1 00:00:03,720 --> 00:00:06,600 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,640 --> 00:00:09,280 Speaker 1: for Thursday, the thirtieth of May twenty twenty four. I'm 3 00:00:09,280 --> 00:00:11,920 Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that 4 00:00:11,960 --> 00:00:14,040 Speaker 1: happened today that you need to know about. Storing Um one. 5 00:00:14,160 --> 00:00:17,080 Speaker 1: The SMPA SX two hundred closed down half percent today 6 00:00:17,120 --> 00:00:20,160 Speaker 1: to seven six hundred and twenty eight points, with consumer 7 00:00:20,200 --> 00:00:24,079 Speaker 1: discretionary stocks doing best while the material sector did worst. 8 00:00:24,440 --> 00:00:28,800 Speaker 1: Energy and utilities companies also underperformed on all futures fell, 9 00:00:28,880 --> 00:00:32,519 Speaker 1: hitting in big miners. Forteskew Metals Group dropped three percent, 10 00:00:32,960 --> 00:00:35,400 Speaker 1: while Rio and BHP were both down about one and 11 00:00:35,400 --> 00:00:37,600 Speaker 1: a half percent. The banks were mixed, while the energy 12 00:00:37,640 --> 00:00:41,880 Speaker 1: companies fell. Santos dropped nearly two percent, while so I 13 00:00:42,120 --> 00:00:45,959 Speaker 1: was down more than one percent. Cochlearria and Zero were 14 00:00:46,000 --> 00:00:49,080 Speaker 1: among the best performers. The SMPAX two hundred is now 15 00:00:49,080 --> 00:00:52,600 Speaker 1: down three percent from its highs of just two weeks ago. 16 00:00:52,840 --> 00:00:55,560 Speaker 1: There's a bit going on in local bond markets as well, 17 00:00:55,560 --> 00:00:58,640 Speaker 1: with traders now pricing in a near thirty percent chance 18 00:00:58,680 --> 00:01:02,040 Speaker 1: of a rate hike later this year. That's after those 19 00:01:02,080 --> 00:01:04,959 Speaker 1: higher than expected inflation figures earlier in the week, market 20 00:01:04,959 --> 00:01:07,760 Speaker 1: economists are less convinced of a rate hike, with a 21 00:01:07,840 --> 00:01:10,560 Speaker 1: consensus being the next move will be down, though probably 22 00:01:10,600 --> 00:01:14,320 Speaker 1: not until the new year. Story number two. Brent crude 23 00:01:14,319 --> 00:01:16,760 Speaker 1: continues to trade around the eighty three to eighty four 24 00:01:16,880 --> 00:01:20,240 Speaker 1: US dollars a barrel mark, and that's keeping petrol prices 25 00:01:20,319 --> 00:01:24,319 Speaker 1: across the country pretty low. According to the Australian Competition 26 00:01:24,400 --> 00:01:27,800 Speaker 1: and its Consumer Commission, petrol prices in Sydney are low 27 00:01:28,040 --> 00:01:30,480 Speaker 1: but turning. Maybe you fill up now if you live 28 00:01:30,520 --> 00:01:33,440 Speaker 1: in that city. In Melbourne they're about the lowest point 29 00:01:33,440 --> 00:01:36,200 Speaker 1: of the cycle. Same deal in Adelaide, while in Brisbane 30 00:01:36,319 --> 00:01:39,280 Speaker 1: they may fall lower. In Perth they are close to 31 00:01:39,360 --> 00:01:42,320 Speaker 1: the highest point. Story number three. The Reserve Bank Chief 32 00:01:42,360 --> 00:01:46,000 Speaker 1: economist Sarah Hunter today told the conference that the Central 33 00:01:46,000 --> 00:01:49,080 Speaker 1: Bank Board is absolutely focused on the fact that inflation 34 00:01:49,240 --> 00:01:52,320 Speaker 1: is clearly still above the target band. Doesn't sound like 35 00:01:52,320 --> 00:01:55,840 Speaker 1: a comment recommending interest rate relief anytime soon, she said. 36 00:01:55,880 --> 00:01:59,160 Speaker 1: Tuesday's monthly inflation reading, where prices rose three point six 37 00:01:59,200 --> 00:02:01,160 Speaker 1: percent for the twelve on to the end of April, 38 00:02:01,360 --> 00:02:04,640 Speaker 1: confirmed there is still inflationary pressure in a number of categories. 39 00:02:04,880 --> 00:02:08,120 Speaker 1: Notwithstanding the figures this week doctor Hunter said the Bank 40 00:02:08,160 --> 00:02:11,200 Speaker 1: will likely downgrade its inflation forecast to include the effects 41 00:02:11,240 --> 00:02:14,440 Speaker 1: of energy rebates announced in federal and state budgets. She 42 00:02:14,520 --> 00:02:16,959 Speaker 1: agreed that the rebates are likely to take around half 43 00:02:17,080 --> 00:02:21,680 Speaker 1: percent off inflation. Story Number four. The Ukrainian president and 44 00:02:21,760 --> 00:02:25,720 Speaker 1: European Union ambassadors have privately urged the Australian government to 45 00:02:25,760 --> 00:02:28,120 Speaker 1: send a high level minister to a peace summit in 46 00:02:28,320 --> 00:02:33,480 Speaker 1: Switzerland to discuss Russia's invasion of Ukraine. Ukrainian President Vladimir 47 00:02:33,480 --> 00:02:36,960 Speaker 1: Selenski spoke to Prime Minister Anthony Albernizi last night. They 48 00:02:37,000 --> 00:02:40,960 Speaker 1: discussed the peace summit. That's according to mister Zelensky. He 49 00:02:41,160 --> 00:02:44,679 Speaker 1: was writing on X He said, and I highly appreciate 50 00:02:44,720 --> 00:02:48,520 Speaker 1: Australia's willingness to be present at the summit. Ambassadors from 51 00:02:48,560 --> 00:02:50,600 Speaker 1: the aear when Member States issued a separate call to 52 00:02:50,600 --> 00:02:54,360 Speaker 1: Australia's Foreign Affairs Department, a European official confirmed. According to 53 00:02:54,400 --> 00:02:57,880 Speaker 1: aap Isral, Alberzi has yet to decide on attending the 54 00:02:57,880 --> 00:03:02,000 Speaker 1: mid June summit. Number five. An Australian Hong Kong dual 55 00:03:02,040 --> 00:03:05,360 Speaker 1: citizen has been found guilty, along with thirteen others, of 56 00:03:05,560 --> 00:03:10,440 Speaker 1: subversion charges under a controversial twenty twenty national Security law 57 00:03:10,800 --> 00:03:15,320 Speaker 1: imposed on Hong Kong by Beijing. There are also two acquittals, 58 00:03:15,360 --> 00:03:18,160 Speaker 1: the first time that's happened when anyone's actually been charged 59 00:03:18,160 --> 00:03:21,680 Speaker 1: with breaching the security law. The sixteen defendants who received 60 00:03:21,760 --> 00:03:24,720 Speaker 1: their verdicts for among forty seven who were accused of 61 00:03:24,800 --> 00:03:29,520 Speaker 1: conspiring to subvert state power by holding unofficial primary elections. 62 00:03:29,560 --> 00:03:32,840 Speaker 1: According to Bloomberg, the defendants are accused of a vicious 63 00:03:32,840 --> 00:03:36,720 Speaker 1: plot to paralyze government enforce the city's leaders to resign 64 00:03:36,800 --> 00:03:39,680 Speaker 1: through an unofficial pre selection ballot in the July twenty 65 00:03:39,720 --> 00:03:43,760 Speaker 1: twenty citywide election. Now sixteen got their verdict yesterday. The 66 00:03:43,840 --> 00:03:47,160 Speaker 1: remaining thirty one had already pleaded guilty. The convicted face 67 00:03:47,240 --> 00:03:49,840 Speaker 1: a maximum penalty of life in prison and would be 68 00:03:49,920 --> 00:03:53,520 Speaker 1: sentenced at a later date. Gordon Ung, who attended Waverley 69 00:03:53,560 --> 00:03:56,440 Speaker 1: College in Sydney's East, is one of those. He's been 70 00:03:56,440 --> 00:03:59,880 Speaker 1: detained since twenty twenty one on the national security charges. 71 00:04:00,440 --> 00:04:02,920 Speaker 1: That's it for the Afternoon Report for Thursday, the thirtieth 72 00:04:02,960 --> 00:04:05,160 Speaker 1: of May twenty twenty four. Michael Thompson and I will 73 00:04:05,160 --> 00:04:07,720 Speaker 1: be back tomorrow morning with the Friday edition. After Your 74 00:04:07,800 --> 00:04:10,960 Speaker 1: and Green Business News. I'm Sean Elma enjoy your evening.