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Speaker 1: It's Wednesday, the twenty sixth of June twenty twenty four.

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Speaker 1: Welcome 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 in just five minutes. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories in five minutes. Let's go story number one.

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Speaker 1: The ASX two hundred had its best day in almost

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Speaker 1: six weeks yesterday, with big jumps in energy stocks, the

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Speaker 1: big miners, property groups, and financials, including the big banks.

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Speaker 1: What was particularly notable yesterday was that tech stocks did

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Speaker 1: worst of all. They have easily been the best sub

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Speaker 1: index of the market all year. By the closed yesterday,

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Speaker 1: the SMPASX two hundred one point four percent high to

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Speaker 1: eight hundred and thirty nine points. Some big stocks did

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Speaker 1: very well yesterday, some who haven't been doing so well.

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Speaker 1: James hard is an example. It jumped five percent Woodside

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Speaker 1: and Santos. They both jumped on the back of higher

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Speaker 1: oil prices. Mining giants BHP and Rio Tinto were also

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Speaker 1: up two percent. Once again, though it was the big

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Speaker 1: banks helping the market. Most Commonwealth Bank hit another all

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Speaker 1: time high of one hundred and twenty eight dollars and

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Speaker 1: sixty eight cents. It's now up thirty percent this year.

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Speaker 1: National Australia Bank hit a new nine year peak of

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Speaker 1: thirty six dollars and seventy two cents a share. It's

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Speaker 1: nearly nineteen percent since January. Well, the past couple of

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Speaker 1: sessions haven't been good for the text docs. There's still

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Speaker 1: plenty of confidence in the local market with growing expectations

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Speaker 1: that interest rates will ultimately fall rather than rise. Shawn,

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Speaker 1: just quickly, you mentioned the text docks. They're the one

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Speaker 1: we've been talking about for months internationally is chip maker

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Speaker 1: and Vidia. It's had a rough couple of days, hasn't it.

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Speaker 1: With four hundred and thirty billion US dollars in value

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Speaker 1: lopped off over the past three sessions.

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Speaker 2: That's about six hundred and fifty billion Aussie dollars more

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Speaker 2: than the combined value of BHP, Comonwealth Bank and CSL.

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Speaker 2: That's just what Nvidia has lost. It's down thirty percent

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Speaker 2: of the past three sessions, now the number three company

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Speaker 2: on Wall Street behind Microsoft and Apple. Mind you, it's

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Speaker 2: share price is still up one hundred and forty five

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Speaker 2: percent this year, so don't feel too sorry for them. Basically,

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Speaker 2: there's just a bit of talkund that some of these

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Speaker 2: AI related companies like Nvidia are just getting a bit overvalued,

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Speaker 2: a bit frothy, hence the sell off.

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Speaker 1: Story Number two show on WikiLeaks founder Julian Assange is

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Speaker 1: due back in Australia today after agreeing to plead guilty

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Speaker 1: to a single criminal count of conspiring to obtain and

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Speaker 1: disclose classified US national defense documents.

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Speaker 2: I Overnight, Misterssange was on a flight to the Northern

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Speaker 2: Mariana Islands, a US territory in the Western Pacific, where

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Speaker 2: he's due to appear in the Saipan Court. He's due

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Speaker 2: to be sentenced to sixty two months of time already served.

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Speaker 2: Now Sipan is a capital of the territory, the deal

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Speaker 2: needs to be approved by the local judge. Sage left

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Speaker 2: the UK after being bailed by the UK High Court.

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Speaker 2: Back in twenty ten, WikiLeaks released hundreds of thousands of

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Speaker 2: classified US military documents on Washington's walls in Afghanistan and Iraq,

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Speaker 2: the largest security breaches of their kind in US military history. Initially,

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Speaker 2: a Sage was arrested over religed sex crimes in Sweden actually,

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Speaker 2: and in June twenty twelve he entered Ecuador's embassy in London,

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Speaker 2: who was there for seven years. In twenty nineteen he

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Speaker 2: was removed from the embassy, charge with skipping bail, ended

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Speaker 2: up in Bill Marsh prison fighting extradition to the US.

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Speaker 2: Lots of lobbing going on, including some by the Australian

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Speaker 2: Prime Minister Anthony Abernezi. Anyway, he'll be back on home

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Speaker 2: soil later today.

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Speaker 1: Story number three. Quantas has fallen to its lowest ranking

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Speaker 1: in more than a decade among global airlines, with Fiji

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Speaker 1: Airways coming in top among the region's carriers.

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Speaker 2: The Skytracks Awards, which the Industry Benchmark puts Quantus at

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Speaker 2: twenty four in the world, down from seventeen last year.

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Speaker 2: Rex came in at fifty, Virgin Australia fifty four, Jetstar

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Speaker 2: seventy five. The rankings consider comfort, cuisine, infight, audio and

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Speaker 2: video entertainment service, and the aircraft fleet. Now Quantas has

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Speaker 2: been struggling to recover from a pretty shocking twenty twenty three.

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Speaker 2: It's pledged about turn on thirty million dollars to fixings. Obviously,

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Speaker 2: it's still some way to go. Number one in the world.

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Speaker 2: Qatar Airway beat Singapore Airlines, then Emirates, then Ana, all Nippon,

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Speaker 2: cat Pacific, Japan Airlines and Turkish Airlines good on Fiji

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Speaker 2: Airways best among the Asia. Pacific Airlines came in at

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Speaker 2: fourteen and New Zealand was twenty two.

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Speaker 1: Story number four Shawn. The Federal government has dropped its

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Speaker 1: ban on vapes and will only allow registered pharmacists to

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Speaker 1: sell them.

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Speaker 2: Sounds a bit ironic to me that pharmacies sell vapes,

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Speaker 2: So too the Pharmacy Guild of Australia, who opposes the

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Speaker 2: idea individual chemists can decide if they want to carry vapes.

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Speaker 2: The nation is that pharmacies sell vapes to help people

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Speaker 2: quit smoking, rather than for recreational use. The original legislation

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Speaker 2: was for people to only be able to get a

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Speaker 2: vape via a doctor's prescription. Health Minister Mark Butler yesterday

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Speaker 2: said pharmacists are already stocking vapes in The watering down

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Speaker 2: of initial plans is a sensible balance between access and

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Speaker 2: serious reform. He said, chemists would have to be able

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Speaker 2: to demonstrate that vapes sold comply with standards set by

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Speaker 2: the Therapeutic Goods Administration.

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Speaker 1: Story number five for avocado lovers. This is a good

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Speaker 1: news story, Shawn. The avocado crop this financial year is

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Speaker 1: up about twenty percent to a record one hundred and

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Speaker 1: thirty nine thousand tons. That is a lot of AVOs

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Speaker 1: and the good news for growers is that increasing export

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Speaker 1: demand will soak up some of that extra supply.

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Speaker 2: The Ravo Bank glob Will Avocado Update twenty twenty four

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Speaker 2: says the growth in production is driven by more than

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Speaker 2: fifteen hundred hectares of avocado planting expected to reach maturity

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Speaker 2: this year. There's a number of four thousand hectares orchards

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Speaker 2: maturing in the next five years. While the local market

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Speaker 2: is oversupply, the export market, at thirteen percent of production,

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Speaker 2: is growing. According to Rabobank, main destinations Hong Kong, Singapore

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Speaker 2: and Malaysia. Japan's growing. Also, avocado is considered a powerhouse

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Speaker 2: superferred lots of good stuff coming from avocados. Reported benefits

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Speaker 2: around weight loss, heard, illness, diabetes, gut health, brain function, eyesight,

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Speaker 2: et cetera, et cetera. Go to the Ossi avo growers.

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Speaker 1: That is a good story all round. Sean the top

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Speaker 1: five business stories in five minutes. Thank you very much.

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Speaker 2: Thank you, Michael.

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Speaker 1: It is Wednesday, the twenty sixth of June twenty twenty four.

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Speaker 1: miss out. I'm Michael Thompson, and there was the past

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Speaker 1: five business news by Fear and Greed. Have a great day.