1 00:00:03,320 --> 00:00:06,440 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:09,240 Speaker 1: for Friday, the seventh of June twenty twenty four. Oh 3 00:00:09,240 --> 00:00:12,040 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:12,080 --> 00:00:14,440 Speaker 1: happened today that you need to know about. So let's 5 00:00:14,440 --> 00:00:17,360 Speaker 1: get going. Story number one. The S and PA is 6 00:00:17,480 --> 00:00:20,320 Speaker 1: X two hundred closed half of one percent higher today 7 00:00:20,400 --> 00:00:23,280 Speaker 1: to seven eight hundred and sixty points, a pretty solid 8 00:00:23,440 --> 00:00:25,960 Speaker 1: end to the week, really bringing gains across the last 9 00:00:26,040 --> 00:00:29,479 Speaker 1: five days to more than two percent. Consumer discretionary and 10 00:00:29,560 --> 00:00:31,680 Speaker 1: mining stocks did a lot of the heavy lifting today. 11 00:00:31,720 --> 00:00:33,720 Speaker 1: The big miners had a good one off the back 12 00:00:33,760 --> 00:00:37,680 Speaker 1: of higher iron ore prices. BHP closed one point one 13 00:00:37,720 --> 00:00:40,280 Speaker 1: percent higher, four to SQU was up one point three percent. 14 00:00:40,720 --> 00:00:42,920 Speaker 1: Similar story for the gold diggers. The price of the 15 00:00:42,920 --> 00:00:46,240 Speaker 1: precious metal was up in Newmont climbed nearly three percent, 16 00:00:46,360 --> 00:00:49,960 Speaker 1: Evolution Mining was up one point nine percent, and Regius 17 00:00:49,960 --> 00:00:53,760 Speaker 1: Resources closed up three and a half percent. IDP Education 18 00:00:54,040 --> 00:00:55,959 Speaker 1: was the best on the borse today, up more than 19 00:00:56,000 --> 00:00:59,160 Speaker 1: six point two percent. Commonwealth Bank, NAB and A and 20 00:00:59,240 --> 00:01:01,920 Speaker 1: Z were all up half of one percent. The only 21 00:01:02,000 --> 00:01:05,400 Speaker 1: sector to go backwards today was technology, and even then 22 00:01:05,440 --> 00:01:08,440 Speaker 1: it was only just in the red. The worst performer 23 00:01:08,600 --> 00:01:10,959 Speaker 1: was tech company Life three sixty. I'll have a bit 24 00:01:10,959 --> 00:01:13,240 Speaker 1: more on that one later. Over All, though, a pretty 25 00:01:13,240 --> 00:01:16,080 Speaker 1: good day for local markets. Onto story number two now 26 00:01:16,120 --> 00:01:19,759 Speaker 1: and the fallout from Chair of nine Entertainment and former 27 00:01:19,800 --> 00:01:24,280 Speaker 1: Federal Treasurer Peter Costello seemingly pushing a journalist, continues with 28 00:01:24,440 --> 00:01:27,759 Speaker 1: current Federal Treasurer Jim Chalmers, who of course comes from 29 00:01:27,760 --> 00:01:30,280 Speaker 1: the other side of the political fence, saying it is 30 00:01:30,440 --> 00:01:34,000 Speaker 1: important that journalists are treated with respect. Even the Deputy 31 00:01:34,080 --> 00:01:36,880 Speaker 1: Leader of the Liberal Party, Susan Lee, weighed in saying 32 00:01:36,920 --> 00:01:39,279 Speaker 1: it was important journalists were allowed to do their jobs. 33 00:01:39,480 --> 00:01:41,759 Speaker 1: The incident, which is of course all over the Internet, 34 00:01:42,000 --> 00:01:45,520 Speaker 1: shows a journalist from The Australian pestering mister Costello with 35 00:01:45,640 --> 00:01:50,080 Speaker 1: questions about nine management as he was walking through Canberra Airport. 36 00:01:50,400 --> 00:01:53,600 Speaker 1: Mister Costello then appears to veer into the reporter, who 37 00:01:53,640 --> 00:01:57,279 Speaker 1: falls over while still filming. Others at the airport alleged 38 00:01:57,320 --> 00:02:01,080 Speaker 1: to the Nine chair deliberately shoved the journal Mister Costello 39 00:02:01,120 --> 00:02:04,160 Speaker 1: today said the journalist was walking backwards asking him questions 40 00:02:04,200 --> 00:02:07,160 Speaker 1: and he ran into an advertising placard. Now, the Board 41 00:02:07,200 --> 00:02:10,520 Speaker 1: of Nine was due to meet today anyway to discuss 42 00:02:10,560 --> 00:02:13,359 Speaker 1: other matters. I'm guessing there might have been a late 43 00:02:13,400 --> 00:02:16,919 Speaker 1: addition to the agenda for that meeting. Story number three. 44 00:02:17,040 --> 00:02:20,640 Speaker 1: Immigration Minister Andrew Giles has stepped up the extent to 45 00:02:20,680 --> 00:02:24,040 Speaker 1: which community safety needs to be considered in visa directions 46 00:02:24,080 --> 00:02:27,839 Speaker 1: with new rules. The new order, known as Direction one ten, 47 00:02:28,360 --> 00:02:30,760 Speaker 1: will require more weight to be given to safety and 48 00:02:30,800 --> 00:02:34,160 Speaker 1: the impact on family violence victims when visa decisions are made. 49 00:02:34,280 --> 00:02:36,800 Speaker 1: Community safety is included as a key principle of the 50 00:02:36,840 --> 00:02:39,960 Speaker 1: decision making framework for visa applications under the new direction, 51 00:02:40,320 --> 00:02:43,760 Speaker 1: and elevates the impact on victims of family violence and 52 00:02:43,800 --> 00:02:47,880 Speaker 1: their families into a primary consideration. Mister Giles says the 53 00:02:47,919 --> 00:02:51,440 Speaker 1: Administrative Appeals Tribunal has been making visa decisions that do 54 00:02:51,560 --> 00:02:55,639 Speaker 1: not prioritize community safety enough. He said he has canceled 55 00:02:55,720 --> 00:02:58,680 Speaker 1: forty visas in the national interest since the start of 56 00:02:58,760 --> 00:03:02,360 Speaker 1: last week. Story number four Life three sixty I mentioned 57 00:03:02,360 --> 00:03:05,280 Speaker 1: it earlier. This is the ASX listed developer of family 58 00:03:05,360 --> 00:03:09,679 Speaker 1: social media apps, debuted on the Nasdaq overnight and closed 59 00:03:09,720 --> 00:03:12,440 Speaker 1: at its listing price of twenty seven US dollars. The 60 00:03:12,480 --> 00:03:15,920 Speaker 1: shares opened at twenty six US dollars each, but recovered 61 00:03:15,919 --> 00:03:18,160 Speaker 1: by the end of the session, according to The Financial Review, 62 00:03:18,480 --> 00:03:21,520 Speaker 1: The San Francisco based company, which makes a popular daily 63 00:03:21,600 --> 00:03:26,040 Speaker 1: tracking app and owns Bluetooth tracking device brand Tile, sold 64 00:03:26,160 --> 00:03:29,320 Speaker 1: three point seven million shares to raise one hundred million 65 00:03:29,440 --> 00:03:32,960 Speaker 1: US dollars. Locally, Life three sixties share prices up nearly 66 00:03:33,000 --> 00:03:36,200 Speaker 1: one hundred percent this year. Chief executive Chris Hulls said 67 00:03:36,240 --> 00:03:39,000 Speaker 1: the Nasdaq listing was needed to help the under the 68 00:03:39,080 --> 00:03:42,640 Speaker 1: radar consumer tech company lift its profile in the United 69 00:03:42,680 --> 00:03:45,720 Speaker 1: States and help the company raise capital to fund bigger 70 00:03:45,800 --> 00:03:48,960 Speaker 1: acquisitions in the future. On the local market, though, Life 71 00:03:49,000 --> 00:03:53,120 Speaker 1: three sixty closed down nearly seven percent and finally story 72 00:03:53,160 --> 00:03:55,800 Speaker 1: number five. The European Central Bank last night became the 73 00:03:55,840 --> 00:03:58,800 Speaker 1: second central bank in just twenty four hours to cut 74 00:03:58,840 --> 00:04:01,920 Speaker 1: interest rates, behind the Bank of Canada. Yesterday, the ECB 75 00:04:02,120 --> 00:04:05,480 Speaker 1: lowered the benchmark rate by twenty five basis points, saying 76 00:04:05,520 --> 00:04:10,760 Speaker 1: the inflation outlook has improved markedly. President Christine Legarde said 77 00:04:10,760 --> 00:04:13,160 Speaker 1: there is a strong likelihood that the central Bank is 78 00:04:13,160 --> 00:04:16,600 Speaker 1: shifting into a dialing back phase, even though inflation will 79 00:04:16,600 --> 00:04:19,040 Speaker 1: stay above the target range for the next twelve months. 80 00:04:19,240 --> 00:04:22,240 Speaker 1: The shift in Canada and Europe marks the official end 81 00:04:22,400 --> 00:04:26,320 Speaker 1: of the global rate hiking cycle, which emerged along with COVID. 82 00:04:26,560 --> 00:04:29,720 Speaker 1: The RBA is, of course, unlikely to cut interest rates 83 00:04:29,760 --> 00:04:32,719 Speaker 1: anytime soon, with the first reduction possible at the end 84 00:04:32,760 --> 00:04:35,599 Speaker 1: of the year. That's it for the Afternoon Report for Friday, 85 00:04:35,680 --> 00:04:38,280 Speaker 1: the seventh of June twenty twenty four. Don't forget hit 86 00:04:38,320 --> 00:04:41,960 Speaker 1: follow on the podcast, and find Fear and Greed on LinkedIn, Instagram, 87 00:04:42,160 --> 00:04:44,520 Speaker 1: x TikTok and Facebook. Joined us tomorrow morning for the 88 00:04:44,520 --> 00:04:47,520 Speaker 1: weekend edition of the Fast Five by Fear and Greed. 89 00:04:47,640 --> 00:04:49,600 Speaker 1: Are Michael Thompson. Enjoy your evening.