1 00:00:03,680 --> 00:00:07,000 Speaker 1: Welcome to the Fearing Greed Business Years Afternoon Report for Thursday, 2 00:00:07,040 --> 00:00:09,840 Speaker 1: the eleventh of July twenty twenty four. I'm suan alma. 3 00:00:09,960 --> 00:00:12,360 Speaker 1: Every afternoon, We've got the five stories that happened today 4 00:00:12,360 --> 00:00:14,520 Speaker 1: that you need to know about. Stroum one. The benchmark 5 00:00:14,560 --> 00:00:17,840 Speaker 1: SMPASX two hundred closed up nearly one percent today to 6 00:00:18,520 --> 00:00:22,120 Speaker 1: eight hundred and ninety points. That's just seven points below 7 00:00:22,160 --> 00:00:25,160 Speaker 1: the record close of seven eight hundred and ninety seven 8 00:00:25,200 --> 00:00:27,960 Speaker 1: points back in late March. COmON Off Bank led the 9 00:00:27,960 --> 00:00:30,520 Speaker 1: way today, hitting a new high. Among the large caps, 10 00:00:30,640 --> 00:00:34,440 Speaker 1: CSL Wes Farmers, Fortes, Fu Metals Group, Woodside and Woolies 11 00:00:34,479 --> 00:00:36,400 Speaker 1: all did well. In fact, seventy five percent of the 12 00:00:36,400 --> 00:00:39,639 Speaker 1: ASEX two hundred closed higher. It was a good day 13 00:00:39,640 --> 00:00:42,360 Speaker 1: for the uranium miners, with Deep Yellow, Boss Energy and 14 00:00:42,440 --> 00:00:46,159 Speaker 1: Paladin Energy among the best performers. Overall, the best was 15 00:00:46,200 --> 00:00:50,280 Speaker 1: biotech Telix Pharmaceuticals at share price finished up ten percent 16 00:00:50,640 --> 00:00:53,479 Speaker 1: after itt flag changes to regulations in the US regarding 17 00:00:53,520 --> 00:00:57,960 Speaker 1: payments for diagnostic radiotherapy treatments. The gold stocks also did well, 18 00:00:57,960 --> 00:01:02,279 Speaker 1: with Perseus Mining and Neumontzing sharply. Story number two. Prime 19 00:01:02,280 --> 00:01:05,319 Speaker 1: Minister Anthony Albernesi said gas has an important role to 20 00:01:05,319 --> 00:01:08,560 Speaker 1: play in Australia's energy future as the inevitable shift to 21 00:01:08,600 --> 00:01:13,119 Speaker 1: renewables occurs. Miss Albernesi said to ensure energy security during 22 00:01:13,160 --> 00:01:17,080 Speaker 1: the transition period, gas is needed for firming capacity, which 23 00:01:17,120 --> 00:01:21,279 Speaker 1: basically means keeping good stable given the intermittency of wind, 24 00:01:21,440 --> 00:01:25,160 Speaker 1: solar and hydro power. Misster Albernezi also spreut the need 25 00:01:25,200 --> 00:01:27,520 Speaker 1: for batteries. He also took a swipe at the opposition's 26 00:01:27,520 --> 00:01:31,520 Speaker 1: pro nuclear stance, saying it doesn't stack up economically, citing 27 00:01:31,520 --> 00:01:36,120 Speaker 1: the International Energy Agency saying Australia's comparative advantage is in 28 00:01:36,440 --> 00:01:39,919 Speaker 1: renewables i e. Not nuclear. The Prime Minister was speaking 29 00:01:39,959 --> 00:01:43,240 Speaker 1: in Queensland and covered a range of topics, including Joe Biden. 30 00:01:43,319 --> 00:01:46,280 Speaker 1: When asked about the US President, he said dealings with 31 00:01:46,319 --> 00:01:49,320 Speaker 1: mister Biden had always been productive, but he didn't want 32 00:01:49,320 --> 00:01:52,280 Speaker 1: to be drawn in much further. Story Number three. In 33 00:01:52,280 --> 00:01:55,680 Speaker 1: the world of economics, the Commonwealth Bank Household Spending Indicator 34 00:01:56,160 --> 00:01:58,840 Speaker 1: released today indicates that renters are pulling back on spending 35 00:01:58,880 --> 00:02:01,680 Speaker 1: more than mortgage holders. Rent to spending was down nearly 36 00:02:01,720 --> 00:02:05,280 Speaker 1: one percent last month, whereas outlays by mortgage holders was 37 00:02:05,360 --> 00:02:08,240 Speaker 1: up one and a half percent. For those fully owning 38 00:02:08,280 --> 00:02:11,040 Speaker 1: their homes it was up about two percent. Household spending 39 00:02:11,080 --> 00:02:13,799 Speaker 1: has been weak overall, although it picked up zero point 40 00:02:13,840 --> 00:02:15,839 Speaker 1: six percent over the month of June to be three 41 00:02:15,840 --> 00:02:19,400 Speaker 1: point nine percent higher over the past gm Also today, 42 00:02:19,480 --> 00:02:22,560 Speaker 1: Assistant Minister for Trade and Manufacturing Tim Air said shipping 43 00:02:22,560 --> 00:02:24,799 Speaker 1: around the world is being buffeted by conflict in the 44 00:02:24,800 --> 00:02:29,119 Speaker 1: Middle East, including actions by Yemen's Hoothy Milton's. He said 45 00:02:29,160 --> 00:02:31,920 Speaker 1: the problems are pushing up prices for Australian consumers and 46 00:02:31,960 --> 00:02:35,160 Speaker 1: businesses because they're having an impact on the duration and 47 00:02:35,280 --> 00:02:38,840 Speaker 1: cost of shipping travel to Australia. Australium before A and 48 00:02:38,960 --> 00:02:40,840 Speaker 1: Z is under fire for how it operates in the 49 00:02:40,840 --> 00:02:44,760 Speaker 1: government bond market after allegations it overstated the value of 50 00:02:44,840 --> 00:02:48,720 Speaker 1: government bonds it traded by more than fifty billion dollars 51 00:02:48,720 --> 00:02:52,120 Speaker 1: over twelve months, boosting its prospects of winning lucrative mandates 52 00:02:52,160 --> 00:02:55,360 Speaker 1: issuing Commonwealth debts. The bank admitted to the Australian Office 53 00:02:55,360 --> 00:02:58,799 Speaker 1: of Financial Management, which manages government debts, that figures it 54 00:02:58,880 --> 00:03:02,520 Speaker 1: had supplied detailing the volume of turnover had been incorrect. 55 00:03:02,840 --> 00:03:05,639 Speaker 1: This is according to reporting the Financial Review. As one 56 00:03:05,680 --> 00:03:09,240 Speaker 1: of nineteen market makers for Australian bonds, aen Z is 57 00:03:09,280 --> 00:03:12,959 Speaker 1: required to submit quarterly figures to the agency. The AOFM 58 00:03:13,040 --> 00:03:16,840 Speaker 1: selects the largest traders for issuances. AENZ initially said it 59 00:03:16,919 --> 00:03:19,960 Speaker 1: had facilitated one hundred and thirty seven point six billion 60 00:03:20,000 --> 00:03:22,679 Speaker 1: dollars in government bond trades for clients in the year 61 00:03:22,840 --> 00:03:26,560 Speaker 1: ended June twenty twenty three. The correct number, however, was 62 00:03:26,600 --> 00:03:29,480 Speaker 1: eighty three point two billion dollars, the difference of nearly 63 00:03:29,480 --> 00:03:32,760 Speaker 1: sixty five percent. It's training of government bonds is already 64 00:03:32,800 --> 00:03:35,960 Speaker 1: under intense scrutiny from both the AOFM and the Australian 65 00:03:35,960 --> 00:03:39,400 Speaker 1: Securities and Investments Commission. The division is being investigated by 66 00:03:39,400 --> 00:03:43,320 Speaker 1: the regulator for allegedly manipulating the benchmark ten year futures 67 00:03:43,360 --> 00:03:45,720 Speaker 1: rate when it was appointed a manager for a fourteen 68 00:03:45,880 --> 00:03:50,360 Speaker 1: billion dollar government bond sale last year. This latest allegation 69 00:03:50,760 --> 00:03:53,480 Speaker 1: does not help aen z's prospects if it wants to 70 00:03:53,560 --> 00:03:56,960 Speaker 1: keep working in that government bond market. And story number five, 71 00:03:57,080 --> 00:03:59,840 Speaker 1: Joe Biden is in trouble with senior Democrats, including Senate 72 00:04:00,080 --> 00:04:03,200 Speaker 1: Jody Leaded Chuck Schumer, saying they are open to replacing 73 00:04:03,320 --> 00:04:06,880 Speaker 1: him ahead of the November presidential election. As many Democrats 74 00:04:06,920 --> 00:04:09,280 Speaker 1: have pushed to have Joe Biden replaced. Chuck Schumer, one 75 00:04:09,280 --> 00:04:11,440 Speaker 1: of the most senior members of the party, has stood 76 00:04:11,480 --> 00:04:14,840 Speaker 1: by the president, but Axios is reporting that Schumer is 77 00:04:14,920 --> 00:04:18,760 Speaker 1: telling donors he's open to replacing mister Biden. It came 78 00:04:18,800 --> 00:04:22,080 Speaker 1: after party heavyweight Nancy Pelosi said the president had a 79 00:04:22,200 --> 00:04:25,119 Speaker 1: decision to make about his future, and actor George Clooney 80 00:04:25,160 --> 00:04:27,919 Speaker 1: said mister Biden needs to be replaced as the party's 81 00:04:27,960 --> 00:04:31,640 Speaker 1: presidential candidate. Clooney hosted a large fundraise of Biden in 82 00:04:31,760 --> 00:04:35,240 Speaker 1: California last month. Clearly, the drums are beating louder and 83 00:04:35,320 --> 00:04:38,320 Speaker 1: louder for Joe Biden. That's it for the Afternoon Report 84 00:04:38,360 --> 00:04:41,039 Speaker 1: for Thursday, the eleventh of July twenty twenty four. Michael 85 00:04:41,080 --> 00:04:42,880 Speaker 1: Thompson and I will be back tomorrow morning with a 86 00:04:42,920 --> 00:04:45,560 Speaker 1: Friday edition off Fear and Greed Business News. I'm Sean 87 00:04:45,600 --> 00:04:47,040 Speaker 1: elma Enjoey your evening