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Speaker 1: The ASX heads towards a new record. Airfares jumped twelve

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Speaker 1: percent since Rex's collapse, and fears escalate about the side

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Speaker 1: effects of weight loss Wonder drugs. Welcome to Fear and Greed.

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Speaker 1: Daily business news for people who make their own decisions.

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Speaker 1: It is Tuesday, the seventeenth of September twenty twenty four.

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Speaker 1: I'm Michael 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. The local share market is

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Speaker 1: on the cusp of hitting a new record, with confidence

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Speaker 1: about the Australian and global economies pushing markets higher even

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Speaker 1: though interest rates remain relatively high.

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Speaker 2: It is the market that keeps on giving. Yesterday it

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Speaker 2: got to three points of the all time peak from

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Speaker 2: August before closing up zero point three percent to eighty

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Speaker 2: one and twenty two points. Eight One hundred and forty

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Speaker 2: eight points is the number the market needs to hit.

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Speaker 2: Since sell off six weeks ago, the BOSS st up

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Speaker 2: more than six percent for this year twenty twenty four,

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Speaker 2: It's up seven percent and nearly twelve percent for the

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Speaker 2: past fifty two weeks.

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Speaker 1: Now.

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Speaker 2: It's up seventy percent since its COVID slump. That's a

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Speaker 2: pretty good run. While all the economic news from China

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Speaker 2: seems to be bad, including data over the weekend, the

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Speaker 2: fact that European and North American central banks are or

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Speaker 2: will cut interest rates is the dominant driver of the

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Speaker 2: local market. Even if the Reserve Bank isn't going to

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Speaker 2: cut rates this year, It's been a good run, mind you,

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Speaker 2: Analyst of warning, there's still plenty to be worried about.

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Speaker 2: Valuations of some stocks, notably the banks, are very high.

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Speaker 2: September often is a poor month for the market, and

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Speaker 2: as economic data comes in, any noticeable slowing could trigger

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Speaker 2: fears of a recession, either overseas or locally. Then there's

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Speaker 2: geopolitical risks from the US election to the Middle East

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Speaker 2: crisis and the war in Europe. The good news is

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Speaker 2: inflation is definitely slowing and central banks are cutting rates.

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Speaker 1: Sean, you mentioned before the banks, and we've spoken so

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Speaker 1: much about the banks doing well, and we've talked about

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Speaker 1: the resources sector underperforming. But outside of those two areas,

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Speaker 1: who are the winners and who are the losers over

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Speaker 1: the past year. I don't mean to be kind of

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Speaker 1: I don't mean to cut a group people into winners

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Speaker 1: and losers, but let's do.

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Speaker 2: It anyway you are. Yeah, So starting with the winners,

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Speaker 2: there's been some big ones. Goodman Group is up fifty

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Speaker 2: seven percent over the past year on the back of

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Speaker 2: demand for data centers, while wise Tech Global, which produces

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Speaker 2: tracking software for parcels, is up a whopping ninety one percent.

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Speaker 2: Pretty incredible and way better than most of the banks.

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Speaker 2: In fact, way better than all of the banks. Healthcare

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Speaker 2: group Resumet has also had a great run, up sixty

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Speaker 2: percent over the past year. Ifish from Pacal Healthcare, it's

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Speaker 2: up nearly eighty percent. But the best of all, at

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Speaker 2: least among the top fifty, has been pro Medicus, the

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Speaker 2: medical imaging company. It's up one hundred and twenty percent.

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Speaker 2: That is quite a phenomenal run. The worst outside the

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Speaker 2: resource of stocks, and we're calling energy giant Woodside, which

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Speaker 2: is down thirty seven percent a resource stock, include Woolies,

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Speaker 2: which is off seven percent, and pathology group Sonic Healthcare,

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Speaker 2: which is really still suffering from a COVID hangover. Sonic

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Speaker 2: Healthcare really is the exception to the rule there because

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Speaker 2: other healthcare companies res Men, Fisher and People have done

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Speaker 2: really well. The data center guys in certainty tech.

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Speaker 1: All right, so that's over the last year. What about

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Speaker 1: specifically yesterday? We're going from the big picture down to

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Speaker 1: a very specific just one day.

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Speaker 2: Yeah, well, gives this an opportunity to talk about the banks. Oh,

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Speaker 2: i'd last look, as I said. The market ended up

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Speaker 2: a little bit to eighty one and twenty two points.

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Speaker 2: Westpac led the banks, jumping another two percent. It's up

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Speaker 2: fifty percent over the past twelve months. Westpac, NAB and

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Speaker 2: Commonwealth Bank also did well. Woolies, Aria, Brambles and some

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Speaker 2: corp they all rose. Not so good with the big miners,

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Speaker 2: Woodside and CSL. In corporate news, mining company our Co

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Speaker 2: share price jumped to five and a half percent after

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Speaker 2: announcing plans to sell twenty five point one percent. Well,

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Speaker 2: that's the state it owns in the Madden joint venture

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Speaker 2: to its partner, the Saudi Arabian Mining Company, for about

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Speaker 2: one point six billion dollars. Defense shipbuilder Hostel surged twenty

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Speaker 2: percent after winning a four hundred and fifty million US

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Speaker 2: dollar contract with General Dynamics Electric Boat to expand production

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Speaker 2: capacity in Alabama. Property group blend Lease rallied two percent

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Speaker 2: on news it had completed the sale of its US

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Speaker 2: East Coast construction operations. Mineral Resources came out at least

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Speaker 2: the bullish estimate of possible gas resources in its Lockier

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Speaker 2: gas project in Western Australia's Perth basin. Its share price

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Speaker 2: was flat. Then online retailer Seti had dropped sharply on

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Speaker 2: reports at Washington is considering reducing duty free thresholds. And finally,

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Speaker 2: Auckland International Airport will raise one point three billion dollars

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Speaker 2: dollars in effort to kickstart major upgrades.

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Speaker 1: A fair bit of corporate news around, wasn't there?

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Speaker 2: Yeah, nothing huge, but lots of bits and pieces. The

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Speaker 2: Auckland International Airport was an interesting one because there's just

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Speaker 2: not that many infrastructure plays in Australia. Now, I'm in Sydney.

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Speaker 2: Airport obviously has left the boss, but so have a

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Speaker 2: lot of energy and other infrastructure assets, and so there

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Speaker 2: are plenty of large investors keen to take part in

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Speaker 2: that Auckland International Airport raising yesterday.

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Speaker 1: Yes, an interesting one. What about international markets? What's going on?

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Speaker 2: BHP had a bit to say on copper, a commodity

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Speaker 2: considered a bill weather for the economy. CFO Van Deta

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Speaker 2: Pant told the Financial Times that the growth of artificial

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Speaker 2: intelligence will exacerbate a looming shortage of copper. The rise

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Speaker 2: of data centers a AI, which requires more energy intensive computing,

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Speaker 2: could boost global copper demand by about three point four

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Speaker 2: million tons a year by twenty fifty. At the moment,

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Speaker 2: data centers are less than one percent of copper demand.

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Speaker 2: Bhpre reckons that will go to about six or seven

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Speaker 2: percent by twenty fifty. Meanwhile, oil prices are creeping higher,

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Speaker 2: as is the IZI dollar, which is now trading around

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Speaker 2: sixty seven point three US scents.

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Speaker 1: Speaking of oil prices, Sean Today's episode our bonus episode

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Speaker 1: of Ask, Fear and Green. It is a cracker. So

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Speaker 1: this is the short little episode that comes out at

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Speaker 1: about midday and it's all. It answers the questions of listeners.

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Speaker 1: If you have a question, send it on through and

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Speaker 1: we'll do our best to answer it. But we really

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Speaker 1: kind of planted this one, didn't We talked about oil

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Speaker 1: last week and I said I want to know about

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Speaker 1: other types of oil, and you said, I'm not doing

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Speaker 1: the research unless somebody actually asks it. And sure enough,

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Speaker 1: within what an hour of that podcast going live, the

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Speaker 1: first request came through we did.

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Speaker 2: I know it's fun. And the funny thing is the

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Speaker 2: more I looked into this, the sillier I felt for

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Speaker 2: not knowing the answer.

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Speaker 1: That's yeh. Look, I mean, I'm not going to pass

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Speaker 1: judgment on you for not knowing you something you will

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Speaker 1: well stick around. It is coming out at midday. It

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Speaker 1: is a fantastic look not just at kind of Brent crude,

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Speaker 1: but a whole bunch of different types of oil, where

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Speaker 1: the names come from, why the prices move, all that

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Speaker 1: kind of stuff. So make sure you're following the podcast

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Speaker 1: so that that one lobs into your playlist at midday.

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Speaker 1: In the meantime, we'll be back in a moment with

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Speaker 1: the rest of the day's business news. Shawn. Domestic economy,

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Speaker 1: airfares have jumped twelve percent since the demise of res,

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Speaker 1: while Quantus has increased the cost of changing a ticket

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Speaker 1: by twenty percent.

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Speaker 2: Figures from the Bureau of Infrastructure, Transport and Regional Economics

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Speaker 2: for September, so that the cheapest airfares are up twelve

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Speaker 2: and a half per cent since July, and full price

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Speaker 2: tickets are twelve point three percent more expensive. Business class

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Speaker 2: airfares are relatively stable over recent months, but a twelve

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Speaker 2: percent higher than a year ago. The monthly domestic Airfare

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Speaker 2: index showed full price economy fares were now at their

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Speaker 2: highest level in over three years, at ninety three point

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Speaker 2: six percent of the long term average. That means they're

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Speaker 2: still a little bit cheap. That compared to ninety eight

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Speaker 2: point four percent in fees. Twenty twenty one. Best discount

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Speaker 2: fares were at seventy percent of the long term marriage,

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Speaker 2: compared to fifty seven and a half percent two months ago.

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Speaker 2: It comes as Qantas has upped the cost of changing

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Speaker 2: a ticket from ninety nine dollars to one hundred and

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Speaker 2: twenty dollars. There when you change things because you know

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Speaker 2: your name or date of travel or cancelation of a

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Speaker 2: ticket or something like that, that.

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Speaker 1: Does feel very expensive considering it is all very much

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Speaker 1: an online digital process now right.

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Speaker 2: Yeah, And it depends what type of fare you buy,

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Speaker 2: of course, because you can buy a fair with no changes.

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Speaker 2: And I don't actually mind it that much because if

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Speaker 2: I don't know, I have to think about that one.

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Speaker 1: Yeah. Maybe maybe it'll be something that you will tee

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Speaker 1: off on in the The tear On Gred weekly newsletter

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Speaker 1: out tomorrow. Head along to Fearangreed dot com dot au

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Speaker 1: and subscribe if you haven't already done so. Sean, We're

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Speaker 1: two weeks into the spring selling season and the preliminary

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Speaker 1: auction clearance rate has fallen below the seventy percent mark

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Speaker 1: for the first time in six sure did.

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Speaker 2: It came in at sixty nine point four percent for

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Speaker 2: the past week, compared to seventy one point seven percent

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Speaker 2: the previous week. It was one of the busiest weekends

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Speaker 2: of the year, with twenty four hundred auctions over the

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Speaker 2: past seven days. Melbourne hosted one thousand auctions. Its clearance

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Speaker 2: rate was sixty eight and a half percent. There's another

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Speaker 2: thirteen hundred auctions scheduled for this week in that city.

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Speaker 2: Sydney's housing market's priminary clear and strate came in at

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Speaker 2: seventy point six percent from eight hundred and sixty four auctions.

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Speaker 2: About one thousand homes agoing under the hammer this week.

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Speaker 2: For the last week, Adelaide came in at eighty two

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Speaker 2: point two percent, Brisbane sixty four point three Act fifty

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Speaker 2: two point five percent. There are more listings than normal, though,

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Speaker 2: with about forty two thousand properties going up for sale

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Speaker 2: over the past four weeks, well above the long term

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Speaker 2: average according to core Logic. Good news for buyers, less

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Speaker 2: good news for sellers.

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Speaker 1: Indeed, and after the show stick around for an interview

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Speaker 1: you have coming up with Rachel Wastell, who is from

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Speaker 1: financial comparison site where to get.

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Speaker 2: The best deals in terms of home loans, variable rates,

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Speaker 2: fixed rates, as well as deposits and term deposits. With

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Speaker 2: interest rates moving so much in banks and lenders moving

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Speaker 2: on rates, either in anticipation of the Reserve Bank changing

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Speaker 2: things or just because of competition, there's lots of movements

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Speaker 2: going on in terms of what you can get and

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Speaker 2: how much you have to pay.

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Speaker 1: So were worth listen, Yeah, it's a good chat coming

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Speaker 1: up after the show. Prime Minister Anthony Abernezi has rejected

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Speaker 1: doing a deal with the Greens on legislation to establish

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Speaker 1: an Environmental Protection Authority, even though Environment Minister Taniel Plibasak

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Speaker 1: last week threatened to do so if the Coalition refused

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Speaker 1: to help.

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Speaker 2: The EPA bill is one of the key pieces of

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Speaker 2: legislation the government wants through the Senate this week, but

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Speaker 2: the Greens will not pass it unless the government stops

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Speaker 2: the logging of native forests and inserts a climate trigger

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Speaker 2: into the Environmental Protection Biodiversity Conservation Act. The Coalition sees

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Speaker 2: no need for the EPA, regarding it as another layer

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Speaker 2: of bureaucracy, but the miners in big business more broadly,

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Speaker 2: are desperate for the Coalition to support the bill to

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Speaker 2: avoid the government going to the Greens. According to report

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Speaker 2: in the Finn Review last week, was plebasek alarmed at

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Speaker 2: business when she said she was talking to both sides

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Speaker 2: and either way was keen to pass the legislation because

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Speaker 2: the EPA was an election promise. Yesterday, the Prime Minister

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Speaker 2: made it pretty clear there'll be no deal with the

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Speaker 2: Greens and.

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Speaker 1: Staying in politics, Sean Anthony Alberenezi yesterday expressed frustration with

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Speaker 1: the cross Bench and the Opposition for hindering his government's

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Speaker 1: legislative goals.

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Speaker 2: The Senate is sitting this week, but not the House

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Speaker 2: of Reps. That's fairly unusual. Happens once or twice a year.

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Speaker 2: There's likely to be a barney over housing. Yesterday, mister

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Speaker 2: Albanisi and Housing Minister Clara O'Neill announced the government's first

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Speaker 2: round of funding under the Housing Australia Future Fund. The

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Speaker 2: money's being provided to build thirteen thy seven one hundred homes,

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Speaker 2: and the Prime Minister said it should have come sooner

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Speaker 2: but for the opposite parties. The Help to Buy scheme

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Speaker 2: seeks to allow the government to contribute up to forty

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Speaker 2: percent of the purchase price of a new home thirty

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Speaker 2: percent of an existing home for selected applicants. The scheme

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Speaker 2: would be open to ten thousand applicants each financial year,

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Speaker 2: up to a maximum of forty thousand places, and would

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Speaker 2: save buyers from having to take out lender's mortgage insurance.

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Speaker 2: You can only start operating after states and territories pass

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Speaker 2: laws to support the federal law, so we need to

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Speaker 2: get there. But at least there's some movement there, although

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Speaker 2: the opposition parties aren't necessarily happy with the legislation as

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Speaker 2: it stands now.

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Speaker 1: I reckon this next one is just flat out alarming.

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Speaker 1: There were more data breaches in the first six months

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Speaker 1: of twenty twenty four than at any time over the

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Speaker 1: past three years, with health service providers most affected, followed

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Speaker 1: by the Australian government.

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Speaker 2: From January to June this year, the Australian Information Commissioner

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Speaker 2: received five hundred and twenty seven data breach notifications increase

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Speaker 2: of nine percent compared to the previous six months. Malicious

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Speaker 2: or criminal attacks accounted for around two thirds of those. Worryingly,

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Speaker 2: about thirty percent reflected human error. Only three percent was

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Speaker 2: a system fault. The majority sixty three percent of data

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Speaker 2: breaches affect one hundred or fewer people, though one incident

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Speaker 2: affected over ten million Australians wasn't named. I'm guessing it's

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Speaker 2: the medi secure one, though I'm not really sure about that,

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Speaker 2: but to confirm that at some point. Apart from health

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Speaker 2: in the federal government, finance, education and retail organizations are

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Speaker 2: among the groups that notified most data breaches.

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Speaker 1: And Shawn precious metals having a great time of it,

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Speaker 1: with gold hitting a new record yesterday just under US

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Speaker 1: two thousand, five hundred and ninety dollars an ounce, silver

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Speaker 1: junk ten percent last week to thirty US dollars an ounce,

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Speaker 1: and both are up twenty five percent this year.

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Speaker 2: Adding the possibility of a fifty bases point cut in

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Speaker 2: the benchmark interest rate in the US this week when

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Speaker 2: the Fed Reserve Board meets, and gold and silver are

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Speaker 2: well and truly on a run. Now, when you invest

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Speaker 2: in gold, you don't get a regular return like a

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Speaker 2: coupon payment. What you do get his safety. So when

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Speaker 2: interest rates look like falling, as they do in the US,

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Speaker 2: gold becomes relatively more attractive because you're not the opportunity

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Speaker 2: cost isn't as great as if you went invested in

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Speaker 2: bonds and things like that. Hence that pushes up the

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Speaker 2: price of the precious medal. On the local AASX gold leader,

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Speaker 2: Northern Star Resources share prices up nearly twenty five percent

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Speaker 2: since early July. Evolution mining is up almost one third.

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Speaker 2: Are The local stocks to benefit have been West African

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Speaker 2: Resources and Emerald Resources.

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Speaker 1: Turning to international news now, and Donald Trump was the

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Speaker 1: target of what the FBI said appears to be an

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Speaker 1: attempted assassination at his golf club in Florida yesterday morning

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Speaker 1: Australian time.

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Speaker 2: It came nine weeks after the Republican presidential nominee survived

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Speaker 2: another attempt on his life. Trump said he was safe

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Speaker 2: and well, and authorities held a man in custody. US

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Speaker 2: Secret Service agents stationed a few holes up from where

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Speaker 2: Trump was playing, noticed the muzzle of an AK style

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Speaker 2: rifle sticking through the shrubbery that lines the course. Roughly

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Speaker 2: three hundred and sixty five meters away, an agent fired

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Speaker 2: and the government dropped the rifle and fled in an suv,

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Speaker 2: leaving the gun behind along with two backpacks scope used

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Speaker 2: for aiming in a go pro camera. The man was

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Speaker 2: later stopped by law enforcement in a neighbouring county. His

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Speaker 2: name a fifty eight year old called Ryan Wesley Ruth.

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Speaker 2: Apparently he had previously tried to recruit Afghan soldiers fleeing

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Speaker 2: the Taliban to fight in Ukraine. Both President Joe Biden

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Speaker 2: and Vice President Carmla Harris were briefed on the matter,

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Speaker 2: and a Satan Miss Harris said that violence has no

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Speaker 2: place in America, saying she was deeply disturbed by what happened.

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

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Speaker 1: Some of the side effects of the new range of

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Speaker 1: weight loss drugs, notably vomiting, is taking some of the

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Speaker 1: shine off the so called wonder drugs.

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Speaker 2: Yeah Big Farmer group Roach's share price dropped four percent

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Speaker 2: after early trial results of its weight loss drug Hopeful

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Speaker 2: included high rates of vomiting. In fact, seventy five percent

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Speaker 2: of participants suffered. There are also other side effects. Raach

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Speaker 2: is hoping to push into the rapidly growing market for

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Speaker 2: GLP one drugs, which is currently dominated by Novo Nadisk

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Speaker 2: and Eli Lilly. At a recent conference in Madrid, about

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Speaker 2: ten percent of the eleven hundred research abstracts featured GLP

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Speaker 2: one drugs, by far the hottest pharmaceutical on the planet

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Speaker 2: at the moment. The downside and all this is that

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Speaker 2: the full impact of the side effects are unknown. GLP

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Speaker 2: one based drugs are associated with vomiting, nausea, constipation, particularly

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Speaker 2: in higher doses. They're also linked with muscle wastage in

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Speaker 2: some trials. Now the US Food and Drug Administration and

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Speaker 2: the European Medicines Agency have explored other more serious side

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Speaker 2: effects reported with recent drugs, such as suicidal thoughts, but

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Speaker 2: they've found no evidence of a link. All these side

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Speaker 2: effects are just taking some of the shine off these

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Speaker 2: so called wonder drugs.

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Speaker 1: Finally shown an update on a recent story, gosh I

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Speaker 1: Love this one, Lukara Diamond Corporation has uncovered a one

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Speaker 1: thousand and eighty four carrot diamond in Botswana at the

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Speaker 1: same site as it found a two nine and forty

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Speaker 1: two carrot rock last month.

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Speaker 2: Don't get too excited. I mean, it's about the third

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Speaker 2: the size of that. In fact, about the third the

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Speaker 2: size of the Cullanan diamond of South Africa, which is

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Speaker 2: the biggest ever found. But this this Carawy project Krowe

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Speaker 2: in Botswana, which Lakara has, it's famous for giant stones.

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Speaker 2: It has done it again.

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Speaker 1: Oh it's amazing. And you know what, Sean, WHILEI are away,

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Speaker 1: In fact, I talked about the discovery of that biggest

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Speaker 1: that the big one on the weekend edition when you

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Speaker 1: won't here. I nominated it as my favorite story. And

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Speaker 1: you know what I suggested, because obviously the culan and

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Speaker 1: Diamond is the name of the biggest diamond ever found.

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Speaker 1: I just thought, you know what, it is such an

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Speaker 1: aristocratic name for a diamond. There is an opportunity here

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Speaker 1: for the Lukara Diamond Corporation to unite the world behind

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Speaker 1: what I like to think of as the People's diamond,

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Speaker 1: this new big rock that was found, and just to

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Speaker 1: give it an everyday down to earth name, like instead

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Speaker 1: of calling it the color and diamond, why don't you

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Speaker 1: call it like Doug or Doug or Rick. Jeff, yeah, Jeff,

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Speaker 1: Steve Morton.

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Speaker 2: Why does it have to be male.

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Speaker 1: Well, it doesn't have to. They were just the names

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Speaker 1: that can Jenny.

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Speaker 2: Yeah, Karen, Karen, the Karen Diamond.

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Speaker 1: The Karen Diamond that will unite the world. Sean. Anyway,

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Speaker 1: that is my latest Fear and Greed campaign. Don't know

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Speaker 1: whether it's going to get up. We'll give it a

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Speaker 1: crack up. Next is the Fear and Greed Daily Interview

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Speaker 1: with Rachel Watell from Moso.

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Speaker 2: All about best places to get low home loan rates

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Speaker 2: and best places to get high term deposit rates.

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Speaker 1: Yeah, it's a really interesting chat. It is coming up

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Speaker 1: next in the Fear and Greed playlist on your podcast

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Speaker 1: platform or at Fearangreed dot com dot a. You and

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Speaker 1: keep an eye on your playlist at around about midday

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Speaker 1: for the next episode of Ask Fear and Greed where

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Speaker 1: we delve into oil prices and oil names. It's a

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Speaker 1: great one. Thanks very much, Sean, Thank you.

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Speaker 2: Michael.

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Speaker 1: It is Tuesday, the seventeenth of September twenty twenty four.

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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, x TikTok and Facebook. Michael Thompson

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