1 00:00:03,760 --> 00:00:06,480 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:08,920 Speaker 1: for Tuesday, the sixth of August twenty twenty four. I'm 3 00:00:08,920 --> 00:00:11,760 Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that 4 00:00:11,840 --> 00:00:14,040 Speaker 1: happened today that you need to know about. Story number one, 5 00:00:14,080 --> 00:00:16,400 Speaker 1: the Reserve Bank of Australia left the official cash rate 6 00:00:16,720 --> 00:00:20,000 Speaker 1: at four point three five percent this afternoon and Governor 7 00:00:20,040 --> 00:00:22,480 Speaker 1: Michelle Bullock made it very clear that there are no 8 00:00:22,840 --> 00:00:26,560 Speaker 1: rate reductions on the horizon. She said the board discussed 9 00:00:26,640 --> 00:00:30,080 Speaker 1: two scenarios, lifting the official rate or leaving it on 10 00:00:30,160 --> 00:00:32,920 Speaker 1: hold for some time. The Central Bank pushed out the 11 00:00:32,960 --> 00:00:36,680 Speaker 1: timing for when it expects underlying inflation to return to 12 00:00:36,720 --> 00:00:39,000 Speaker 1: around two and a half percent. That's the target rate 13 00:00:39,040 --> 00:00:41,519 Speaker 1: that the Reserve Bank wants to hit. It doesn't expect 14 00:00:41,520 --> 00:00:44,600 Speaker 1: it will get there for almost another two years. Wasn't 15 00:00:44,640 --> 00:00:47,880 Speaker 1: a lot of market reaction today. The Aussie dollar jumped 16 00:00:47,920 --> 00:00:50,640 Speaker 1: slightly on the news story number two. The S and 17 00:00:50,720 --> 00:00:53,840 Speaker 1: PA SEX two hundred closed up zero point four percent 18 00:00:53,880 --> 00:00:56,760 Speaker 1: today to seven six hundred and eighty one points, after 19 00:00:56,800 --> 00:00:59,480 Speaker 1: the previous two sessions combined sent the balls down five 20 00:00:59,520 --> 00:01:02,360 Speaker 1: and a half. Given that and the big sell off 21 00:01:02,360 --> 00:01:06,120 Speaker 1: on Wall Street overnight. The performance was pretty encouraging. Generally, 22 00:01:06,160 --> 00:01:08,760 Speaker 1: it was the interest rate sensitive stocks that did best. 23 00:01:09,040 --> 00:01:12,000 Speaker 1: Industrial property giant Goodman Group led the way. West Farmers 24 00:01:12,040 --> 00:01:15,959 Speaker 1: also outperformed, as did energy giant Santos, mcquarie Group, and 25 00:01:16,319 --> 00:01:19,760 Speaker 1: US focused Brambles and Aristocrat Leisure. The uranium miners also 26 00:01:19,840 --> 00:01:22,160 Speaker 1: did well. One company that didn't do well was image 27 00:01:22,160 --> 00:01:25,880 Speaker 1: in Group Promedicus. It tumbled seven percent, although there wasn't 28 00:01:26,000 --> 00:01:28,920 Speaker 1: any new news to explain why, mind you. Promedicus is 29 00:01:28,959 --> 00:01:31,120 Speaker 1: up more than seventy percent over the past year, so 30 00:01:31,160 --> 00:01:34,120 Speaker 1: it's doing okay. Story number three. The Prime Minister Anthony 31 00:01:34,160 --> 00:01:38,000 Speaker 1: Albernezi is under pressure to take stern action on Iran's 32 00:01:38,000 --> 00:01:42,000 Speaker 1: ambassador in Canberra after social media comments which called for 33 00:01:42,080 --> 00:01:45,640 Speaker 1: a wiping out of Israelis in Palestine by twenty twenty 34 00:01:45,640 --> 00:01:49,720 Speaker 1: seven and also referred to Israelis as a Zionist plague. 35 00:01:50,040 --> 00:01:54,240 Speaker 1: Mister Albanesi called the comments abhorrent and hateful, saying they 36 00:01:54,280 --> 00:01:57,520 Speaker 1: had no place. The remarks were made by Ambassador Armored 37 00:01:57,560 --> 00:02:00,840 Speaker 1: Staghi over the weekend, and the Prime mint said that 38 00:02:00,880 --> 00:02:03,440 Speaker 1: the Department of Foreign Firs and Trade had held talks 39 00:02:03,560 --> 00:02:06,760 Speaker 1: with him since then. Though there's no indication if any 40 00:02:06,760 --> 00:02:10,120 Speaker 1: disciplinary action had been taken. The coalition called for him 41 00:02:10,160 --> 00:02:12,800 Speaker 1: to be kicked out of the country. Meanwhile, news that 42 00:02:12,840 --> 00:02:15,480 Speaker 1: the government is looking to create a new special visa 43 00:02:15,560 --> 00:02:18,720 Speaker 1: pathway for Palestinians so they do not have to return 44 00:02:18,760 --> 00:02:23,160 Speaker 1: to Gaza has prompted questions over necessary security checks. Assistant 45 00:02:23,160 --> 00:02:26,519 Speaker 1: Minister betrayed tim Aasid Immigration Minister Tony Burke was laser 46 00:02:26,560 --> 00:02:30,560 Speaker 1: focused on security checks for Palestinian refugees coming in from 47 00:02:30,600 --> 00:02:33,720 Speaker 1: Gaza Storry number four. Woodside share price for more than 48 00:02:33,760 --> 00:02:37,160 Speaker 1: five percent today to its lowest level since early twenty 49 00:02:37,480 --> 00:02:40,160 Speaker 1: twenty two, after saying it will spend three point seven 50 00:02:40,200 --> 00:02:43,760 Speaker 1: billion dollars to buy a low carbon ammonia project in Texas. 51 00:02:44,000 --> 00:02:47,040 Speaker 1: The project is under construction and expects the first batch 52 00:02:47,080 --> 00:02:51,000 Speaker 1: of ammonia to be available next year. Ammonia is mostly 53 00:02:51,080 --> 00:02:54,800 Speaker 1: used in agriculture as fertilizer, also a refrigerant gas, and 54 00:02:54,840 --> 00:02:57,840 Speaker 1: in the making of plastics, textiles and explosives. It's derived 55 00:02:57,840 --> 00:03:01,280 Speaker 1: from gas. It is also a major bridge of carbon. 56 00:03:01,560 --> 00:03:04,080 Speaker 1: In fact, ammonia production accounts for around one point eight 57 00:03:04,120 --> 00:03:08,639 Speaker 1: percent of global carbon dioxide emissions, so companies like Woodside 58 00:03:08,680 --> 00:03:13,120 Speaker 1: are pushing into lower carbon ammonia, which essentially means manufacturing 59 00:03:13,120 --> 00:03:17,760 Speaker 1: ammonia and then pairing it with carbon sequestration. In this case, 60 00:03:17,800 --> 00:03:21,560 Speaker 1: it's carbon capture and storage. Anyway, analysts weren't impressed with 61 00:03:21,639 --> 00:03:24,760 Speaker 1: the surprise announcement, and the share price was down and 62 00:03:24,840 --> 00:03:28,119 Speaker 1: storying number five. Starbucks is finding the going tough, suffering 63 00:03:28,240 --> 00:03:32,960 Speaker 1: its second straight quarterly drop in sales globally and increasing 64 00:03:33,000 --> 00:03:36,200 Speaker 1: pressure on the group's leadership team. The world's largest coffee 65 00:03:36,240 --> 00:03:39,920 Speaker 1: chain cited a cautious consumer environment when reporting a three 66 00:03:39,960 --> 00:03:42,760 Speaker 1: percent full in its global comparable sales for the three 67 00:03:42,760 --> 00:03:44,760 Speaker 1: months at the end of June. Sales were off four 68 00:03:44,760 --> 00:03:47,720 Speaker 1: percent the previous quarter. The disappointing results come to Starbucks 69 00:03:47,840 --> 00:03:51,600 Speaker 1: negotiates with activist Eliot Investment Management, which has been seeking 70 00:03:51,720 --> 00:03:55,040 Speaker 1: changes at the company. Starbucks board and management have also 71 00:03:55,120 --> 00:03:59,440 Speaker 1: faced public criticism from Howard Schultz, the well known former 72 00:03:59,680 --> 00:04:02,760 Speaker 1: three time chief executive who built up the company after 73 00:04:02,840 --> 00:04:05,480 Speaker 1: first taking the reins in nineteen eighty five. He remains 74 00:04:05,640 --> 00:04:09,280 Speaker 1: the sixth largest shareholder. That's it for the Afternoon Report 75 00:04:09,320 --> 00:04:12,160 Speaker 1: for Tuesday, the sixth of August twenty twenty four. Michael 76 00:04:12,160 --> 00:04:13,920 Speaker 1: Thompson and I will be back tomorrow morning with a 77 00:04:13,960 --> 00:04:17,080 Speaker 1: Tuesday edition off Her and Greed business news. I'm Sean Elma. 78 00:04:17,480 --> 00:04:18,200 Speaker 1: Enjoy your evening.