1 00:00:03,720 --> 00:00:06,400 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,440 --> 00:00:08,719 Speaker 1: for it Tuesday, the fourth of June twenty twenty four. 3 00:00:08,760 --> 00:00:11,440 Speaker 1: I'm Sean Alma. Every afternoon, We've got the five stories 4 00:00:11,440 --> 00:00:13,520 Speaker 1: that happened today that you need to know about. Throw 5 00:00:13,600 --> 00:00:16,120 Speaker 1: Number one. The SMPA six two hundred closed down zero 6 00:00:16,160 --> 00:00:18,759 Speaker 1: point three percent to seven thousand, seven hundred and thirty 7 00:00:18,800 --> 00:00:21,920 Speaker 1: seven points, reversing the trend of the previous couple of sessions. 8 00:00:22,280 --> 00:00:25,560 Speaker 1: Energy stocks for the worst performers, while materials also went backwards. 9 00:00:25,560 --> 00:00:28,240 Speaker 1: Best on the day for the second straight session were 10 00:00:28,280 --> 00:00:30,880 Speaker 1: the financials and all prices have dropped on the back 11 00:00:30,920 --> 00:00:33,720 Speaker 1: of fears about demand from China that pushed Fortes fu 12 00:00:33,800 --> 00:00:37,840 Speaker 1: Metals Group BHP in Real tint. Lower. Energy supplies fell 13 00:00:37,920 --> 00:00:41,600 Speaker 1: with Woodside, Santos Beach Energy, New Hope in White Haven 14 00:00:42,000 --> 00:00:45,720 Speaker 1: all closing down. However, goal prices rose and that helped 15 00:00:45,720 --> 00:00:49,760 Speaker 1: the gold diggers, including Perseus Mining, Dr Gray and Northern 16 00:00:49,800 --> 00:00:53,520 Speaker 1: Star Family tracking app Life three sixty rows two percent 17 00:00:53,680 --> 00:00:55,720 Speaker 1: after the launch of an initial public offering in the 18 00:00:55,800 --> 00:00:58,480 Speaker 1: United States. The group plans to raise up to one 19 00:00:58,560 --> 00:01:01,680 Speaker 1: hundred and fifty million dollars three sixties share prices more 20 00:01:01,720 --> 00:01:06,040 Speaker 1: than doubled so far this year. Budget jewelry group Levisa 21 00:01:06,160 --> 00:01:09,840 Speaker 1: fell another nearly two percent after yesterday's ten percent fall 22 00:01:09,959 --> 00:01:13,200 Speaker 1: That came after Smiggles's boss, John Cheston was announced as 23 00:01:13,280 --> 00:01:16,600 Speaker 1: Levisa's new CEO and the former boss of Virgin Australia, 24 00:01:16,680 --> 00:01:20,240 Speaker 1: John Borghetti, will become Crown Resorts new chair. Crown nowadays, 25 00:01:20,240 --> 00:01:23,240 Speaker 1: of course, is owned by private equity giant Blackstone. Story 26 00:01:23,360 --> 00:01:26,200 Speaker 1: number two. US data overnight showed a slow down in 27 00:01:26,240 --> 00:01:29,400 Speaker 1: factory activity in the world's biggest economy for the second 28 00:01:29,560 --> 00:01:32,919 Speaker 1: straight month, adding to the argument that the Federal Reserve 29 00:01:33,080 --> 00:01:37,280 Speaker 1: should cut rates sooner rather than later this year. That 30 00:01:37,400 --> 00:01:40,520 Speaker 1: pushed the Aussie dollar higher to almost sixty seven US 31 00:01:40,520 --> 00:01:43,320 Speaker 1: cents and bond yields both here and overseas lower, and 32 00:01:43,400 --> 00:01:46,600 Speaker 1: the US investors have now priced in too twenty five 33 00:01:46,680 --> 00:01:49,200 Speaker 1: bases point cuts by the end of this year. Over 34 00:01:49,200 --> 00:01:52,200 Speaker 1: the past week in Australia, traders have woundback expectations of 35 00:01:52,240 --> 00:01:54,920 Speaker 1: any rate rises and they've now fully priced in a 36 00:01:55,000 --> 00:01:59,240 Speaker 1: rate cut sometime in the next twelve months here in Australia. 37 00:01:59,400 --> 00:02:02,320 Speaker 1: Story numbers. There was a slew of economic data out 38 00:02:02,360 --> 00:02:05,920 Speaker 1: today from the Australian Bureau of Statistics, which generally suggests 39 00:02:05,920 --> 00:02:09,040 Speaker 1: that the March courter economic growth figure due out tomorrow 40 00:02:09,080 --> 00:02:12,720 Speaker 1: morning will be weak, very low, probably around zero point 41 00:02:12,760 --> 00:02:15,919 Speaker 1: two zero point three percent. Undoubtedly, the economy was struggling 42 00:02:15,919 --> 00:02:17,400 Speaker 1: in the first three months of the year on the 43 00:02:17,400 --> 00:02:20,359 Speaker 1: back of the cost of living crisis and higher interest rates. 44 00:02:20,560 --> 00:02:23,280 Speaker 1: The figures today show that company profits fell in the 45 00:02:23,280 --> 00:02:27,600 Speaker 1: first quarter of twenty twenty four, inventryes rose, Australia's current 46 00:02:27,600 --> 00:02:30,680 Speaker 1: account balance fell into deficit. There's two parts of that. First, 47 00:02:30,680 --> 00:02:32,839 Speaker 1: it's a trade surplus that was smaller on the back 48 00:02:32,840 --> 00:02:35,959 Speaker 1: of higher imports of stuff like medicine's, clothing and footwear. 49 00:02:36,360 --> 00:02:40,400 Speaker 1: The income deficit surged primarily a result of offshore investors 50 00:02:40,440 --> 00:02:43,120 Speaker 1: taking money out of the country, particularly around ellen g 51 00:02:43,240 --> 00:02:45,840 Speaker 1: and property. The forecast for the March quarter growth figure, 52 00:02:45,840 --> 00:02:48,360 Speaker 1: following the release of all those partial indicators is for 53 00:02:48,400 --> 00:02:51,720 Speaker 1: a very week three months. Story number four creditors and 54 00:02:51,760 --> 00:02:55,480 Speaker 1: collapsed electric goods at retailer Godfrey's will receive none of 55 00:02:55,520 --> 00:02:58,120 Speaker 1: the forty five million dollars o to them, and employees 56 00:02:58,160 --> 00:03:01,680 Speaker 1: will get just under three quarters of their entitlements. Administrat's 57 00:03:01,720 --> 00:03:06,520 Speaker 1: PwC said twenty six groups had expressed interest in buying Godfrees. However, 58 00:03:06,720 --> 00:03:10,679 Speaker 1: none of the eventual six offers were deemed suitable. Godfrey's 59 00:03:10,720 --> 00:03:13,760 Speaker 1: collapsed in January this year, hurt by increased competition from 60 00:03:13,840 --> 00:03:16,400 Speaker 1: larger bricks and mortar players like Harvey Norman and the 61 00:03:16,480 --> 00:03:21,120 Speaker 1: surge in online buying. Its range has been somewhat superseded. 62 00:03:21,320 --> 00:03:24,400 Speaker 1: In fact, Godfrees didn't stock the very popular Dyson brand. 63 00:03:24,680 --> 00:03:28,680 Speaker 1: The PwC report says Godfrees had succumbed to fierce price competition, 64 00:03:29,040 --> 00:03:33,240 Speaker 1: worst end consumers sentiment, rising costs, inadequate financing and afford 65 00:03:33,320 --> 00:03:36,840 Speaker 1: strategy of trying to buy out franchise operators. So after 66 00:03:36,920 --> 00:03:40,520 Speaker 1: ninety years, it's the end for Godfrees and story number 67 00:03:40,520 --> 00:03:43,320 Speaker 1: five as we go to where India's Prime Minister Mirandra 68 00:03:43,440 --> 00:03:46,040 Speaker 1: Modi is that to win a historic third term in 69 00:03:46,080 --> 00:03:50,360 Speaker 1: office after a partial vote count published today shows his 70 00:03:50,520 --> 00:03:53,520 Speaker 1: party and its partners on course to win reelection, albeit 71 00:03:53,600 --> 00:03:56,960 Speaker 1: with a smaller majority than before. Modi's party, the BJP 72 00:03:57,200 --> 00:04:00,920 Speaker 1: and its National Democratic Alliance, allies in at least two 73 00:04:01,000 --> 00:04:03,720 Speaker 1: hundred and ninety three of five hundred and forty three 74 00:04:03,720 --> 00:04:06,520 Speaker 1: seats in India's lower House, allowing it to secure a 75 00:04:06,560 --> 00:04:09,240 Speaker 1: third five year term and form the next government. Early 76 00:04:09,280 --> 00:04:14,280 Speaker 1: trends show the opposition India Alliance I India Alliance, led 77 00:04:14,320 --> 00:04:17,200 Speaker 1: by the Indian National Congress, performing better than expected and 78 00:04:17,240 --> 00:04:20,080 Speaker 1: winning two hundred and twenty nine seats. Exit polls released 79 00:04:20,080 --> 00:04:22,200 Speaker 1: over the weekend after the end of vating had projected 80 00:04:22,240 --> 00:04:25,520 Speaker 1: the ruling Alliance to win many more. That's it for 81 00:04:25,560 --> 00:04:28,120 Speaker 1: the afternoon Report for Tuesday, the fourth of June twenty 82 00:04:28,160 --> 00:04:30,559 Speaker 1: twenty four. Michael Thompson and I will be back tomorrow 83 00:04:30,640 --> 00:04:33,200 Speaker 1: morning with a Wednesday edition off beer and greed business news. 84 00:04:33,200 --> 00:04:35,279 Speaker 1: So I'm Suan Eelma. Enjoy your evening.