1 00:00:06,480 --> 00:00:10,000 Speaker 1: Interest rate worries send asset classes like gold, the Aussie 2 00:00:10,000 --> 00:00:14,720 Speaker 1: dollar and cryptocurrencies to extreme levels. Prime Minister Anthony Albanezi 3 00:00:14,920 --> 00:00:18,360 Speaker 1: welcomes the new British Prime Minister, Keir Starmer and de 4 00:00:18,520 --> 00:00:22,119 Speaker 1: cease stars like Judy Garland and Sir Laurence Olivier to 5 00:00:22,160 --> 00:00:25,600 Speaker 1: be heard again thanks to AI. Welcome to Fear and Greed. 6 00:00:25,680 --> 00:00:28,200 Speaker 1: Daily business news for people who make their own decisions. 7 00:00:28,280 --> 00:00:31,040 Speaker 1: It is Monday, the eighth of July twenty twenty four. 8 00:00:31,360 --> 00:00:33,680 Speaker 1: Are Michael Thompson and good morning, Sean Aylmer. 9 00:00:34,080 --> 00:00:35,800 Speaker 2: Good morning, Michael, Sean. 10 00:00:35,840 --> 00:00:38,520 Speaker 1: The main story this morning. As global investors worry about 11 00:00:38,600 --> 00:00:41,800 Speaker 1: rising interest rates, the threat of a recession, and uncertainty 12 00:00:41,840 --> 00:00:44,680 Speaker 1: around the economic outlook, there are some out of the 13 00:00:44,960 --> 00:00:48,560 Speaker 1: ordinary moves among some popular asset classes. 14 00:00:49,159 --> 00:00:50,599 Speaker 2: Gold is a great example. 15 00:00:50,680 --> 00:00:53,920 Speaker 3: It's fetching just under twenty four hundred US dollars announce now. 16 00:00:53,960 --> 00:00:57,120 Speaker 3: Apart from briefly in mid twenty twenty and then April 17 00:00:57,120 --> 00:01:00,680 Speaker 3: and May last year, gold has never fared more than 18 00:01:00,720 --> 00:01:03,640 Speaker 3: two thousand US dollars an ounce Yet the precious metal 19 00:01:04,040 --> 00:01:07,360 Speaker 3: has traded consistently above that level since November last year. 20 00:01:07,680 --> 00:01:10,240 Speaker 3: It's a sign of just how fickle markets are at 21 00:01:10,240 --> 00:01:13,440 Speaker 3: the moment, and as a sore of value, goal's attractive. 22 00:01:13,640 --> 00:01:16,840 Speaker 3: If investors were confident about the future, gold wouldn't be 23 00:01:16,840 --> 00:01:19,240 Speaker 3: worth this much money. I'd almost guarantee you that one. 24 00:01:19,360 --> 00:01:22,400 Speaker 3: Then there's the Aussie dollar. It enters the week training 25 00:01:22,400 --> 00:01:24,039 Speaker 3: at sixty seven and a half a few hours since 26 00:01:24,080 --> 00:01:27,039 Speaker 3: it's now at its highest level since the beginning of 27 00:01:27,080 --> 00:01:30,200 Speaker 3: the year, and the last time it consistently traded above 28 00:01:30,240 --> 00:01:33,240 Speaker 3: this level was back in twenty twenty two. The story 29 00:01:33,280 --> 00:01:36,600 Speaker 3: is that the Aussie dollar actually hasn't been consistently this 30 00:01:36,720 --> 00:01:40,640 Speaker 3: week against the US dollar for two decades. It's more 31 00:01:40,720 --> 00:01:43,679 Speaker 3: actually about the US dollar appreciating. The greenback's been very 32 00:01:43,720 --> 00:01:46,680 Speaker 3: strong against major currencies for a couple of years, and 33 00:01:46,800 --> 00:01:50,320 Speaker 3: like gold, that's reflection of the uncertainty and the desire 34 00:01:50,320 --> 00:01:54,080 Speaker 3: of investors to hold the safest currency, and the appreciation 35 00:01:54,160 --> 00:01:55,880 Speaker 3: of the Aussie dollar over the past week or so 36 00:01:56,160 --> 00:01:59,560 Speaker 3: it's actually a change in the trend, and it reflects 37 00:01:59,560 --> 00:02:01,920 Speaker 3: growing so that the US Federal Reserve will cut interest 38 00:02:02,000 --> 00:02:05,040 Speaker 3: rates later this year or the Reserve Bank waitt. But 39 00:02:05,360 --> 00:02:07,800 Speaker 3: the Aussie dollar for a number of months has been 40 00:02:07,880 --> 00:02:10,680 Speaker 3: much weaker than it has been for about twenty years. 41 00:02:11,160 --> 00:02:14,200 Speaker 1: Sean one ascent that hasn't done quite so well in 42 00:02:14,280 --> 00:02:17,359 Speaker 1: recent sessions. As Bitcoin, it's kind of dropped as part 43 00:02:17,400 --> 00:02:19,040 Speaker 1: of a wider crypto sell off. 44 00:02:19,480 --> 00:02:22,079 Speaker 3: The digital asset fell by six percent late last week 45 00:02:22,120 --> 00:02:25,080 Speaker 3: to its lowest level since February. It's been traded around 46 00:02:25,280 --> 00:02:27,600 Speaker 3: fifty seven to fifty eight thousand US dollars a unit. 47 00:02:27,800 --> 00:02:31,400 Speaker 3: Smaller tokens like ether and XRP have also fallen, most 48 00:02:31,400 --> 00:02:33,919 Speaker 3: by more than Bitcoin. There's a bunch of challenges for 49 00:02:33,960 --> 00:02:36,840 Speaker 3: crypto buyers at the moment. The surgeon demand for US 50 00:02:36,880 --> 00:02:40,520 Speaker 3: bitcoin exchange traded funds has waned somewhat, the reports that 51 00:02:40,560 --> 00:02:43,920 Speaker 3: governments are actually disposing of tokens. Also, the US political 52 00:02:43,960 --> 00:02:47,920 Speaker 3: situation isn't helping risk your assets, and the administrators of 53 00:02:47,960 --> 00:02:51,960 Speaker 3: the failed mount Gox exchange are returning a horde of 54 00:02:51,960 --> 00:02:56,040 Speaker 3: bitcoin to creditors in stages. You may not remember Mount Gox, Michael. 55 00:02:56,360 --> 00:02:59,600 Speaker 3: It's a Japanese based group. It was the biggest exchange 56 00:02:59,600 --> 00:03:01,720 Speaker 3: in the world about ten years ago, doing about seventy 57 00:03:01,760 --> 00:03:05,400 Speaker 3: percent of transactions. Then it just suddenly stopped operating. Basically 58 00:03:05,440 --> 00:03:09,280 Speaker 3: bitcoin's went missing. Administrators now have eight billion dollars worth 59 00:03:09,400 --> 00:03:13,240 Speaker 3: of bitcoin to disperse. Isn't quite clear how much of 60 00:03:13,280 --> 00:03:15,880 Speaker 3: that is going to be sold, but certainly it is 61 00:03:16,120 --> 00:03:18,640 Speaker 3: putting pressure on it. So wrap all this up, we 62 00:03:18,680 --> 00:03:21,799 Speaker 3: have bitcoin, which was doing really well, has come off 63 00:03:21,800 --> 00:03:25,120 Speaker 3: the boil, the Aussie dollar weekend than it has been 64 00:03:25,160 --> 00:03:28,520 Speaker 3: for about twenty years, Gold better than it's ever been, 65 00:03:28,840 --> 00:03:32,119 Speaker 3: and it's all on the back of uncertainty about what's 66 00:03:32,120 --> 00:03:33,600 Speaker 3: going to happen to interest rates. 67 00:03:33,880 --> 00:03:36,600 Speaker 1: I was going to ask you another question about Mount Gox, 68 00:03:36,920 --> 00:03:39,840 Speaker 1: because I find that whole thing that's quite intriguing, But 69 00:03:39,920 --> 00:03:41,680 Speaker 1: you know what, I'm going to leave it not to 70 00:03:41,720 --> 00:03:43,440 Speaker 1: me to ask you these questions, but I'm going to 71 00:03:43,640 --> 00:03:46,480 Speaker 1: put the call out to listeners that if there's anything 72 00:03:46,520 --> 00:03:48,240 Speaker 1: that you want to ask Sean, it could be about 73 00:03:48,320 --> 00:03:51,720 Speaker 1: Mount Gox, it could be about something else that Sean 74 00:03:51,800 --> 00:03:54,480 Speaker 1: is more likely to be able to answer. And we 75 00:03:55,040 --> 00:03:58,760 Speaker 1: have our we have our bonus episode now Sean. It 76 00:03:58,840 --> 00:04:01,040 Speaker 1: comes up every kind of not twice a week, kind 77 00:04:01,040 --> 00:04:05,160 Speaker 1: of Tuesdays Thursdays around there, and it is about ask 78 00:04:05,280 --> 00:04:07,720 Speaker 1: fear and greed. So if there's a question, a burning 79 00:04:07,800 --> 00:04:10,480 Speaker 1: question that you have within you, if it's burning, probably 80 00:04:10,480 --> 00:04:13,080 Speaker 1: see a doctor But if you have a question that 81 00:04:13,200 --> 00:04:15,120 Speaker 1: you really want to get out there, send it on 82 00:04:15,160 --> 00:04:17,200 Speaker 1: through the website. Got to fearangreed dot com Today you 83 00:04:17,320 --> 00:04:20,480 Speaker 1: or head to LinkedIn or Facebook or Instagram. Ask your 84 00:04:20,560 --> 00:04:23,200 Speaker 1: question and we will do our very best to answer. 85 00:04:23,279 --> 00:04:25,520 Speaker 1: It doesn't have to be about Mount Cox. Sure on 86 00:04:25,680 --> 00:04:26,960 Speaker 1: local markets, how do they perform? 87 00:04:26,960 --> 00:04:30,640 Speaker 3: On Friday, the SMPASX two hundred closed down slightly zero 88 00:04:30,640 --> 00:04:33,520 Speaker 3: point one percent to seven eight hundred and twenty two points. 89 00:04:33,520 --> 00:04:36,080 Speaker 3: Healthcare stocks led the way, while the materials index was 90 00:04:36,120 --> 00:04:39,480 Speaker 3: the weakest. Wasn't a great day for the big miners. BHP, Fortescue, Metals, 91 00:04:39,520 --> 00:04:42,200 Speaker 3: Group in Rio Tinto were all lower. The banks were mixed, 92 00:04:42,200 --> 00:04:44,320 Speaker 3: though National Australia Bank fell more than one and a 93 00:04:44,360 --> 00:04:47,160 Speaker 3: half percent. JOST was among the best, rising one percent. 94 00:04:47,320 --> 00:04:48,360 Speaker 2: For the first. 95 00:04:48,320 --> 00:04:52,200 Speaker 3: Full week of the year, the AASEX two hundred closed 96 00:04:52,440 --> 00:04:55,880 Speaker 3: zero point seven percent higher during that week. Energy stocks 97 00:04:55,880 --> 00:04:58,279 Speaker 3: were the best performers, helped along by the coal companies. 98 00:04:58,480 --> 00:05:00,640 Speaker 3: The big miners did well, as did the somebody companies. 99 00:05:00,800 --> 00:05:03,440 Speaker 3: The worst sub index was utilities. 100 00:05:03,640 --> 00:05:05,680 Speaker 1: You've got a great interview coming up after the show 101 00:05:05,720 --> 00:05:09,760 Speaker 1: with Grady Wolf, market analyst at trading platform Bell direct. 102 00:05:10,120 --> 00:05:10,320 Speaker 2: Yeah. 103 00:05:10,320 --> 00:05:14,479 Speaker 3: Look, Grady is a wonderful person, great communicator, and we said, 104 00:05:14,520 --> 00:05:16,800 Speaker 3: so give us five stocks that you're looking at over 105 00:05:16,880 --> 00:05:19,880 Speaker 3: the next twelve months. Now, two of those five, I 106 00:05:20,000 --> 00:05:22,720 Speaker 3: must admit I knew nothing about. The other three I 107 00:05:22,800 --> 00:05:27,280 Speaker 3: knew very little about. So we run through the five stocks, why. 108 00:05:27,080 --> 00:05:29,920 Speaker 2: She likes them. We talk about the risks as well. 109 00:05:30,680 --> 00:05:32,720 Speaker 3: I mean, every time you're investing, you need to think 110 00:05:32,760 --> 00:05:35,159 Speaker 3: not just the upside, but there's always downside or potential 111 00:05:35,200 --> 00:05:36,080 Speaker 3: for downside as well. 112 00:05:36,320 --> 00:05:38,159 Speaker 2: So we talked to Grady about that. It's kind of 113 00:05:38,200 --> 00:05:39,440 Speaker 2: her five tips for the year. 114 00:05:39,680 --> 00:05:41,560 Speaker 1: Yeah, it's a terrific interview. It is coming up after 115 00:05:41,560 --> 00:05:42,680 Speaker 1: the show. Stick around for that one. 116 00:05:42,720 --> 00:05:42,840 Speaker 3: Now. 117 00:05:42,839 --> 00:05:45,880 Speaker 1: Thanks to blue Chip Communication, the experts helping financial services 118 00:05:45,920 --> 00:05:49,600 Speaker 1: companies market, communicate, and grow. Visit blue Chip Communication, dot com, 119 00:05:49,600 --> 00:05:51,680 Speaker 1: dot AU. What's happening in international markets? 120 00:05:51,880 --> 00:05:54,200 Speaker 3: Earning season on Wall Street kicks in this week, and 121 00:05:54,320 --> 00:05:57,680 Speaker 3: expectations are high. In fact, they're probably higher than they 122 00:05:57,680 --> 00:05:59,720 Speaker 3: have been for a few years. That's evident in the 123 00:05:59,760 --> 00:06:02,799 Speaker 3: based SMP five hundred and the tech heavy Nastak trading 124 00:06:02,880 --> 00:06:06,320 Speaker 3: round record levels up seventeen percent and twenty three percent, respectively. 125 00:06:06,360 --> 00:06:06,760 Speaker 2: This year. 126 00:06:07,120 --> 00:06:10,200 Speaker 3: The consensus forecast is for a nine percent jump in 127 00:06:10,400 --> 00:06:13,680 Speaker 3: earnings for the June quarter. That's a lot. That'll be 128 00:06:13,680 --> 00:06:16,039 Speaker 3: the biggest quarter that since the first quarterback in twenty 129 00:06:16,080 --> 00:06:19,799 Speaker 3: twenty two. Investment banks including JP, Morgan Chase and City 130 00:06:19,839 --> 00:06:22,480 Speaker 3: Group kick off the season properly on Friday. 131 00:06:22,720 --> 00:06:24,599 Speaker 2: The tech stocks are up in a couple of weeks. Time, 132 00:06:24,920 --> 00:06:26,080 Speaker 2: all right, bit to get through. 133 00:06:26,120 --> 00:06:27,520 Speaker 1: We'll be back in a moment with the rest of 134 00:06:27,560 --> 00:06:37,760 Speaker 1: the day's business news. Sean Prime Minister Anthony Ibnezi rang 135 00:06:37,880 --> 00:06:41,760 Speaker 1: new British PM Sir Keir Starmer over the weekend, congratulated 136 00:06:41,800 --> 00:06:44,839 Speaker 1: him and discussed the Commonwealth Heads of Government meeting and 137 00:06:44,880 --> 00:06:46,039 Speaker 1: SAMOA later this year. 138 00:06:46,440 --> 00:06:49,520 Speaker 3: According to a Downing Street spokesperson, Saker also said he 139 00:06:49,600 --> 00:06:53,040 Speaker 3: hoped to build on the already strong Orcist partnership between Australia, 140 00:06:53,120 --> 00:06:55,719 Speaker 3: the UK and the US, and the two leaders agreed 141 00:06:55,720 --> 00:06:59,320 Speaker 3: to stay in close touch. Our Prime Minister using X 142 00:06:59,480 --> 00:07:00,840 Speaker 3: said the two who had a lot of work to 143 00:07:00,880 --> 00:07:04,400 Speaker 3: do together to grow economies, advanced orcas and seize the 144 00:07:04,440 --> 00:07:08,320 Speaker 3: opportunities of the global clean energy transformation. Mister Almanzi was 145 00:07:08,360 --> 00:07:10,480 Speaker 3: just one of many global leaders getting in touch with 146 00:07:10,560 --> 00:07:14,040 Speaker 3: the new British Prime Minister after his landslide victory last 147 00:07:14,080 --> 00:07:17,160 Speaker 3: week that ended fourteen years of Conservative rule. Interestingly, he 148 00:07:17,200 --> 00:07:20,760 Speaker 3: also announced his cabinet, but probably of note, Britain's first 149 00:07:20,800 --> 00:07:25,040 Speaker 3: female Treasurer was announced. Her name is Rachel Reeves Sean. 150 00:07:25,360 --> 00:07:28,600 Speaker 1: Payments for sex work will be banned under changes to 151 00:07:28,640 --> 00:07:32,720 Speaker 1: the NDIS scheme, with Minister Bill Shorten conceding a wide 152 00:07:32,840 --> 00:07:36,600 Speaker 1: range of services being billed to taxpayers are unsustainable. 153 00:07:36,840 --> 00:07:39,760 Speaker 3: Mister Shorten criticized the Opposition and the Greens for dragging 154 00:07:39,840 --> 00:07:43,560 Speaker 3: out passage of legislation to overhaul exploding costs, saying another 155 00:07:43,640 --> 00:07:45,880 Speaker 3: round of parliamentary hearings will hit the budget by about 156 00:07:45,920 --> 00:07:48,560 Speaker 3: one point one billion dollars, the equivalent of paid packages 157 00:07:48,840 --> 00:07:51,640 Speaker 3: for as many as sixty thousand children. But the Coalition 158 00:07:52,000 --> 00:07:54,880 Speaker 3: said it won't be bullied into supporting changes proposed by 159 00:07:54,880 --> 00:07:58,960 Speaker 3: the federal government, insisting a further Senate inquiry is it necessary. 160 00:07:59,000 --> 00:08:02,320 Speaker 3: According to report in the Financial Review, Mister Shorten admitted 161 00:08:02,440 --> 00:08:06,760 Speaker 3: courts and the Administrative Appeals Tribunal had frustrated government efforts 162 00:08:06,800 --> 00:08:11,400 Speaker 3: to stop unreasonable and inappropriate spending. Asked if payments for 163 00:08:11,440 --> 00:08:14,600 Speaker 3: sex work would be banned, mister Shorton told Sky News 164 00:08:14,760 --> 00:08:18,520 Speaker 3: such a move was necessary even if cases were isolated. 165 00:08:18,680 --> 00:08:21,040 Speaker 3: The forty two billion dollar program is already on track 166 00:08:21,040 --> 00:08:23,600 Speaker 3: to overtake the age pension within three years as the 167 00:08:23,600 --> 00:08:26,040 Speaker 3: most expensive area of government spending. 168 00:08:26,720 --> 00:08:28,800 Speaker 1: Taking a look at property now, Sean was a pretty 169 00:08:28,800 --> 00:08:31,880 Speaker 1: good weekend for auction results, with the preliminary clearance rate 170 00:08:31,960 --> 00:08:35,080 Speaker 1: coming in at seventy four point seven percent. That's the 171 00:08:35,160 --> 00:08:36,840 Speaker 1: highest level since early April. 172 00:08:37,120 --> 00:08:38,480 Speaker 2: It was a really good weekend. 173 00:08:38,600 --> 00:08:41,320 Speaker 3: In Sydney, the clearance rate was seventy six point seven percent, 174 00:08:41,440 --> 00:08:45,360 Speaker 3: up almost five percentage points from the previous week, best 175 00:08:45,400 --> 00:08:47,560 Speaker 3: result in a couple of months. In Melbourne, the preliminary 176 00:08:47,559 --> 00:08:50,160 Speaker 3: clearance rate was seventy point two percent, up a couple 177 00:08:50,200 --> 00:08:52,720 Speaker 3: of percentage points. Adelaide came in at eighty four point 178 00:08:52,800 --> 00:08:55,120 Speaker 3: eight percent. Brisbane was seventy eight point nine percent, which 179 00:08:55,160 --> 00:08:57,520 Speaker 3: is a very good result for that market. Canberra was 180 00:08:57,559 --> 00:08:59,760 Speaker 3: the only major city to record a drop in the 181 00:08:59,800 --> 00:09:02,920 Speaker 3: clar and straight down to sixty four point three percent. 182 00:09:03,200 --> 00:09:05,480 Speaker 3: The number of auctions was lower than the week before. 183 00:09:05,480 --> 00:09:08,160 Speaker 3: It was about seventeen hundred or so. That we're still 184 00:09:08,240 --> 00:09:10,240 Speaker 3: much higher than a year ago. We are going into 185 00:09:10,240 --> 00:09:14,280 Speaker 3: that winter loll but we're going into that winter loll. Well, 186 00:09:14,600 --> 00:09:17,120 Speaker 3: i'd say with a little bit of momentum. Michael, can 187 00:09:17,120 --> 00:09:18,640 Speaker 3: you go into a lull with momentum? 188 00:09:18,640 --> 00:09:19,880 Speaker 2: Not sure, Yeah you can. 189 00:09:20,240 --> 00:09:24,360 Speaker 1: It makes it for quite an uncomfortable lull. But interesting, 190 00:09:24,440 --> 00:09:26,439 Speaker 1: isn't it that here we are kind of with talk 191 00:09:26,480 --> 00:09:29,240 Speaker 1: about the potential for higher interest rates, and you would 192 00:09:29,240 --> 00:09:31,520 Speaker 1: expect these clearance rates to be a lot lower than 193 00:09:31,559 --> 00:09:31,880 Speaker 1: they are. 194 00:09:32,360 --> 00:09:33,000 Speaker 2: Yeah. 195 00:09:33,080 --> 00:09:35,720 Speaker 3: Yeah, I mean that demands, well, the lack of housing, 196 00:09:35,760 --> 00:09:37,240 Speaker 3: so it's a supply side and that and then the 197 00:09:37,280 --> 00:09:41,560 Speaker 3: demand with net migration so high. It really is keeping 198 00:09:41,720 --> 00:09:45,160 Speaker 3: a floor under prices and also just ensuring that people 199 00:09:45,240 --> 00:09:46,880 Speaker 3: places that are going to market are selling. 200 00:09:47,320 --> 00:09:47,800 Speaker 2: Yeah. 201 00:09:47,880 --> 00:09:52,040 Speaker 1: Now, BHP bosses have docked employee incentives around the globe 202 00:09:52,200 --> 00:09:57,439 Speaker 1: based on failures to hit internal performance targets on costs, production, safety, 203 00:09:57,480 --> 00:09:58,480 Speaker 1: and gender equity. 204 00:09:58,720 --> 00:10:01,000 Speaker 3: The mining giant late last week NI five tens of 205 00:10:01,000 --> 00:10:03,600 Speaker 3: thousands of workers that will only pay out eighty percent 206 00:10:03,880 --> 00:10:06,120 Speaker 3: of short term incentives that were on offer for the 207 00:10:06,160 --> 00:10:09,839 Speaker 3: last financial year. According to a report in The Financial Review, 208 00:10:10,120 --> 00:10:13,160 Speaker 3: workers at BHP's Queensland Coal division were singled out. They'll 209 00:10:13,200 --> 00:10:16,520 Speaker 3: receive only seventy percent of the incentives after two downgrades 210 00:10:16,559 --> 00:10:20,280 Speaker 3: in sales guidance and a fatality at the Seraji mine 211 00:10:20,320 --> 00:10:23,120 Speaker 3: in the Bowen Basin. The incentive calls were made by 212 00:10:23,160 --> 00:10:27,000 Speaker 3: BHP executive leadership team now that includes Chief executive Mike Henry. 213 00:10:27,040 --> 00:10:29,280 Speaker 3: He'll be across the fact that these cuts were made. 214 00:10:29,520 --> 00:10:32,480 Speaker 3: The short term incentives apply to all workers at BEGP. 215 00:10:32,600 --> 00:10:34,760 Speaker 3: They can add up to about fifteen percent of salary. 216 00:10:34,880 --> 00:10:36,640 Speaker 3: So it will be a lot of workers not real 217 00:10:36,720 --> 00:10:37,600 Speaker 3: happy this morning. 218 00:10:38,120 --> 00:10:42,760 Speaker 1: There's a lot of workers with incentives built into their salaries, isn't. 219 00:10:42,520 --> 00:10:43,560 Speaker 2: That Yeah, it is. 220 00:10:43,640 --> 00:10:45,400 Speaker 3: And one of the key issues because there was a 221 00:10:45,440 --> 00:10:48,240 Speaker 3: death at BHP and so it's very hard to give people, 222 00:10:48,800 --> 00:10:52,359 Speaker 3: you know, the full incentive when a tragedy like that occurs. 223 00:10:52,800 --> 00:10:54,520 Speaker 2: Though what you do find is that. 224 00:10:54,559 --> 00:10:56,680 Speaker 3: Different parts of the workforce to saying, well, hand on, 225 00:10:56,800 --> 00:11:00,000 Speaker 3: we shouldn't you know, we should be rewarded or otherwise 226 00:11:00,360 --> 00:11:02,400 Speaker 3: for what happened in our part of the business. 227 00:11:02,440 --> 00:11:04,760 Speaker 2: So it's a tricky one for BHP. 228 00:11:04,640 --> 00:11:07,080 Speaker 1: Oh certainly is. Now this is an interesting one. The 229 00:11:07,080 --> 00:11:10,920 Speaker 1: federal government is proposing to more than quadruple the protected 230 00:11:11,000 --> 00:11:14,080 Speaker 1: oceans around Australia's herd and McDonald Islands. 231 00:11:14,480 --> 00:11:17,760 Speaker 3: The islands are four thousand kilometers southwest of western Australia 232 00:11:17,760 --> 00:11:21,800 Speaker 3: in seventeen hundred kilometers north of Antarctica, and the remote 233 00:11:21,920 --> 00:11:25,640 Speaker 3: sub Antarctic islands are considered a pristine wilderness. Some of 234 00:11:25,679 --> 00:11:28,720 Speaker 3: the photos of the Michael are quite magnificent. The proposal 235 00:11:28,800 --> 00:11:32,000 Speaker 3: recommends expanding this marine reserved by more than three thousand 236 00:11:32,000 --> 00:11:35,120 Speaker 3: square kilometers. Minister for the Environment and Water Tenure Plebasik 237 00:11:35,320 --> 00:11:38,040 Speaker 3: said the quadrupling of the size of the marine parks 238 00:11:38,040 --> 00:11:40,920 Speaker 3: around both islands would help preserve it for future generations. 239 00:11:41,160 --> 00:11:44,200 Speaker 3: She said the proposal means protecting additionalations the size of 240 00:11:44,200 --> 00:11:49,360 Speaker 3: Italy and bringing half of Australian oceans under protection. A 241 00:11:49,559 --> 00:11:53,760 Speaker 3: massive area. But if you get the chance, heard Ahid 242 00:11:54,240 --> 00:11:57,960 Speaker 3: and McDonald, islands worth looking up, all right, I will do. 243 00:11:58,720 --> 00:12:02,600 Speaker 1: Turning to international news, Joe Biden is ignoring a growing 244 00:12:02,679 --> 00:12:06,480 Speaker 1: clamor sean to drop out of the twenty twenty four 245 00:12:06,520 --> 00:12:10,880 Speaker 1: presidential race, saying one bad debate shouldn't ruin three and 246 00:12:10,920 --> 00:12:11,880 Speaker 1: a half year's work. 247 00:12:12,600 --> 00:12:15,760 Speaker 3: He did a primetime interview over the weekend and held 248 00:12:15,760 --> 00:12:19,000 Speaker 3: campaign events in Pennsylvania and said no one is more 249 00:12:19,040 --> 00:12:22,280 Speaker 3: qualified to be president or win the race than him, 250 00:12:22,720 --> 00:12:26,360 Speaker 3: but that hasn't stopped senior Democrats from calling for him 251 00:12:26,400 --> 00:12:28,800 Speaker 3: to abandon his bid for re election. A number of 252 00:12:28,840 --> 00:12:32,160 Speaker 3: elected Democrats are now openly saying he should step down. 253 00:12:32,280 --> 00:12:35,880 Speaker 3: Over the weekend, the Democratic governor of Massachusetts became the 254 00:12:35,880 --> 00:12:39,400 Speaker 3: first state governor to publicly say Biden should step down. 255 00:12:39,720 --> 00:12:44,520 Speaker 3: Mister Biden's vice president Krmla Harris, Californian Governor Gavin Newsom, 256 00:12:44,800 --> 00:12:48,240 Speaker 3: and Michigan Governor Gretchen Whitmer are all seen as possible 257 00:12:48,280 --> 00:12:52,320 Speaker 3: candidates should the President step aside, but all have so 258 00:12:52,480 --> 00:12:57,720 Speaker 3: far remained publicly very loyal to his campaign. It isn't 259 00:12:57,800 --> 00:13:00,920 Speaker 3: all bad news hearing all this news about Joe Biden. 260 00:13:01,120 --> 00:13:03,640 Speaker 3: But I noticed over the weekend there was a Bloomberg 261 00:13:03,760 --> 00:13:08,400 Speaker 3: Tracking poll of voting intentions in battleground states places around 262 00:13:08,440 --> 00:13:12,800 Speaker 3: the Midwest. Donald Trump's lead has actually narrowed to forty 263 00:13:12,840 --> 00:13:16,920 Speaker 3: seven verse forty five percent. That's actually the smallest gap 264 00:13:17,160 --> 00:13:20,199 Speaker 3: since October last year. So while the debate was debarkle, 265 00:13:20,760 --> 00:13:23,600 Speaker 3: we had the Supreme Court ruling last week, which will 266 00:13:23,640 --> 00:13:26,480 Speaker 3: tip people one way or another. But it's not like 267 00:13:26,559 --> 00:13:30,120 Speaker 3: people are deserting the president at this point, and. 268 00:13:30,040 --> 00:13:33,120 Speaker 1: That may, in fact, kind of discourage anyone from challenging 269 00:13:33,200 --> 00:13:33,800 Speaker 1: him publicly. 270 00:13:34,320 --> 00:13:34,880 Speaker 2: Absolutely. 271 00:13:35,000 --> 00:13:39,000 Speaker 3: In fact, I don't think anyone will challenge him publicly, certainly, 272 00:13:39,040 --> 00:13:42,520 Speaker 3: none of those three. They'll all wait for him to 273 00:13:42,600 --> 00:13:45,040 Speaker 3: step down. Now. If he doesn't step down, obviously they 274 00:13:45,080 --> 00:13:47,880 Speaker 3: won't challenge. But I don't think anyone will challenge him 275 00:13:47,920 --> 00:13:49,520 Speaker 3: unless he decides he needs to leave. 276 00:13:49,880 --> 00:13:54,120 Speaker 1: It's fascinating, isn't it now. Samsung Electronics expects its profits 277 00:13:54,120 --> 00:13:56,000 Speaker 1: for the three months to the end of June to 278 00:13:56,040 --> 00:14:00,520 Speaker 1: be fifteen times higher than last year on the back 279 00:14:00,559 --> 00:14:03,440 Speaker 1: of the artificial intelligence boom phenomenon. 280 00:14:03,440 --> 00:14:08,200 Speaker 3: And Samsung's not this little company, it is huge. The 281 00:14:08,240 --> 00:14:11,439 Speaker 3: AI boom has pushed up the prices of advanced chips, 282 00:14:12,000 --> 00:14:15,440 Speaker 3: driving up the firm's forecast for this June quarter. The 283 00:14:15,480 --> 00:14:19,800 Speaker 3: South Greend Group is the world's largest maker of memory chips, smartphones, 284 00:14:19,840 --> 00:14:23,280 Speaker 3: and televisions. It's now forecasting operating profits for the three 285 00:14:23,320 --> 00:14:27,840 Speaker 3: months of about eleven billion Ossie dollars. That is, eleven 286 00:14:27,920 --> 00:14:31,280 Speaker 3: billion dollars, not bad. Samsung Electronics is a flagship unit 287 00:14:31,280 --> 00:14:34,920 Speaker 3: of South Korean conglomerate Samsung Group. Most of us know 288 00:14:35,080 --> 00:14:38,520 Speaker 3: it for its smartphones and while the flagship S twenty 289 00:14:38,520 --> 00:14:42,040 Speaker 3: four phone with AI features is selling well. The high 290 00:14:42,120 --> 00:14:45,120 Speaker 3: material marketing costs are actually hitting profits in that division, 291 00:14:45,480 --> 00:14:48,680 Speaker 3: whever the chip business is clearly booming. 292 00:14:49,640 --> 00:14:51,200 Speaker 1: I mentioned this one at the top of the show. 293 00:14:51,440 --> 00:14:55,080 Speaker 1: Sean Judy Garland and Sir Lawrence Olivier are to narrate 294 00:14:55,520 --> 00:14:58,680 Speaker 1: audiobooks even though they're dead, under a new deal to 295 00:14:58,760 --> 00:15:01,920 Speaker 1: clone their voices U using artificial intelligence. I don't know 296 00:15:02,000 --> 00:15:02,400 Speaker 1: about this. 297 00:15:04,160 --> 00:15:06,640 Speaker 3: This screwp called the event Labs, a London founded business 298 00:15:06,720 --> 00:15:10,080 Speaker 3: launched by a couple of Polish entrepreneurs, said it had 299 00:15:10,080 --> 00:15:12,920 Speaker 3: reached deals with the estates of Mss Garland and Sir 300 00:15:13,000 --> 00:15:16,200 Speaker 3: Lawrence to use their audio likenesses in a new app. 301 00:15:16,400 --> 00:15:19,120 Speaker 3: According to a report in the Telegraph of London, the 302 00:15:19,160 --> 00:15:22,240 Speaker 3: late actors will end their voices to eleven Labs reader app, 303 00:15:22,520 --> 00:15:25,120 Speaker 3: where users will be able to pick celebrities to read 304 00:15:25,160 --> 00:15:30,160 Speaker 3: their favorite novels, a product it has dubbed Iconic Voices Now. 305 00:15:30,200 --> 00:15:34,040 Speaker 3: Miss Garland's daughter, e Liza Minelli, said it's exciting to 306 00:15:34,040 --> 00:15:36,560 Speaker 3: see her mother's voice available to the countless millions of 307 00:15:36,600 --> 00:15:37,440 Speaker 3: people who love her. 308 00:15:37,920 --> 00:15:39,240 Speaker 2: People will also be able. 309 00:15:39,040 --> 00:15:41,960 Speaker 3: To listen to digital versions of books by James Dean 310 00:15:42,040 --> 00:15:46,360 Speaker 3: or effectively AI read by James Dean. You rebel without 311 00:15:46,400 --> 00:15:46,760 Speaker 3: a cause. 312 00:15:46,760 --> 00:15:47,040 Speaker 2: Actor. 313 00:15:47,320 --> 00:15:49,600 Speaker 3: He died in nineteen fifty five, but don't let that 314 00:15:49,640 --> 00:15:52,520 Speaker 3: stop you. Burt Reynolds as well, Michael. 315 00:15:52,760 --> 00:15:54,480 Speaker 1: I just don't know about this one. 316 00:15:54,480 --> 00:15:56,200 Speaker 2: Sean a bit the same. 317 00:15:56,520 --> 00:15:59,520 Speaker 1: It makes me feel a little bit uncomfortable. How about this, though, 318 00:15:59,640 --> 00:16:03,360 Speaker 1: this is quite incredible. Thirty nine year old basketball superstar 319 00:16:03,680 --> 00:16:07,600 Speaker 1: lebron James has agreed to a two year, one hundred 320 00:16:07,640 --> 00:16:11,480 Speaker 1: and four million US dollar deal with the LA Lakers, 321 00:16:11,840 --> 00:16:15,080 Speaker 1: the highest ever for a person of his age, pushing 322 00:16:15,120 --> 00:16:19,120 Speaker 1: his wealth to one and a half billion US dollars 323 00:16:19,160 --> 00:16:21,160 Speaker 1: according to the Bloomberg Billionaires Index. 324 00:16:21,800 --> 00:16:25,240 Speaker 2: That's just to play basketball. Well, pretty phenomenal. 325 00:16:25,560 --> 00:16:29,080 Speaker 3: It also that contract is significant because it confirms James's 326 00:16:29,280 --> 00:16:33,320 Speaker 3: long held goal of playing with his son, Bronnie James Junior. 327 00:16:33,840 --> 00:16:35,720 Speaker 3: He's a nine year old who was drafted by the 328 00:16:35,760 --> 00:16:39,440 Speaker 3: Lakers last week. Reportedly, he agreed to a four year, 329 00:16:39,480 --> 00:16:41,960 Speaker 3: seven point nine million dollar contract. What's that about two 330 00:16:42,120 --> 00:16:44,760 Speaker 3: million dollars a year compared to his father's fifty two 331 00:16:44,960 --> 00:16:49,000 Speaker 3: million dollars a year. Anyway, the senior James, who's entering 332 00:16:49,040 --> 00:16:53,240 Speaker 3: his twenty second season in the NBA, holds the league's 333 00:16:53,240 --> 00:16:56,560 Speaker 3: all time scoring record and average twenty five point seven 334 00:16:56,600 --> 00:16:59,720 Speaker 3: points per game last year, putting him in the top fifteen. 335 00:16:59,320 --> 00:17:00,640 Speaker 2: Players in the league. 336 00:17:00,840 --> 00:17:03,680 Speaker 3: Quite phenomenal for thirty eight slash thirty nine year old. 337 00:17:03,800 --> 00:17:06,480 Speaker 3: According to Bloomberg, he is the wealthiest of the current 338 00:17:06,520 --> 00:17:09,119 Speaker 3: crop of players. He ain't know Michael Jordan though, and 339 00:17:09,160 --> 00:17:12,520 Speaker 3: I'm not just talking about on the court. Michael Jordan's wealthy. 340 00:17:12,560 --> 00:17:16,000 Speaker 3: It's estimated at more than four billion dollars now. He 341 00:17:16,080 --> 00:17:19,359 Speaker 3: sold the steak in Charlotte Hornets last year. That's how 342 00:17:19,359 --> 00:17:22,800 Speaker 3: they valued him. Four billion dollars. Not bad, that is 343 00:17:23,640 --> 00:17:27,520 Speaker 3: just staggering, well staggering. Yeah. 344 00:17:27,640 --> 00:17:30,480 Speaker 1: Up next is Fear and Greed. The Week Ahead, featuring 345 00:17:30,480 --> 00:17:32,720 Speaker 1: our resident economist Stephen could coolus. 346 00:17:32,640 --> 00:17:34,560 Speaker 3: All about well, it's actually not a very busy week, 347 00:17:34,600 --> 00:17:36,080 Speaker 3: to be honest. This week not a lot of some 348 00:17:36,160 --> 00:17:37,480 Speaker 3: finance data out. 349 00:17:38,119 --> 00:17:39,720 Speaker 1: Way to sell it there, Sean. 350 00:17:39,640 --> 00:17:41,240 Speaker 3: Yeah, I know, I was going to go heavy on that. 351 00:17:41,280 --> 00:17:43,560 Speaker 3: Then I thought we'll actually we talk a lot about 352 00:17:43,560 --> 00:17:46,919 Speaker 3: what's going on in markets and where the economy's up to, 353 00:17:47,400 --> 00:17:49,359 Speaker 3: which is sometimes it's good to have a quiet week. 354 00:17:49,680 --> 00:17:52,119 Speaker 3: Just say you can sort of check out the bigger picture, 355 00:17:52,119 --> 00:17:53,679 Speaker 3: which is exactly what we do with Stephen. 356 00:17:54,160 --> 00:17:57,320 Speaker 1: Yeah. I don't think a lack of kind of upcoming 357 00:17:57,400 --> 00:18:01,080 Speaker 1: data has ever stopped the two of you. 358 00:18:01,160 --> 00:18:04,000 Speaker 2: No, he's an enthusiast, no doubt about it. 359 00:18:04,119 --> 00:18:06,200 Speaker 1: Yeah, that's coming up next in the Fear and Greed playlist, 360 00:18:06,240 --> 00:18:09,159 Speaker 1: and after that is your daily interview speaking today with 361 00:18:09,200 --> 00:18:12,560 Speaker 1: Grady Wolf, market analyst from trading platform Bell Direct. 362 00:18:13,000 --> 00:18:15,960 Speaker 3: Grady's five top picks for the next twelve months. They're 363 00:18:16,000 --> 00:18:18,280 Speaker 3: all small caps, a couple that I don't know, didn't well, 364 00:18:18,320 --> 00:18:19,320 Speaker 3: I didn't know anything about. 365 00:18:19,480 --> 00:18:21,240 Speaker 1: Yeah, it is well worth a listen. They are both 366 00:18:21,359 --> 00:18:23,560 Speaker 1: up in the Fear and Greed playlist on your podcast 367 00:18:23,560 --> 00:18:26,000 Speaker 1: platform or at Fearangreed dot com dot au, which is 368 00:18:26,000 --> 00:18:27,560 Speaker 1: also where you can sign up for the Fear and 369 00:18:27,600 --> 00:18:30,439 Speaker 1: Greed weekly newsletter coming out on Wednesday. So get in 370 00:18:30,760 --> 00:18:32,879 Speaker 1: ahead of that nice and early. Do that today so 371 00:18:32,880 --> 00:18:34,119 Speaker 1: you don't even have to think about it, and then 372 00:18:34,160 --> 00:18:37,200 Speaker 1: Wednesday morning, the newsletter will just arrive in your inbox 373 00:18:37,320 --> 00:18:39,840 Speaker 1: like a special treat. Thank you very much, Sean. 374 00:18:40,359 --> 00:18:41,000 Speaker 2: Thanks Michael. 375 00:18:41,240 --> 00:18:43,719 Speaker 1: It's Monday, the eighth of July twenty twenty four. Make 376 00:18:43,720 --> 00:18:46,080 Speaker 1: sure you're following the podcast, and please join us online 377 00:18:46,119 --> 00:18:50,000 Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson 378 00:18:50,000 --> 00:18:50,960 Speaker 1: and that with fear and greed. 379 00:18:51,359 --> 00:18:52,120 Speaker 2: Have a great day.