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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The Deputy Governor of the Reserve Bank hints at a

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Speaker 1: rate cut in a fortnight's time, just as figures suggest

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Speaker 1: a pickup in the retail and building sectors. Microsoft and

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Speaker 1: Meta announce huge quarterly profits, and the Bellweather commodity copper

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Speaker 1: tumbles twenty percent, the biggest intra day fall in nearly

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Speaker 1: forty years. Plus, Virgin gives the green light for dogs

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Speaker 1: and cats to travel with passengers in cabins, and Westpac

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Speaker 1: takes over from Commonwealth Bank sponsoring cricket Australia. It is Friday,

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Speaker 1: the first of August twenty twenty five. I'm 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: The main story this morning, the Deputy Governor of the

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Speaker 1: Reserve Bank, Andrew Houser, has added to expectations of an

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Speaker 1: interest rate cut in a fortnight's time, welcoming this week's

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Speaker 1: low inflation figures and adding that the Central Bank wants

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Speaker 1: to be predictable for financial markets.

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Speaker 2: And that last bit, Michael, is very significant because money

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Speaker 2: markets are pricing in a one hundred percent chance of

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Speaker 2: Reserve Bank cut when they next meet at its August

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Speaker 2: eleven twelve meeting. The market's pricing in two to three

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Speaker 2: rate cuts by the RBA between now and December, and

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Speaker 2: that's on top of the reductions in February and May

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Speaker 2: this year. Houses said the inflation data this week, where

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Speaker 2: the monthly underlying rate rose zero point six percent and

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Speaker 2: the annual rate was up two point six percent, was

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Speaker 2: and his words, very welcome. He said that the RBA

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Speaker 2: during normal economic times wants to be predictable and he

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Speaker 2: doesn't expect the market to be surprised by the Reserve

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Speaker 2: Bank very often in the future. Earlier this month, the

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Speaker 2: Central Bank surprised almost everyone, including financial markets, by not

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Speaker 2: cutting interest rates. House's response to that yesterday, I quote him, so,

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Speaker 2: let's not declare this to be some sort of catastrophe,

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Speaker 2: because there were some very specific challenges. So it just

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Speaker 2: seems to be signaling to the market they've probably got

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Speaker 2: it right.

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Speaker 1: And you have talked about this in the past. The

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Speaker 1: fact that the Reserve Bank does try and kind of

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Speaker 1: send some messages in advance, don't they through these kinds

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Speaker 1: of speeches, just so that people aren't caught completely off

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Speaker 1: guard one way or the other.

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Speaker 2: Yes. Now, no doubt the new Monetary Policy Board that

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Speaker 2: the Reserve Bank is now working with changes the dynamics.

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Speaker 2: And it's not that the previous board members were Patsy's

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Speaker 2: by any stretch. They all had their views and their opinions.

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Speaker 2: What we do know this new board is that there's

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Speaker 2: a vote, we're finding out how people are voting, and

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Speaker 2: it just seems to be a little more independent from

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Speaker 2: the bureaucrats within the Reserve Bank. Now that's not necessarily

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Speaker 2: a good thing, though, because it means that the Reserve

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Speaker 2: Bank can't necessarily indicate where interest rates are going as

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Speaker 2: easily as they could have previously. Having said all that,

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Speaker 2: I think what Andrew Houser said yesterday makes it pretty clear.

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Speaker 1: It certainly doesn't and it's comments. It came though, as

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Speaker 1: Bureau of Statistics figures show a pickup in both retail

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Speaker 1: sales and building approvals.

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Speaker 2: Yeah. So what we know about the economy is that

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Speaker 2: economic growth is slow, though it's probably bottomed. The retail

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Speaker 2: and building approval figures support that view. After four months

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Speaker 2: of underwhelming expectations, spending came in above expectations, rising i

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Speaker 2: solid one point two percent over the month. New product releases, specifically, Michael,

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Speaker 2: the Nintendo switch to, as well as sales around the

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Speaker 2: end of financial year boosted spending. You know, the Nintendo

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Speaker 2: switch to. I mean, I know nothing about gaming, have

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Speaker 2: never gamed in my life. It's actually the first update

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Speaker 2: right to Nintendo Switch in years. Did you know that?

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Speaker 1: I did know that. Yes, I know that, not only

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Speaker 1: because we bought a Nintendo Switch during COVID, as I

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Speaker 1: suspect a lot of people did, and it just kind

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Speaker 1: of boomed as well. But it's not surprising that that

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Speaker 1: kind of cantributed to spending because the new Nintendo switches

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Speaker 1: something like seven hundred dollars. Wow. Wow, it's pretty pricey.

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Speaker 2: Go on, we digress. Dwelling approvals pasted a solid twelve

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Speaker 2: percent rise over the month, following a string of disappointing

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Speaker 2: data since the beginning of the year. It's the highest

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Speaker 2: monthly count of approvals in almost three years, driven by

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Speaker 2: a very big jump in yinded approvals. They do tend

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Speaker 2: to be fairly volatile, but at least heading the right direction.

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Speaker 1: Yeah, seven hundred dollars. Sorry, yes, I'm sorry. I just

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Speaker 1: wanted to make I don't like to give misleading information

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Speaker 1: and yes, seven hundred dollars was correct. So well done, Michael,

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Speaker 1: you nailed it. Moving on from the Reserve Bank, let's

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Speaker 1: look overseas. Microsoft and Meta Sean have both announced huge

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Speaker 1: quarterly profits, demonstrating that both companies can make money from

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Speaker 1: the AI revolution, which is huge. Yeah.

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Speaker 2: Microsoft benefits from the AI boom with customers consuming bigger

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Speaker 2: loads of computing power through its Azure cloud computing business.

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Speaker 2: Now it's a virtuous circle for Microsoft because of course

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Speaker 2: they provide or sell aipowered software. When you buy a

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Speaker 2: Microsoft software product comes with AI as a result you

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Speaker 2: need it's a zero cloud computing services works nicely a

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Speaker 2: zero sales past seventy five billion US dollars on an

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Speaker 2: annual basis, capex from Microsoft will reach three hundred and

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Speaker 2: thirty billion US dollars this year. It's now making around

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Speaker 2: twenty seven billion US dollars a year. Pretty good. Overnight

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Speaker 2: went past the four trillion US dollar mark. Isn't that amazing?

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Speaker 2: Joining video on that. Having said all that, investors were

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Speaker 2: even more impressed with Meta, judging by its eleven percent

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Speaker 2: share price rise, which added about one hundred and fifty

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Speaker 2: billion dollars to its market value. It's quarterly revenue came

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Speaker 2: in almost four It's quarterly revue was almost fifty billion dollars,

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Speaker 2: up about twenty two percent. It recently restructured its AI division,

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Speaker 2: calling it Meta super Intelligence. Isn't that cool? I think

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Speaker 2: so that's.

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Speaker 1: Actually really cleary cool. I mean the marketing team, you've

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Speaker 1: hit it out of.

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Speaker 2: The past absolutely. Founder Mark Zuckerberg is reportedly paying people

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Speaker 2: tens of or hundreds of millions of dollars to join

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Speaker 2: the company.

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Speaker 1: Worth a quick mention of today's interview coming up after

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Speaker 1: the show, speaking with Josh Gilbert from e Toro, who

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Speaker 1: knows all of this stuff so well.

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Speaker 2: Yeah, and what Josh says that this is proof, these

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Speaker 2: results from Meta and Microsoft is proof that big tech

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Speaker 2: can make money from the AI boom. We've seen it

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Speaker 2: with nvideo so far because it made the chips. Well,

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Speaker 2: this is sort of further down the value curt or

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Speaker 2: further up the value curve I spares. And what we

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Speaker 2: talk to Josh about is the fact that these companies

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Speaker 2: are now making money from it. And he gives us

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Speaker 2: his view on whether the Magnificent seven text talcs can

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Speaker 2: keep running.

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Speaker 1: It's coming up after the show, so worth sticking out

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Speaker 1: for that one. In global markets, the price of copper Sean,

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Speaker 1: the Bellweather commodity, tumbled twenty percent, which is the biggest

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Speaker 1: intra day fall since nineteen eighty eight, after US President

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Speaker 1: Donald Trump announced that refined copper would not attract a

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Speaker 1: fifty percent levy, though semi finished copper will.

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Speaker 2: And the difference, Michael, is that refined copper is basically

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Speaker 2: the base material of starting material, while semi finished is

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Speaker 2: at a more advanced stage of processing things. Why Rod's

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Speaker 2: tubes those sorts of things wind up going down and

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Speaker 2: Rabbit Warren, this story go on?

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Speaker 1: Where did it take you?

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Speaker 2: Well at the International Copper dot Org? Actually did you

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Speaker 2: have copper? It mean it starts buried deep in the

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Speaker 2: ground ends up in electronics appliance as evs. It is

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Speaker 2: one hundred percent recyclable, can be reused again and again

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Speaker 2: without any loss to its physical properties. So it's a

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Speaker 2: great conductor of electricity. For example, you can recycle it

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Speaker 2: conducts electricity.

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Speaker 1: Just as well.

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Speaker 2: Is that cool?

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Speaker 1: That is actually very cool? And more than the reuse

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Speaker 1: over and over and over again that it just makes

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Speaker 1: it the forever commodity.

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Speaker 2: Yes, yes, yes, yes, and more than twenty eight million

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Speaker 2: tons of copper is used annually, more than two thirds

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Speaker 2: used for electrical or conductivity applications. I found that fascinating.

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Speaker 1: How long did you spend research?

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Speaker 2: Far too long?

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Speaker 1: I'm getting that vibe at local markets, how do they perform?

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Speaker 2: Yesterday the smp ASX two hundred closed down attached to

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Speaker 2: eight seven three points. The surge in the US tech

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Speaker 2: stocks helped the local tech sector was performance here with

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Speaker 2: the big miners, bach Be down almost two and a

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Speaker 2: half percent. Banks will higher, retailers mixed, Telstra.

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Speaker 1: Lola, okay, quick break, so much still to come. We'll

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Speaker 1: be back in a moment with the rest of the

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Speaker 1: day's business news. Sean Australia is undergrowing pressure to recognize

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Speaker 1: a power Palinian state at the United Nations General Assembly

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Speaker 1: next month, after Canada joined France and Britain in saying

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Speaker 1: that it would do so.

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Speaker 2: Prime Minister Anthony Abernezi spoke to UKPM Keir Starmer about

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Speaker 2: the importance of international momentum on the Israel Guards the

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Speaker 2: war in a phone call yesterday. It's the second conversation

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Speaker 2: between the peer in the last couple of days after

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Speaker 2: the UK said it would recognize the state of Palestine

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Speaker 2: unless Israel met key conditions. Treasure of Jim Chalmers yesterday

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Speaker 2: came out. He said he welcomes the momentum on Palestinian's statehood. Meanwhile,

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Speaker 2: Labour's sixteen billion dollar student debt cut past the Senate,

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Speaker 2: marking the first bill to become law in the new

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Speaker 2: term of Parliament.

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Speaker 1: I don't know about this story. Show on this next one.

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Speaker 1: Virgin Australia is set to allow small dogs and cats

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Speaker 1: to fly in cabins, so inside the plane alongside passengers,

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Speaker 1: and it's going to happen by the Christmas holidays.

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Speaker 2: Yeah, I'm with you. Chief executive Dave Emerson said the

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Speaker 2: airline had cleared the final regulatory hurdle to put pets

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Speaker 2: on planes. Now, the reason the process has taken so

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Speaker 2: long is that health authorities consider aircraft restaurants and I

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Speaker 2: say that in quotations. But because you're a restaurant, you

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Speaker 2: can't have a cut of dog in there. So what

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Speaker 2: Emerson said, you're not allowed to bring your pets into

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Speaker 2: a restaurant. So we had to change the rules and

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Speaker 2: get an exemption. And that process took just over a year.

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Speaker 2: So cats and dogs weighing up to eight kilos will

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Speaker 2: be permitted on board and then only into pet friendly

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Speaker 2: designated rows. Carriers will have to fit under the seat

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Speaker 2: in front pets. They won't be able to roam around.

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Speaker 2: They'll have to remain in the carriers at all times.

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Speaker 2: They can steal bark, They can steal bark. I think

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Speaker 2: virgin sort of short flights Sydney Melbourne for example, they're

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Speaker 2: likely to be the first flights that accept cats and dogs.

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Speaker 2: It's sort of has It's come after the civil aviation.

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Speaker 2: So if you authority relaxed its rules for the carriage

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Speaker 2: of an I don't know whe I'm fan or not.

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Speaker 1: Michael no no, I think you almost need to take

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Speaker 1: one of the flights alongside animals and let that guide you,

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Speaker 1: yes to whether you feel strongly about this. There were

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Speaker 1: just so many loopholes, so many kind of hurdles that

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Speaker 1: they had to pass. There was that kassa approval than

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Speaker 1: the food stuff and so many bits and pieces. Anyway,

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Speaker 1: we'll see whether it works. Westpac Sean has done a

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Speaker 1: deal to sponsor Australian cricket for a reported fifty million

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Speaker 1: dollars over four years, snatching the right snatching from arch

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Speaker 1: enemy Commonwealth Bank. It is on.

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Speaker 2: It is on. The deal includes and that's just tests

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Speaker 2: series against England, limit overs, limited over series against India

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Speaker 2: and South Africa and women's matches against India over all

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Speaker 2: three forms of the sport. The summer looms as a

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Speaker 2: crucial time for crickets financial future.

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Speaker 1: Now.

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Speaker 2: I don't know whether you followed this, Michael, but the

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Speaker 2: Boston Consulting Group came out in the last couple of days.

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Speaker 2: It recommended that the sports administrators sell minority states in

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Speaker 2: the Big Bash League clubs. There's eight state owned Big

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Speaker 2: Bash League clubs overseas. They are sold to the private sector.

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Speaker 2: What Boston Consultant Group said, why don't you raise the

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Speaker 2: money by selling some of these clubs. Now, this Westpac

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Speaker 2: dealer is on top of that. It will help Cricket

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Speaker 2: Australia towards its targets of a net profit. Westpac's logos

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Speaker 2: will be on the shirts of the Australian men's and

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Speaker 2: women's teams for all matches played in Australia across Test

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Speaker 2: one day in T twenty formats, Australia A undernineer matches,

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Speaker 2: and the bank will also become an official partner of

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Speaker 2: the men's and Women's BBL.

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Speaker 1: It's a big deal, very big deal.

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Speaker 2: And the W the red W is I've seen some

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Speaker 2: fighters front and center. So the Commonwealth Bank actually had

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Speaker 2: their logo on the sleeve. I think that was all

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Speaker 2: where it was. You can't miss the W. It also

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Speaker 2: like Westpac also sponsors the rugby League and the W

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Speaker 2: on the balls and like it's great branding.

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Speaker 1: Yeah, it certainly is. Okay turn into international news now.

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Speaker 1: There's been a frantic rush to sign trade deals with

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Speaker 1: the US ahead of today's deadline, with delegations from Canada

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Speaker 1: and Mexico hoping for a last minute agreement.

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Speaker 2: As a deadline neared, Trumpel trumpel Trump signaled, Trumple. There's

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Speaker 2: a name we start calling Donald Trump trumpel Trump. This

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Speaker 2: lot of works.

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Speaker 1: Trump will still skinned. I like it.

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Speaker 2: Trump will still skin signaled late progress with key trading partners,

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Speaker 2: announcing a deal with South Korea, while also saying he

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Speaker 2: would host last minute talks with India. Now he said

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Speaker 2: that just after hours hours after he announced a twenty

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Speaker 2: five percent tariff on India. So I'm not sure how

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Speaker 2: that works. Trumple Stiltskin warned other trading partners he would

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Speaker 2: not back away from the sweeping tariff regime. He has

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Speaker 2: threatened on countries that do not reach an agreement by

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Speaker 2: his deadline. Presumably that means Astoria is going to be

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Speaker 2: hit without fifteen to twenty percent. I quote Donald Trump

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Speaker 2: on truth social the August first deadline is the August

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Speaker 2: first deadline. It stands strong and will not be extended.

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Speaker 2: A big day for America.

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Speaker 1: God, he did get stuck into India. He did a bit,

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Speaker 1: didn't it with the comments on truth, social moodity. I

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Speaker 1: don't care what India does with Russia. They can take

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Speaker 1: their dead economies down together for all I care. Wow,

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Speaker 1: all right, should be interesting last minute negotiations then okay?

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Speaker 1: One more. Federal Reserve Chair Jerome Powell and his team

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Speaker 1: at the world's most important central bank have withstood enormous

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Speaker 1: political pressure and kept interest rates on hold.

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Speaker 2: In the US, The FED said it could hold interestrates

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Speaker 2: steady at least through September as it defies Donald Trump's

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Speaker 2: repeated calls to cut rates. Fed governors Michelle Bowman and

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Speaker 2: Christopher Waller dissented with a decision saying the central Bank

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Speaker 2: should have cut raised by a quarter percentage point. It's

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Speaker 2: actually the first time since nineteen ninety three that two

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Speaker 2: governors have formally objected to a rate decision, very significant.

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Speaker 2: FED Chair j Powell said following the meeting that it

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Speaker 2: seems to me and to almost the whole committee that

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Speaker 2: the economy is not performing as though restrictive policy is

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Speaker 2: holding it back. Inappropriately, what he's saying is there's so

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Speaker 2: much life in that economy he probably doesn't have to

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Speaker 2: supercharge it anymore by cutting interest rates. He also said,

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Speaker 2: though there are downside risks to the labor market, and

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Speaker 2: they'll be particularly so in the next couple of months.

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Speaker 1: Okay, Now, showing up next, as we mentioned before, Josh

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Speaker 1: Gilbert from ETRO talking about Microsoft and Meta and everything

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Speaker 1: that's going on in terms of AI and the potential

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Speaker 1: now for investors to start seeing some returns. That is

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Speaker 1: coming up next in the Fear and Gred playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com dot au,

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Speaker 1: which is also where you sign up for the free

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Speaker 1: daily newsletter in your inbox every morning by six am,

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Speaker 1: and it's everything you need to know for a successful day.

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Speaker 1: Thank you very much, Sean, Thank you, Michael. It's Friday,

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Speaker 1: the first of August twenty twenty five. Make sure you're

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Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that sphere

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Speaker 1: and great have a great day.