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Speaker 1: Today on Fear and Greed. The Magnificent seven tex stocks

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Speaker 1: slump led by Tesla and cryptos are losing their shine,

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Speaker 1: Inflation prints inside the RBA's target band lifting, hopes of

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Speaker 1: more rate cuts, and Westfield Maul's big plans to become

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Speaker 1: residential hubs. Plus Woolworths disappointing earnings, and Richard White returns

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Speaker 1: as king of Wise Tech Global. 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 Thursday, the twenty seventh of February twenty twenty five.

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Speaker 1: I'm Uncle Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, very special day to day, Michael, my mother

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Speaker 2: turns ninety three.

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Speaker 1: Happy birthday, missus Dale.

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Speaker 2: I'm sure we should be listening, hope.

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Speaker 1: So the main story this morning feels like we should

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Speaker 1: have had a more positive lead story than for her.

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Speaker 1: But the Magnificent seven tech stocks sean the power to

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Speaker 1: fifty four percent surge on Wall Street over the past

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Speaker 1: two years, officially in correction territory. Yesterday, the Bloomberg Magnificent

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Speaker 1: seven index dropped more than three percent, which takes the

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Speaker 1: slide since the December seventeen peak past ten percent. That

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Speaker 1: slide has seen about two and a half trillion dollars

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Speaker 1: worth of value wiped off the stocks, led by a

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Speaker 1: thirty seven percent plunge in Tesla's share price.

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Speaker 2: In fact, Tesla's market value fell back below one trillion

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Speaker 2: US dollars yesterday morning, following an eight percent sell off

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Speaker 2: that came after Tesla sales in Europe. In Europe dropped

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Speaker 2: forty five percent last month, even though EV sales in

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Speaker 2: the region rose thirty seven percent. Amazon, Microsoft, and Alphabet

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Speaker 2: owner of Google, have lost at least ten percent since

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Speaker 2: mid December, while Apple and n Video are down about

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Speaker 2: two percent. In Video, of course, is releasing its results

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Speaker 2: this morning after we go to air. Met A platform

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Speaker 2: as owner of Facebook is the only winner of the

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Speaker 2: Magnificent Seven since December seventeen, it's up about five percent.

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Speaker 2: The question being asked really is is the gold and

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Speaker 2: run for the tech sector over? Very hard to call that.

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Speaker 1: Maybe that is a big claim.

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Speaker 2: To It is a measure of well, look at some

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Speaker 2: of the data. A measure of smaller companies in the US,

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Speaker 2: the Russell three thousand index. It's flat since the middle

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Speaker 2: of December last year, while the Magnificent seven have dropped

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Speaker 2: ten percent, so smaller CODs have definitely outperformed. The broad

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Speaker 2: Bayed Sesson P five hundred is down one and a

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Speaker 2: half percent. If you actually take out those seven, it's

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Speaker 2: higher and Magnificent seven are down ten percent. So certainly

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Speaker 2: there are signs that the golden era of tech might

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Speaker 2: be coming to an end, though I wouldn't bet your

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Speaker 2: house on h.

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Speaker 1: So why though I imagine there's multiple factors that are contributing

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Speaker 1: to this.

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Speaker 2: There are the immediate reasons include the fact that Trump

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Speaker 2: two point zero is focused on tariffs, and every tech

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Speaker 2: giant imports goods and services. We had that discussion last

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Speaker 2: week about an iPhone, and you can't know country could

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Speaker 2: create an iPhone themselves. They need inputs from other countries.

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Speaker 2: So when you're tariffs are there and you're buying stuff

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Speaker 2: from overseas, then that ups prices that will hurt earnings.

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Speaker 2: Trump two point zero is also focused on Middle America.

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Speaker 2: I think steel works manufacturing those sorts of things they're

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Speaker 2: the industry is gaining from the new government, making them

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Speaker 2: relatively more attractive investment options. So if I've got a

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Speaker 2: million bucks, I want to put it somewhere. You can

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Speaker 2: put it in en video, which is extremely highly priced,

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Speaker 2: or maybe in steelmaking, which is getting all this government money.

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Speaker 2: Then you think about going to steelmaking. There's also the

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Speaker 2: emergence of companies like deep Seacut of China proving competition

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Speaker 2: in boom areas like AI. Just the fact that these

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Speaker 2: tech companies are so highly priced at the moment that's

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Speaker 2: not helping them either. It's not to say that tech

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Speaker 2: titans are going to tumble, but they're likely to underperform.

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Speaker 1: And Sean it's worth mentioning that the tech stocks are

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Speaker 1: the only would say wobbly that a technical term. It

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Speaker 1: is now not the only wobbly assets on Wall Street

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Speaker 1: because had Bitcoin its values fallen significantly in recent sessions,

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Speaker 1: including more than eight percent yesterday.

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Speaker 2: It's currently trading around eighty seven thousand US dollars a units,

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Speaker 2: down about twenty percent since Donald Trump's inauguration. Other cryptos

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Speaker 2: are also falling. The president's combative stance against allies, en

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Speaker 2: rivals and fears of inflation as a result of tariffs

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Speaker 2: have not been welcomed by crypto investors. In fact, crypto ETFs,

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Speaker 2: which remember they surged last January when they got sec

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Speaker 2: Securities and Exchange Commission approval for ETFs to be running

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Speaker 2: on Wall Street. So they had a great year last year,

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Speaker 2: but they really lost their shine with nearly a billion

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Speaker 2: US dollars exiting the sector this month so far.

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Speaker 1: Next week, Sean, we're going to take a cl a

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Speaker 1: look at We run a bonus podcast called Ask Fear

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Speaker 1: and Greed twice a week and we have some terrific

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Speaker 1: questions coming in from listeners anything at all that you

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Speaker 1: want to know about anything, business markets, anything. And We've

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Speaker 1: got a great question that we will probably get to

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Speaker 1: next week all about crypto, and I'm really interested to

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Speaker 1: hear your take on it. I'm not going to give

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Speaker 1: anything more away than it. I'm not telling you I'm

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Speaker 1: going to surprise you with it on today, but it's

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Speaker 1: just to say stick around next week. So we've got

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Speaker 1: a great question. If you have your own question, then

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Speaker 1: send it in through the website Fear Andgreed, dot com, doity,

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Speaker 1: or any of our social media platforms and add your

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Speaker 1: question to the qube because we've been getting some great

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Speaker 1: ones and we're very grateful for them. Moving away from

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Speaker 1: the US sean annual inflation back home, it remained steady

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Speaker 1: at two point five percent last month, though underlying inflation,

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Speaker 1: which of course the Reserve Bank watches very very closely,

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Speaker 1: that rose a touch.

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Speaker 2: Yes, so underlying inflation rose to about two point eight percent.

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Speaker 2: It was expected. It was mostly due to some electricity

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Speaker 2: rebates ending the main reason for the increase in inflation

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Speaker 2: with food and non alcoholic beverages, housing, alcohol and tobacco.

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Speaker 2: I just did a drilling down for you two, Michael,

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Speaker 2: So you really want to know what's going up? Higher

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Speaker 2: prices for avocados, tick that really three bucks fifty? It well,

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Speaker 2: is very upset about that in the last week. Mangoes,

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Speaker 2: I mean, mangoes should be two dollars at the moment,

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Speaker 2: they're closer to three dollars.

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Speaker 1: We're coming out of season, though, aren't we are?

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Speaker 2: We are cucumbers, asparagus, the most overrated Is it a

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Speaker 2: vegetable space?

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Speaker 1: It's a vegetable and no, it's not overrated. It's delicious.

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Speaker 2: And tomatoes are expensive too. Treasure Jim Jarvis to the

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Speaker 2: fact that underlying inflation is in within the Reserve banks

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Speaker 2: two to three percent target suggests the inflation crisis is

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Speaker 2: pretty much over. What it does mean this is only

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Speaker 2: a monthly figure. Obviously the quarterly figures are all important.

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Speaker 2: We had a rate cut last week, but what this

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Speaker 2: number suggests is that inflation continues to drop. Now did

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Speaker 2: rise slightly, but there was a reason for that, the

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Speaker 2: electricity rebates, so it is good news.

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Speaker 1: Sean. Coming up after the show today, we have an

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Speaker 1: interview with Meg O'Neil, the CEO of Woodside Energy. Now

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Speaker 1: this is part of our partnership with Osby's and it's

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Speaker 1: a fascinating conversation this one.

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Speaker 2: Yeah, look it sure is. Meganail runs one of Australia's

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Speaker 2: great companies, Woodside Energy, big oil and gas play, and

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Speaker 2: it invests billions of dollars all around the world. So

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Speaker 2: we particularly in the interview talks fair a bit about

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Speaker 2: North America, and there are investments in North America, but

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Speaker 2: in WA, in LNG, in oil. It's just I mean,

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Speaker 2: not often do you get such a great sort of

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Speaker 2: one on one with a CEO of such a global player, and.

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Speaker 1: Especially one that is quite politically exposed in terms of

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Speaker 1: any decisions that are made by the US by the

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Speaker 1: Trump administration, and that is addressed in this conversation.

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Speaker 2: So it's a muscless She has a great response to that, Yes, tell.

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Speaker 1: Us about So there's two parts to it. There is

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Speaker 1: the concession I would say that the Trump administration actions

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Speaker 1: have been a little helpful to both woodside and and

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Speaker 1: the broader industry as well. But also the fact that

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Speaker 1: then when you have the President kind of posting on

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Speaker 1: say truth social and other places things like drill, Baby, Drill,

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Speaker 1: it does send a very clear message to the industry

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Speaker 1: that really you've got a fairly friendly government in place.

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Speaker 1: And so it's a great interview. It comes to us

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Speaker 1: courtesy of our partnership with Osby's, who are the country's

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Speaker 1: leading provider shan of live and on demand video of

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Speaker 1: the latest news in Australian business markets, economy and startups.

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Speaker 1: Sign up for free at Osby's dot com dot au.

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Speaker 1: We still have a lot to cover. We're talking about

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Speaker 1: the net profit fall at Woolli's. Richard White is back

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Speaker 1: at wise Tech, though I suspect you never actually left,

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Speaker 1: did he think anyway? Twenty more still to come. Don't

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Speaker 1: go now, air, We'll be back in a moment with

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Speaker 1: the rest of the day's business news. Sean Woolworth's net

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Speaker 1: profit tumbled twenty percent last half after As Supermarkets lost

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Speaker 1: two hundred and forty million dollars in sales following three

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Speaker 1: weeks of strikes at the supermarket's distribution center right ahead

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Speaker 1: of Christmas.

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Speaker 2: Yes, we remember it. We didn't realize that they had

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Speaker 2: lost that many sales. So the bottom line result and

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Speaker 2: the cost of the distribution center dispute was higher than expected,

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Speaker 2: higher than analysts expected. Its share price centered down three

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Speaker 2: percent yesterday. If you extract the distribution center issue, earnings

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Speaker 2: for down about five percent. What Willies did say yesterday,

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Speaker 2: which was interesting, there's a real shift to lower priced

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Speaker 2: home brand items and deeply discounted specials. Shoppers are looking

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Speaker 2: for that type of thing. In fact, the average ticket

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Speaker 2: price during the quarter fell zero point two percent, so

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Speaker 2: for four quarters in a row, prices on average have

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Speaker 2: fallen At Wilworth's, now a new CEO, Amanda Bardwell, called

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Speaker 2: the first half difficult and disappointing. She's targeting about four

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Speaker 2: hundred million dollars in costs to simplify the business.

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Speaker 1: Whistet Global has appointed billionaire founder Richard White as executive chairman,

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Speaker 1: marking his return to the top job at the company

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Speaker 1: after a four month absence and despite a number of

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Speaker 1: allegations against mister White being investigated by the company's board.

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Speaker 2: Clearly, mister White has won the battle to control the

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Speaker 2: company he founded thirty one years ago. Yesterday, WIS Tech

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Speaker 2: chair Richard Damery and three independent directors resigned from the

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Speaker 2: board over and I quote intractable differences end quote over

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Speaker 2: mister Weis's role. Mister White told investors he's back and

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Speaker 2: fully engaged and in for the long haul. Earnings that

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Speaker 2: December half were down due to the slow delivery of

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Speaker 2: three projects. Now that delivery was slow during the period

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Speaker 2: that mister White was removed to CEO, the inference yesterday

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Speaker 2: was that the company needs me wide back to get

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Speaker 2: things back on track. It's share price for more than

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Speaker 2: twenty percent on Monday Tuesday this week. It raise about

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Speaker 2: two percent yesterday, so clearly it's not like it bounced

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Speaker 2: back when Richard White returns.

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Speaker 1: He would have been expecting something a lot steeper, considering

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Speaker 1: the decline that we had kind of when he left,

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Speaker 1: and then the when that previous decision to reappoint him

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Speaker 1: or appoint him to a consultancy role on a million

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Speaker 1: dollar fee, that kind of stabilized shareholder concerns.

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Speaker 2: I'm sure they'd be a bit disappointed that it was

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Speaker 2: only up to percent yesterday. We're going to hear a

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Speaker 2: lot about this because at the end of the day,

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Speaker 2: the board now doesn't have enough independent directors. The single

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Speaker 2: independent director that they do have is someone who worked

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Speaker 2: at the company for many, many years previously and then left,

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Speaker 2: So in terms of governance, I'm not sure. My view

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Speaker 2: only this is this practice.

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Speaker 1: Sean Center, which is the owner of Westfield moles all

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Speaker 1: around Australia, this is interesting plans to build thousands of

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Speaker 1: high rise apartments around its properties.

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Speaker 2: Chief executive Elliott Russenow said he's prioritizing obtaining as many

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Speaker 2: rezoning approvals as possible to allow for high rise towers

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Speaker 2: to be built alongside shopping centers. So he's secured rezoning

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Speaker 2: at Hornsby in Sydney. He wants to build a fifty

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Speaker 2: three story building in bill Connon, Canberra, twenty eight story

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Speaker 2: building that's about four thousand new homes. It kind of

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Speaker 2: makes sense, really doesn't it, Because it's I mean, most

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Speaker 2: global cities have residential above retail, and.

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Speaker 1: There's been a big push towards increasing density, and the

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Speaker 1: thing is Wherever shopping centers are, there is usually the

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Speaker 1: infrastructure to actually supports it makes perfect sense.

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Speaker 2: Center increased customer visits last year by fourteen million to

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Speaker 2: five hundred and twenty six million visits to a center.

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Speaker 1: Mall was a couple of years ago. I'm saying them

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Speaker 1: all is dead.

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Speaker 2: Yeah, So they've got forty two centers, nineteen are fully occupied,

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Speaker 2: five have just one vacancy. Right, so basically you know,

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Speaker 2: sixty percent fully occupied. There's a total lack of retail space.

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Speaker 2: The whole idea that the mare was dead and bricks

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Speaker 2: and water retails dead absolutely junked. It's back.

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Speaker 1: Yep, greatly exaggerated. Sean oppositionally to Peter Dutton has been

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Speaker 1: forced to defend purchases of bank stocks fifteen years ago,

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Speaker 1: just twenty four hours before the federal government at the

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Speaker 1: time announced a bailout package for the sector after the

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Speaker 1: global financial crisis.

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Speaker 2: So there are a couple of issues here that the

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Speaker 2: media are reporting. One, mister Dutton bought shares in major

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Speaker 2: banks during record lows and the lead up to a

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Speaker 2: government stimulus package during the global financial crisis. The second

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Speaker 2: one is that he allegedly failed to declare it to Parliament,

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Speaker 2: declared to Parliament to property transactions. Now, mister Dutton said

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Speaker 2: he only everacted with integrity and declared he has no

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Speaker 2: hidden assets. A bit like Anthony Alberanezy buying a home

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Speaker 2: on the central coast in New South Wales. That's it

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Speaker 2: just doesn't quite pass the pub test. Thing is he

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Speaker 2: might have just bought this, and I mean sorry, I

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Speaker 2: have no reason to believe that he was doing anything wrong.

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Speaker 2: He just bought it and the time was fantastic and

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Speaker 2: good on him, congratulations to him. It just doesn't look good.

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Speaker 1: Yeah, it's all about optics. Cost of living pressures have

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Speaker 1: hit the travel sector, with both flight Center and Hello

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Speaker 1: world reporting disappointing earnings.

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Speaker 2: Hello Worlds well as I do that you want to

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Speaker 2: launch into the start of John Laws's show Hello World.

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Speaker 1: Hello.

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Speaker 2: Yes, Basically, lower airfares aren't helping those companies. Flight Center's

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Speaker 2: share price dropped ten percent yesterday. Hello Worlds was down

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Speaker 2: nineteen percent on the back of lower transaction volumes.

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Speaker 1: Just very quickly. How did the local market finish up yesterday?

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Speaker 2: Ender Dwan just attached s and Pax two one hundred

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Speaker 2: was eight two hundred and forty one points at the

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Speaker 2: end of the session. Of course, it's all about earning

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Speaker 2: season at the moment.

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Speaker 1: Indeed, it is now turning to international news. Kiev has

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Speaker 1: agreed terms with Washington Sean on a minerals deal that

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Speaker 1: Ukrainian officials hope will improve relations with the Trump administration

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Speaker 1: and pave the way for a long term US security commitment.

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Speaker 2: Ukrainian official say Kiev is now ready to sign the

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Speaker 2: agreement on jointly developing its mineral resources, including oil and gas,

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Speaker 2: after the US dropped demands for a right to five

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Speaker 2: hundred billion dollars in potential revenue from exploiting the resources.

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Speaker 2: Although the text lacks explicit security guarantees, the officials say

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Speaker 2: they've negotiated far more favorable terms and depicted the deal

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Speaker 2: as a way of broadening the relationship with the US

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Speaker 2: to shure up Ukrainian's prospects after three years of war.

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Speaker 2: According to a report in the FT, Ukrainian President Wanamee

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Speaker 2: Zelenski is planning to travel to Washington later in the

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Speaker 2: week to visit US President Donald Trump and formalize a deal.

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Speaker 1: After Trump calls them the dictator that it's going to

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Speaker 1: be a little bit dictator and in the mediocre comedian. Yeah,

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Speaker 1: they didn't miss that will be a little bit uncomfortable.

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Speaker 1: The cameras will be well and truly watching that one,

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Speaker 1: and so Sean. Up next is the Fear and Greed

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Speaker 1: Daily Interview. Our guest today is Meg O'Neil, CEO of

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Speaker 1: Woodside Energy Curtis, who have friends and partners at Osby's.

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Speaker 1: That's coming up in the Fear and Greed playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com dot a.

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Speaker 1: You thank you very much, Sean, Thank you, Michael. It

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Speaker 1: is Thursday, the twenty seventh of February twenty twenty five.

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

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

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