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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the seventeenth of July twenty twenty four. I'm

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Speaker 1: sure Elma. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about Story Num one.

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Speaker 1: This and PASX two hundred closed up zero point seven

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Speaker 1: percent today to a new closing high of eighty fifty

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Speaker 1: eight points. It followed strong gains on Wall Street overnight.

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Speaker 1: About eighty percent of the top two hundred stocks finished higher,

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Speaker 1: with strong performances from Macquarie Group, which was up more

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Speaker 1: than two percent, as well as Telstra Woollies and National

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Speaker 1: Australia Bank. James Hardy jump more than six percent, building

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Speaker 1: on gains earlier in the week. Hard Ease is very

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Speaker 1: exposed to the US economy, in lower rates should help

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Speaker 1: earnings at the Building Products group. Gold stocks did well

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Speaker 1: as the price of the precious metal rows. West African

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Speaker 1: Resources and Bellevue Gold were both higher. Property stocks continued

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Speaker 1: their recent good run, with Goodman Center and Charter Hall

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Speaker 1: showing the way property companies are highly leveraged, so hopes

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Speaker 1: that rates will fall and therefore reduce interest rate payments

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Speaker 1: is good for the sector. The Uveach Index is now

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Speaker 1: up more than seven percent over the past week. The

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Speaker 1: techtocks also did well today, led by Wistec. The big

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Speaker 1: miners were among the worst performers. Story number two. Wall

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Speaker 1: Street keeps running with a broad based SMP five hundred

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Speaker 1: rising overnight, while the Dow James Industrial Average, which measures

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Speaker 1: thirty of the largest companies in the US, hitting a

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Speaker 1: new record. Small caps are also doing well, with see

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Speaker 1: Russell two thousand rising for five days straight. That's its

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Speaker 1: longest run since April two thousand. The S and P

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Speaker 1: five hundred is now up twenty percent this year, not bad.

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Speaker 1: Spurring on the confidence are hopes of a rate cut

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Speaker 1: in coming months and a growing belief that Donald Trump

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Speaker 1: will win the November presidency poll. One of mister Trump's

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Speaker 1: signature policies is to cut corporate taxes, which should bolster earnings.

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Speaker 1: Goals also on a tear heading a new peak of

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Speaker 1: US two four hundred and sixty nine dollars and sixty

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Speaker 1: six cents an ounce. US bonnios have fallen, reflecting those

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Speaker 1: expectations of lower interest rates. Bitcoins high are worth just

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Speaker 1: under sixty six thousand US dollars unit and the Aussie dollars,

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Speaker 1: buying sixty seven point three US cents. Story number three.

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Speaker 1: Australia has quietly become a food superpower over the past decade,

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Speaker 1: as local farmers have increased their output by more than

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Speaker 1: ninety percent. According to billionaire paper packaging and recycling magnate

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Speaker 1: Anthony Pratt, the Australian food production industry now represents six

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Speaker 1: percent of Australia's gross domestic product. Over the past ten years,

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Speaker 1: twelve hundred food factories have been built across the nation

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Speaker 1: and food exports have more than doubled from twenty nine

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Speaker 1: billion dollars to fifty nine billion dollars, he said. Mister

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Speaker 1: Pratt was speaking at the Australians at Global Food Forum.

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Speaker 1: He said, notably, beef exports to China over the period

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Speaker 1: have grown by two hundred percent. He highlighted that Australia

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Speaker 1: has secured eleven new free trade agreements in recent years,

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Speaker 1: including the landmark Australia India Free Trade Agreement that came

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Speaker 1: into effect in December twenty twenty two. In total, we

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Speaker 1: now have eighteen FDAs in place. This has helped diversify

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Speaker 1: the nation's food export market. Story number four BHP sold

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Speaker 1: record amounts of Australian iron ore over the past year,

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Speaker 1: but copper is where growth is likely to come from

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Speaker 1: this year. Copper production was nine percent higher in the

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Speaker 1: twenty twenty four financial year thanks to the Os Minerals acquisition.

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Speaker 1: It's forecasterized by as much as ten percent in the

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Speaker 1: year ahead. BHP said it's Escandida mine in Chile will

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Speaker 1: soon begin producing higher grade material. BHP has been focused

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Speaker 1: on building its copper assets, as demonstrated by its failed

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Speaker 1: attempt to buy Anglo American earlier in the year. Demand

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Speaker 1: for copper is expected to surge alongside electrification now. BHP

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Speaker 1: also said it sold two hundred and eighty seven point

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Speaker 1: seven million tons of Australian iron or last financial year,

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Speaker 1: an increase of three percent on the previous financial year

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Speaker 1: and well ahead of the previous record set back in

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Speaker 1: twenty twenty two. BHP's share price was down nearly one percent.

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Speaker 1: Today it's our fifteen percent this year and story number five.

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Speaker 1: Investment banking is back, with Wall Street posting its best

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Speaker 1: quarter for the sector in more than two years. In

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Speaker 1: what Bank has said was the early innings of a

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Speaker 1: sustained recovery. The five largest investment banks, Goldman, Sachs, JP,

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Speaker 1: Morgan Chase, Morgan, Stanley, Bank of America, and City Group

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Speaker 1: together reported at investment banking fees of eight point two

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Speaker 1: billion dollars in the second quarter, a forty percent increase

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Speaker 1: from a year earlier, in the highest since the start

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Speaker 1: of twenty twenty two. All of the banks except Goldman's

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Speaker 1: announced higher than expected investment banking revenues for the quarter.

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Speaker 1: Each of the big five investment banks has outperformed the

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Speaker 1: Bench SMP five hundred index over the past three months.

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Speaker 1: That's it's the afternoon report for Wednesday, the seventeenth of

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Speaker 1: July twenty twenty four. Julian King and I will be

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Speaker 1: back tomorrow morning with the Thursday edition of Hearing Greed

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Speaker 1: Business News. I'm sure Elma, enjoy your evening