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Speaker 2: brings together different systems that lets organizations manage the apply chains.

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Speaker 2: A successful deal would be wise Teach's biggest one. Yet.

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Speaker 2: The AX listed software group has not had a good run.

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Speaker 2: Let's face at. Its share price is down nine percent

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Speaker 2: this year. It's been under fire after co founder Richard

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Speaker 2: White misled the firm's board about the nature of his

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Speaker 2: personal relationships. Independent directors quit the company, and the Corporate

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Speaker 2: Watchdog is holding a formal inquiry into Shared Training and

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Speaker 2: the group's market disclosures. However, if this deal is announced

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Speaker 2: this week, perhaps some good news for the company.

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Speaker 1: Indeed, now National's leader David little Proud says he has

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Speaker 1: received assurances from the Liberal Party that they are now

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Speaker 1: prepared to accept four policy areas that the Nationals insist

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Speaker 1: need to be part of any coalition deal.

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Speaker 2: Little Proud told sky News yesterday that he expects to

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Speaker 2: meet up with libb's leader Susan Lee in coming days.

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Speaker 2: The drama has triggered speculation that Little Prowd might be

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Speaker 2: challenged from within his own party. Yesterday, he said he

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Speaker 2: was relaxed, that's his word, about reports that former leader

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Speaker 2: to be Joyce was working with another former Leada, Michael

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Speaker 2: McCormack to oust mister Little Proud. Meanwhile, Susan Lee is

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Speaker 2: under fire internally ahead of naming her shadow Cabinet. She

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Speaker 2: was supposed to do that last week when we thought

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Speaker 2: the coalition wasn't going to be the coalition. Now the

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Speaker 2: coalition looks like it is going to be the coalition,

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Speaker 2: so she delayed that. But the rumor is at Angus Taylor,

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Speaker 2: who challenged her for the top job, will be demoted

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Speaker 2: from Treasury to Energy. That hasn't plicated the conservatives within

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Speaker 2: the Liberal Party, so the bit going on there too.

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Speaker 1: Sales at department store Meyer Sean are mixed with sales

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Speaker 1: at its core brands higher, but it's recently purchased apparel

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Speaker 1: brands turnover there is lower.

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Speaker 2: Maya purchased apparel brands off premier investments earlier in the year,

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Speaker 2: biggest retail deal for a while. Those brands include Just Jeans, JJ's, Jackie, Portman's,

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Speaker 2: and Dotty. Sales for those brands were down four percent

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Speaker 2: over the first sixteen weeks of twenty twenty five, whereas

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Speaker 2: the core business new was up nearly two percent. The

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Speaker 2: retailer also warned on Friday, increased costs are weighing on

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Speaker 2: the bottom line due to ongoing ramp up issues at

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Speaker 2: its new distribution center in Victoria. Executive chairwoman Olivia Worth

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Speaker 2: said shoppers are raining in their spending in response to

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Speaker 2: cost of living pressures. My share price ended up slightly

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Speaker 2: on Friday, but it's down forty percent this year.

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Speaker 1: Australia's second largest wine group Australian Vintage, which owns mcgwigan

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Speaker 1: and Tempest two and Passion Pop Sean, which is one

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Speaker 1: I remember not so fondly from our university days. It

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Speaker 1: warned late last week that sales are likely to be

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Speaker 1: three percent below last year, sending it share price down

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Speaker 1: thirteen percent.

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Speaker 2: Ouch Passion Pop lovers, we need you.

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Speaker 1: Yeah, get onto those three for ten dollars specials that

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Speaker 1: used to be very very popular in battlest Well.

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Speaker 2: This is another company that's had a pretty rough road.

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Speaker 2: It appointed Tom Dusseldorf as its new chief executive on

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Speaker 2: April thirty, taking over from Craig Garbin, who had returned

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Speaker 2: for six months after a controversial outing by the old board.

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Speaker 2: On Friday, the company said it had bought the international

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Speaker 2: ownership rights to the Madfish brand from West Australia's Birch family.

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Speaker 2: Australian Vintage just said net debt would reach seventy six

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Speaker 2: million dollars by the end of June as it invests

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Speaker 2: heavily in product innovation, including new one hundred and eighty

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Speaker 2: seven milli liter small bottles under the Poco Vino brand

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Speaker 2: that can be stacked horizontally in retailers. I know that.

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Speaker 2: I mean the fin reviewer is writing about this. Get

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Speaker 2: very excited about the fact you can stack these horizontally

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Speaker 2: one hundred and eighty seven mili liter small bottles. That's

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Speaker 2: what I'm excited about. That's that's a tiny bottle of white.

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Speaker 1: Yeah, that's that's what two mouthfuls.

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Speaker 2: So what is a standard? One hundred and fifty mils?

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Speaker 2: I think is a standard. So one hundred and eighty

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Speaker 2: seven mills. It's just like one glass.

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Speaker 1: Yeah, that's odd, isn't it. Okay, we'll see how that

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Speaker 1: one goes. I don't know whether it's going to be

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Speaker 1: a success in the ale my household sounds certainly not. Now.

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Speaker 1: Rio Tinto CEO Jakob Stousholme was forced to step down

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Speaker 1: from the mining giant amid strained relations with company chair

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Speaker 1: Dominic Barton. According to media reports.

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Speaker 2: The Danish born Stousholme, who has run RIO since January

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Speaker 2: twenty twenty one, was forced out, though it's not really

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Speaker 2: clear why. So a bunch of media saying that the

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Speaker 2: board wants executive focused to be more on technical tasks

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Speaker 2: of mining and manufacturing rather than stakeholder relations and reputation repair.

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Speaker 2: That this all came after the Yukon Gorge explosion, and

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Speaker 2: so Jakob Stausholm's predecessor was forced out. He took the job.

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Speaker 2: He's an accountant by trade, not an engineer, not a miner,

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Speaker 2: and he spent a lot of his time managing stakeholders

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Speaker 2: and he did a pretty good job, I think. Anyway,

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Speaker 2: it just seems that the board wants to push back

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Speaker 2: towards a more technical boss. I think this is a

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Speaker 2: fair way to go. And story still though, because there's

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Speaker 2: no great explanation yet about why is forced out.

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Speaker 1: All right. Turning to international news now Sean in two

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Speaker 1: theaters of war killing continues, with at least eight people

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Speaker 1: dying across Ukraine yesterday after Russian drone and missile attacks,

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Speaker 1: while nine members of one family died after an Israeli

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Speaker 1: strike on Gaza.

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Speaker 2: Both these conflicts seem to have faded a bit from

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Speaker 2: the front pages, but they continue. The depths in Ukraine

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Speaker 2: were reported across with three different sites across Ukraine, and

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Speaker 2: came a day after he had suffered one of the

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Speaker 2: heaviest assaults since the start of the Russian invasion. Russia's

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Speaker 2: Defense ministry said its air defense units shot down or

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Speaker 2: intercepted ninety five Ukrainian drones over a number of Russian regions,

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Speaker 2: including Moscow, during a four hour period on Saturday night.

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Speaker 2: According to the BBC, Russia now controls about twenty percent

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Speaker 2: of Ukraine. Meanwhile, an Israeli airstrike on Gaza hit the

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Speaker 2: ham of a doctor and killed nine of her ten

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Speaker 2: children in the city of khan Unite. Israel's military said

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Speaker 2: its aircraft had struck a number of suspects in karn

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Speaker 2: Units and the claim regarding harm to uninvolved civilians is

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Speaker 2: under review if true. And incredibly tragic story.

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Speaker 1: Now, there's been a rush in demand for New Zealand's

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Speaker 1: Golden visas Sean in the past six weeks following a

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Speaker 1: loosening of rules. Interestingly, with the majority of new applications

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Speaker 1: coming from the US a little.

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Speaker 2: Bit anecdotal, but interesting. New Zealand eased the rules of

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Speaker 2: its Golden visa program in February, part of a push

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Speaker 2: by Prime Minister Christopher Luxen to attract more foreign investment

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Speaker 2: to the country. The new scheme, which came to effect

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Speaker 2: in April, removed English language requirements, lowered the investment threshold

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Speaker 2: for the growth visa to five million New Zealand dollars.

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Speaker 2: Applicants must spend just twenty one days in the country

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Speaker 2: to establish residency, down from three years. The process has

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Speaker 2: also been cut to eleven days on average. Now the

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Speaker 2: REVS program has it attracted sixty five new applications in

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Speaker 2: the six weeks it was introduced. Since it's been introduced,

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Speaker 2: plus there were thirty nine rolled over applications. By far

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Speaker 2: the largest number. Fifty five came from the US, fifteen

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Speaker 2: from Hong Kong, twelve from China.

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Speaker 1: So five million dollars basically, so it encourages investment in

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Speaker 1: the economy because you're bringing money, investment into business, et cetera.

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Speaker 1: There three years cut down to twenty one days. That's

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Speaker 1: not just revamped, that's a significant overhaul.

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Speaker 2: That is yep, yep, yep, all right.

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Speaker 1: Up next Sean is the Fear and Greed Daily interview

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Speaker 1: with doctor Alexis Crow, chief economist at PwC US and

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Speaker 1: of course as well completely forgot to mention Fear and

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Speaker 1: Greed The Week Ahead, featuring our resident economist Stephen could

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Speaker 1: call us.

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Speaker 2: It's a really big week this week because we have

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Speaker 2: monthly inflation data plus a bunch of partial indicators on

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Speaker 2: economic growth, and what we heard from the Reserve Bank

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Speaker 2: last week was that its focus is slightly shifting from

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Speaker 2: inflation to economic growth. It's a really big week for

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Speaker 2: the economy.

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Speaker 1: Did you know that the Kook is coming to our

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Speaker 1: book launch slash Fear and Greed Live. He has booked

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Speaker 1: his ticket and he will be there, so celebrity economists

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Speaker 1: in the crowd.

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Speaker 2: Oh, Gay the cook.

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Speaker 1: Oh it's going to be fantastic. Thank you very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It's Monday, the twenty sixth of May twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook. Michael Thompson

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