1 00:00:04,240 --> 00:00:07,080 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,120 --> 00:00:09,760 Speaker 1: for Thursday, the thirtieth of May twenty twenty four. I'm 3 00:00:09,800 --> 00:00:12,440 Speaker 1: Sean Almer. Every afternoon, we've got the five stories that 4 00:00:12,480 --> 00:00:14,600 Speaker 1: happened today that you need to know about. Storingum one. 5 00:00:14,640 --> 00:00:17,600 Speaker 1: The SMPA SX two hundred closed down half percent today 6 00:00:17,600 --> 00:00:20,640 Speaker 1: to seven six hundred and twenty eight points, with consumer 7 00:00:20,720 --> 00:00:24,599 Speaker 1: discretionary stocks doing best while the material sector did worst. 8 00:00:24,960 --> 00:00:29,280 Speaker 1: Energy and utilities companies also underperformed on all futures fell, 9 00:00:29,400 --> 00:00:33,040 Speaker 1: hitting in big miners Fourteskew Metals Group dropped three percent, 10 00:00:33,479 --> 00:00:35,880 Speaker 1: while Rio and BHP were both down about one and 11 00:00:35,920 --> 00:00:38,120 Speaker 1: a half percent. The banks were mixed, while the energy 12 00:00:38,120 --> 00:00:42,400 Speaker 1: companies fell. Santos dropped nearly two percent, while so I 13 00:00:42,600 --> 00:00:46,479 Speaker 1: was down more than one percent. Cochlearria and Zero were 14 00:00:46,479 --> 00:00:49,400 Speaker 1: among the best performers. The SMPA SX two hundred is 15 00:00:49,400 --> 00:00:52,440 Speaker 1: now down three percent from its highs of just two 16 00:00:52,440 --> 00:00:55,240 Speaker 1: weeks ago. There's a bit going on in local bond 17 00:00:55,280 --> 00:00:57,920 Speaker 1: markets as well, with traders now pricing in a near 18 00:00:58,000 --> 00:01:02,080 Speaker 1: thirty percent chance of a rate later this year. That's 19 00:01:02,120 --> 00:01:04,840 Speaker 1: after those higher than expected inflation figures earlier in the week, 20 00:01:05,160 --> 00:01:08,160 Speaker 1: market economists are less convinced of a rate hike, with 21 00:01:08,240 --> 00:01:10,600 Speaker 1: a consensus being the next move will be down, though 22 00:01:10,640 --> 00:01:14,240 Speaker 1: probably not until the new year. Story number two. Brent 23 00:01:14,400 --> 00:01:17,039 Speaker 1: crude continues to trade around the eighty three to eighty 24 00:01:17,080 --> 00:01:20,280 Speaker 1: four US dollars a barrel mark, and that's keeping petrol 25 00:01:20,319 --> 00:01:24,280 Speaker 1: prices across the country pretty low. According to the Australian 26 00:01:24,280 --> 00:01:27,920 Speaker 1: Competition and its Consumer Commission, petrol prices in Sydney are 27 00:01:27,959 --> 00:01:30,840 Speaker 1: low but turning. Maybe you fill up now if you 28 00:01:30,880 --> 00:01:33,679 Speaker 1: live in that city. In Melbourne they're about the lowest 29 00:01:33,680 --> 00:01:36,240 Speaker 1: point of the cycle. Same deal in Adelaide, while in 30 00:01:36,280 --> 00:01:39,440 Speaker 1: Brisbane they may fall lower. In Perth they are close 31 00:01:39,680 --> 00:01:42,600 Speaker 1: to the highest point. Story number three. The Reserve Bank 32 00:01:42,640 --> 00:01:46,080 Speaker 1: Chief economist Sarah Hunter today told a conference that the 33 00:01:46,120 --> 00:01:49,200 Speaker 1: Central Bank Board is absolutely focused on the fact that 34 00:01:49,200 --> 00:01:52,720 Speaker 1: inflation is clearly still above the target band. Doesn't sound 35 00:01:52,760 --> 00:01:56,360 Speaker 1: like a comment recommending interest rate relief anytime soon, she said. 36 00:01:56,360 --> 00:01:59,600 Speaker 1: Tuesday's monthly inflation reading, where prices rose three point six 37 00:01:59,640 --> 00:02:01,640 Speaker 1: percent for the twelve months to the end of April, 38 00:02:01,840 --> 00:02:05,120 Speaker 1: confirmed there is still inflationary pressure in a number of categories. 39 00:02:05,400 --> 00:02:08,639 Speaker 1: Notwithstanding the figures this week doctor Hunter said the Bank 40 00:02:08,639 --> 00:02:11,720 Speaker 1: will likely downgrade its inflation forecast to include the effects 41 00:02:11,720 --> 00:02:14,960 Speaker 1: of energy rebates announced in federal and state budgets. She 42 00:02:15,040 --> 00:02:17,520 Speaker 1: agreed that the rebates are likely to take around half 43 00:02:17,560 --> 00:02:22,200 Speaker 1: percent off inflation. Story number four. The Ukrainian president and 44 00:02:22,240 --> 00:02:26,240 Speaker 1: European Union ambassadors have privately urged the Australian government to 45 00:02:26,280 --> 00:02:28,640 Speaker 1: send a high level minister to a peace summit in 46 00:02:28,800 --> 00:02:33,920 Speaker 1: Switzerland to discuss Russia's invasion of Ukraine. Ukrainian President Vladimir 47 00:02:34,000 --> 00:02:37,480 Speaker 1: Selenski spoke to Prime Minister Anthony Albernizi last night. They 48 00:02:37,520 --> 00:02:41,440 Speaker 1: discussed the peace summit. That's according to mister Zelensky. He 49 00:02:41,680 --> 00:02:45,200 Speaker 1: was writing on X He said, and I highly appreciate 50 00:02:45,200 --> 00:02:49,040 Speaker 1: Australia's willingness to be present at the summit. Ambassadors from 51 00:02:49,040 --> 00:02:51,120 Speaker 1: the aear when Member States issued a separate call to 52 00:02:51,120 --> 00:02:54,880 Speaker 1: Australia's Foreign Affairs Department, a European official confirmed. According to 53 00:02:54,919 --> 00:02:58,560 Speaker 1: aap Isral albernesis yet to decide on attending the mid 54 00:02:58,639 --> 00:03:02,480 Speaker 1: June summit. Story number five. An Australian Hong Kong dual 55 00:03:02,560 --> 00:03:05,840 Speaker 1: citizen has been found guilty, along with thirteen others, of 56 00:03:06,080 --> 00:03:10,960 Speaker 1: subversion charges under a controversial twenty twenty national Security law 57 00:03:11,320 --> 00:03:15,839 Speaker 1: imposed on Hong Kong by Beijing. There are also two acquittals, 58 00:03:15,880 --> 00:03:18,640 Speaker 1: the first time that's happened when anyone's actually been charged 59 00:03:18,680 --> 00:03:22,200 Speaker 1: with breaching the security law. The sixteen defendants who received 60 00:03:22,280 --> 00:03:25,240 Speaker 1: their verdicts for among forty seven who were accused of 61 00:03:25,320 --> 00:03:30,040 Speaker 1: conspiring to subvert state power by holding unofficial primary elections. 62 00:03:30,080 --> 00:03:33,320 Speaker 1: According to Bloomberg, the defendants are accused of a vicious 63 00:03:33,360 --> 00:03:37,200 Speaker 1: plot to paralyze government enforce the city's leaders to resign 64 00:03:37,280 --> 00:03:40,160 Speaker 1: through an unofficial pre selection ballot in the July twenty 65 00:03:40,240 --> 00:03:44,280 Speaker 1: twenty citywide election. Now sixteen got their verdict yesterday. The 66 00:03:44,320 --> 00:03:47,680 Speaker 1: remaining thirty one had already pleaded guilty. The convicted face 67 00:03:47,720 --> 00:03:50,400 Speaker 1: a maximum penalty of life in prison and would be 68 00:03:50,440 --> 00:03:53,960 Speaker 1: sentenced at a later date. Gordon Ung, who attended Waverley 69 00:03:54,040 --> 00:03:56,920 Speaker 1: College in Sydney's East, is one of those. He's been 70 00:03:56,960 --> 00:04:01,120 Speaker 1: detained since twenty twenty one on the National securitych That's 71 00:04:01,160 --> 00:04:03,760 Speaker 1: it for the Afternoon Report for Thursday, the thirtieth May 72 00:04:03,840 --> 00:04:06,720 Speaker 1: twenty twenty four. Don't forget follow on the podcast and 73 00:04:06,800 --> 00:04:10,360 Speaker 1: find Fear and Greed on LinkedIn Instagram. Ex TikTok and Facebook. 74 00:04:10,520 --> 00:04:12,320 Speaker 1: Join Michael Thompson and I Tomorrow. I'm Morning for the 75 00:04:12,360 --> 00:04:14,520 Speaker 1: past five by Fear and Greed, the top five business 76 00:04:14,520 --> 00:04:17,039 Speaker 1: stories you need to know in just five minutes. I'm 77 00:04:17,080 --> 00:04:18,760 Speaker 1: Sean Elmer. Enjoy your reading.