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Speaker 1: Two Middle Eastern energy giants reportedly looking to bid for Santos. Finally,

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Speaker 1: some relief for renters and the UK is ready to

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Speaker 1: welcome a new prime minister. Welcome to Fear and Greed.

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Speaker 1: Daily business news for people who make their own decisions.

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Speaker 1: It is Friday, the fifth of July twenty twenty four.

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Speaker 1: Are Michael Thompson and Good Morning, Sean.

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Speaker 2: Aylewer, Good Morning, Michael Shawan.

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Speaker 1: The main story this morning. Santos's share price jumped four

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Speaker 1: percent yesterday after reports that two separate companies, Saudi Aramco

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Speaker 1: and Abu Dhabi National Oil Co, are considering bidding for

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Speaker 1: the oil and gas giant.

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Speaker 2: State owned Oremco and ADNOCK as its name, that's the

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Speaker 2: Abu Dhabi National Oil Company ADNOC, have been conducting preliminary

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Speaker 2: evaluations of Santos as a possible acquisition target. According to Bloomberg,

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Speaker 2: Santos said it doesn't comment on market speculation now. While

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Speaker 2: the news surprised sum analysts and any deal would have

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Speaker 2: many regulatory hurdles, the reports show that there's plenty of

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Speaker 2: movement in the oil and gas world. The big prize

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Speaker 2: is the L and G projects of Santos in Australia,

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Speaker 2: in Papua New Guinea and in Team or less each

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Speaker 2: team or. Santos also has oil assets in Alaska. Now,

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Speaker 2: for much of last year, Santos A Woodside held merger

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Speaker 2: talks which would have created an eighty billion dollar company.

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Speaker 2: The talks ended in February this year. After they ended,

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Speaker 2: CEO Kevin Gallagher said the company had a clear strategy

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Speaker 2: to deliver long term shareholder value that includes a focus

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Speaker 2: on its carbon capture and storage project in South Australia.

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Speaker 2: It's nearly six billion dollar bross A gas project in

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Speaker 2: the Team or C and a fifteen billion dollar PMG venture.

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Speaker 2: Now the company is worth twenty five billion dollars and

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Speaker 2: clearly there's interest out there.

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Speaker 1: Yeah, so even if this deal doesn't go ahead, Santos

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Speaker 1: is pretty much in play.

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Speaker 2: Yeah, I think we found that out. In fact, we've

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Speaker 2: probably known that for six months or so ever since

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Speaker 2: the BHP news broke. But clearly we've got offshore players

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Speaker 2: wanting to buy Santos. Gas is increasingly in demand as

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Speaker 2: it's seen as the best transition fuel as the world

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Speaker 2: ultimately moves to renewables. Golf countries in particular are investing

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Speaker 2: billions of dollars in gas, and Qatar plants nearly double

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Speaker 2: LLNG export capacity. Saudi Arabia and the United Arab Emirates

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Speaker 2: A pumping cash into domestic fields and building trading operations globally.

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Speaker 2: Santos could fit into that. That's the bottom line now,

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Speaker 2: apart from the woodside Santos merger. EIG, a US based

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Speaker 2: private equity group made a fourteen point four billion dollar

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Speaker 2: bid for Santos back in twenty eighteen, we now have

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Speaker 2: Middle Eastern companies looking There is going to be a

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Speaker 2: rush of m and A activity in the sector over

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Speaker 2: the next decade or so, I'd say, Michael.

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Speaker 1: That's very exciting, isn't it.

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Speaker 2: Yeah, I mean it's really fascinating because oil and gas

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Speaker 2: companies couldn't find a friend for a long time. But

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Speaker 2: as people have realized that gas and LNG are really

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Speaker 2: just critical to the transition path through renewables, suddenly no

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Speaker 2: one wants oil, everyone wants gas.

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Speaker 1: It's the ugly duckling kind of situation, isn't it. Suddenly

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Speaker 1: these gas companies have become a glorious swan.

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Speaker 2: Oh, I wouldn't go that far. Well, now, sorry, Michael,

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Speaker 2: you've been complaining all this week about me rebuffing any

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Speaker 2: suggests you have. I would say that they've become a Swan.

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Speaker 2: Not quite glorious, Okay, still a lot of carbon emissions there, Michael.

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Speaker 1: From a Swan. Feels like we're a metaphor. Is getting

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Speaker 1: a little bit mixed here Sewan, isn't it?

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Speaker 2: Yeah? I think so? Yeah?

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Speaker 1: It is ugly all right? Local markets, how do they perform? Yesterday?

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Speaker 2: The S and PAX two hundred rows one point two

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Speaker 2: percent to seven eight hundred and thirty three points. That's

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Speaker 2: its highest level since June twenty five. The miners were

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Speaker 2: the stars of the show, with the Materials index up

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Speaker 2: more than two percent. Interest rate sensitive sectors like the

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Speaker 2: property and financial companies also did well. There were some

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Speaker 2: big movers among the large caps. BHP and fortes Q

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Speaker 2: Medals Group both jumped around three percent. Rio was up

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Speaker 2: two point six percent. Common Wealth banklet the Banks It

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Speaker 2: rose two percent. Goodman Group was up two point one percent.

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Speaker 2: The gold miners did well as the price of the

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Speaker 2: precious mental jumped. Not so good was Wysteap Global It

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Speaker 2: fell almost one percent. In fact, Wisteap was the only

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Speaker 2: top twenty SoC to go backwards yesterday, Michael. Also, the

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Speaker 2: coal companies pulled back somewhat, though previous sessions they've done

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Speaker 2: pretty well. It's a bit of profit taking going on there,

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Speaker 2: all right.

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Speaker 1: Checking international markets now, thanks to blue Chip Communication, the

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Speaker 1: experts helping financial services companies market, communicate and grow. Visit

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Speaker 1: blue Chip Communication, dot com, dot AU. Much happening overseas

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Speaker 1: Sean Well, not so.

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Speaker 2: Much last night of July fourth holiday, of course, but

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Speaker 2: Wall Street just keeps going and going and going and going.

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Speaker 2: Now ahead of the holiday, the S and P five

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Speaker 2: hundred closed ate yet another record high, as did the

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Speaker 2: tech heavy NASDAK. Helping equities was data suggesting a cooling

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Speaker 2: of the US labor market and the release of the

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Speaker 2: Federal Reserve Board minutes, which were considered less hawkish than

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Speaker 2: the previous month. When we say less hawkish, we mean

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Speaker 2: that it didn't sound like they wanted to lift interest

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Speaker 2: rates quite as much as it sounded a month earlier.

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Speaker 2: In commodity markets, oils trading just under eighty seven US

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Speaker 2: dollars of barrel goals back above twenty three to fifty

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Speaker 2: US dollars an ounce. Bitcoin, well it's fallen back a bit,

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Speaker 2: now worth fifty nine thousand US dollars a unit, and

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Speaker 2: the news out of the US pushed the Aussie dollar,

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Speaker 2: the mighty Aussie dollar, from sixty six point seven US

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Speaker 2: cents to sixty seven point one US sense. Yes, it

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Speaker 2: might not be much, but half a cent in our world, Michael,

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Speaker 2: where we've watched the Aussie dollars do nothing for months

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Speaker 2: and months and month, very exciting back above sixty seven

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Speaker 2: US cents.

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Speaker 1: That is a positively seismic shift. Sean.

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Speaker 2: I'd almost go for the champagne at this point.

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Speaker 1: Now quickly mentioned Sean, your interview that comes up after

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Speaker 1: the show today. You're speaking with Patrick William who is

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Speaker 1: the managing director of RIX and Capital, the supporter of

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Speaker 1: the show.

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Speaker 2: Yes, so I'm talking to Patrick all about private credit.

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Speaker 2: We've spoken a bit about private credit and how investors

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Speaker 2: are jumping into it and the benefits that it provides,

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Speaker 2: but there's also been a lot of criticism about it.

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Speaker 2: So we thought that we should actually take that head on,

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Speaker 2: and Patrick explains I mean issues around transparency and providing

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Speaker 2: information to investors and the good that private credit can do.

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Speaker 2: We just go through all those issues with him, and

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Speaker 2: what I really like about this particular interview. It's not

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Speaker 2: so much about where private credits investing, it's about why

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Speaker 2: as an asset class it needs to work to improve

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Speaker 2: its transparency primarily, and certainly Patrick's all over that.

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Speaker 1: Yeah, it actually kind of delves into a few of

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Speaker 1: those issues and those perception challenges within within the broader sector.

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Speaker 1: So I found this really really interesting. Sean. It is

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Speaker 1: coming up after the show, so stick around for that one.

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Speaker 1: We will be back in a moment with the rest

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Speaker 1: of the day's business news. Shawn. There is finally some

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Speaker 1: relief for tenants, with rents now falling stable or rising

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Speaker 1: much less quickly across most capital cities.

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Speaker 2: Domain's Dune quarter rent report shows the weakest quarterly growth

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Speaker 2: for house rents since twenty twenty one in Sydney and

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Speaker 2: Melbourne at least, and since twenty twenty in Brisbane, Adelaide

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Speaker 2: and Perth. It's a similar story for units. Vacancy rates

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Speaker 2: are also rising, suggesting conditions are starting to improve for renters.

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Speaker 2: It's interesting to look at the growth in rents over

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Speaker 2: the past year, so Perth and Melbourne lead the way

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Speaker 2: growth about twelve percent. But if you think about the

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Speaker 2: Victorian capital, house price growth has been really negligible, yet

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Speaker 2: people are paying higher rents. Kind of interesting domain. Chief

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Speaker 2: of Research Nicola Powells had going forward, more rental availabilities,

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Speaker 2: slightly less demand following the peak of immigration last year,

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Speaker 2: and the likelihood of a jump in first home owners

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Speaker 2: that's mostly thanks to state hand ours could keep taking

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Speaker 2: the pressure off the rental market. That is good news

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Speaker 2: for people who are paying sky high rents at the moment.

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Speaker 1: Yeah, it certainly is now. First term Senator Fatima Payman

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Speaker 1: has quit the Labor Party and will sit on the

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Speaker 1: Senate cross bench, meaning the Government will be left with

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Speaker 1: twenty five senators and will need fourteen further votes to

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Speaker 1: pass legislation.

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Speaker 2: After crossing the floor in a Green's motion recognizing Palestinian statehood,

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Speaker 2: the Western Australian senator had been suspended from Labor Caucus meetings.

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Speaker 2: Now in recent days she has been talking to the

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Speaker 2: Prime Minister Anthony Albernizi Senator payments. That move means she'll

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Speaker 2: join three other defectors on the Senate cross bench. That's

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Speaker 2: Lydia Thorpe, Tammy Tyrell and David Van. It's been a

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Speaker 2: turbulent few days for everyone involved. Senator Payment after quitting,

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Speaker 2: said she had been intimidated on many fronts by labor

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Speaker 2: colleagues and people outside politics. There that she faced stand

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Speaker 2: up tactics, her words and death threats over her decision

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Speaker 2: to cross the floor last week, her conversations with the

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Speaker 2: Prime Minister were, in her words again stern but fair

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Speaker 2: fatim of payment. Said debate around the war between Israel

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Speaker 2: and the mass had left her no choice but to

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Speaker 2: quit the ALP. Meanwhile, just while we're still in camp,

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Speaker 2: but three men and one woman have been arrested and

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Speaker 2: are expected to be charged with Commonwealth trespass offenses after

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Speaker 2: protesting on the roof of Parliament House yesterday.

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Speaker 1: Sewn. Total sales of vehicles hit a record for the

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Speaker 1: first six months of the year, though the pace of

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Speaker 1: growth may have peaked, with June numbers well below last year.

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Speaker 2: Australian customers took delivery of just under one hundred and

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Speaker 2: twenty thousand new vehicles last month. Means for the six

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Speaker 2: months more than six hundred and thirty two thousand vehicles

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Speaker 2: were sold, up nearly nine percent on the first half

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Speaker 2: of last year. It's well above the previous all time

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Speaker 2: record back in twenty eighteen. Of six hundred and six thousand,

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Speaker 2: but for the month of June, sales are actually down

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Speaker 2: four percent compared to a year early. Now, Dune's are

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Speaker 2: really critical month in the car industry. It's the end

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Speaker 2: of the financial year, always a really big month for sales,

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Speaker 2: so the fact that it has actually come off last

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Speaker 2: month is not necessarily great news, even though the six

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Speaker 2: month figure really is or SUVs and light commercial vehicles

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Speaker 2: dominate the market, there's been a jump in hybrid vehicles

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Speaker 2: sold last month. They captured fourteen point four percent of

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Speaker 2: the market twelve months ago was seven point eight percent.

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Speaker 2: Toyota was again market leader, selling more than twice the

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Speaker 2: number of vehicles as number two manufacturer. Ford Master was

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Speaker 2: next than Keia in Mitsubishi. The Ford Ranger was a

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Speaker 2: top selling vehicle for the month, followed by the Toyota Highlux,

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Speaker 2: Toyota Rav FOURD, the Mitsubishi Outlander and then the Tesla

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Speaker 2: Model Why.

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Speaker 1: The Australian Competition and Consumer Commission has given Lendlease and

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Speaker 1: Stockland a two month deadline to cut one third of

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Speaker 1: the assets out of their agreed one point three billion

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Speaker 1: dollar Master Planned Community sale.

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Speaker 2: Or they can try and convince the Competition Watchdog that

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Speaker 2: the concerns or its concerns. The Competition Watchdog's concerns about

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Speaker 2: less competition are unfounded now. According to report in the

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Speaker 2: Financial Review, the h will See yesterday delayed a final

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Speaker 2: decision on then Lisa's one point three billion dollar housing

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Speaker 2: portfolio sale. The decision won't be made till mid September.

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Speaker 2: The hab'll see said the proposed transaction could lessen competition

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Speaker 2: in four regional residential markets. That's Ilwora in New South

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Speaker 2: Wales Northwest perth Ipswich in Morton Bay in Queensland. It's

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Speaker 2: given the two sides, then Lisa in Stockland time to

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Speaker 2: work that through.

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Speaker 1: As Sean. Just before we go to international news, a

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Speaker 1: quick mention of the bonus episode that you may have

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Speaker 1: seen pop up in your playlist yesterday. We released at

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Speaker 1: about midday yesterday. It is a short four minute episode

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Speaker 1: called Ask, Fear and Greed where we take listeners questions

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Speaker 1: and I put them to you and you answer them,

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Speaker 1: and so far we are out two from two successfully

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Speaker 1: answered questions, Sean. This one was from John about how

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Speaker 1: much much of the high kind of CPI is driven

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Speaker 1: by services versus goods and kind of went through the

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Speaker 1: difference between the two of them and basically how you

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Speaker 1: kind of calculate inflation.

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Speaker 2: Yeah, it's good fun. I like ask Fear and Greed

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Speaker 2: because it kind of gets a chance for you and

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Speaker 2: I to go through and try and look like we

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Speaker 2: know what we're talking about. Yeah.

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Speaker 1: Yeah, I just kind of I have mastered the art

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Speaker 1: of just going yeah, that's a good point, Sean. That's

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Speaker 1: whenever you say things and then and you never asked

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Speaker 1: me for my opinion on these, which is perfect. I

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Speaker 1: don't want you to ask my opinion. I just want

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Speaker 1: to just.

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Speaker 2: That's the red flag doable that you're up next week.

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Speaker 1: Oh dear lord. Anyway, if you've got a question, send

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Speaker 1: it on through via the website Fear and Greed dot com,

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Speaker 1: dot are you, or jump onto our socials, head on

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Speaker 1: to Facebook or Instagram or LinkedIn. Send us your question.

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Speaker 1: It can be short, it can be long. It can

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Speaker 1: be really really basic, preferably basic or complicated, and we

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Speaker 1: will have a crack at answering it next week. We

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Speaker 1: do it a couple of times a week, so jump

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Speaker 1: on that one. Turn into international news, Sean. Britain went

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Speaker 1: to the polls overnight with only one result possible a

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Speaker 1: landslide win to the Labor Party.

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Speaker 2: We won't quite know how big the landslide is for

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Speaker 2: a few days yet, but it is likely to be

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Speaker 2: the largest majority for a Labor government ever in the

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Speaker 2: United Kingdom. That means that Rishi Sunak's Conservative Party is

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Speaker 2: facing one of its worst defeats, or its worst defeat

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Speaker 2: in history. Opinion polls suggests the majority could be two

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Speaker 2: hundred seats in the six hundred and fifty seat House

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Speaker 2: of Commons. The Tory's previous worst result was back in

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Speaker 2: nineteen six. Now poles were open from seven am to

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Speaker 2: ten pm, meaning Australian Eastern time. They close at seven

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Speaker 2: am this morning. Voting isn't compulsory and in the last

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Speaker 2: election the turnout was about sixty seven percent. The new

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Speaker 2: Prime Minister, though, will be Sir Kia Rodney Starmer. Kiir

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Speaker 2: Starmer a barrister who is Director of Public Prosecutions. Before

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Speaker 2: joining Parliament in twenty fifteen, one of his most famous

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Speaker 2: jobs was serving as a human rights advisor to the

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Speaker 2: Northern Ireland Policing Board. It comes from a very working

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Speaker 2: class background, but is Oxford educated and indeed a night

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Speaker 2: He's very critical of class and snobbery. But he's also

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Speaker 2: been criticized by leftists in the party for moving labor

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Speaker 2: too far to the center. Anyway, good luck to sir

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Speaker 2: kea Rodney Starmer. Let's hope your time as Prime Minister

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Speaker 2: lasts longer than the last few, particularly Liz Trust, particularly

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Speaker 2: Liz Trust and Richie Sunak for that matter.

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Speaker 1: Yeah, that's a good point showing. The pressure on Joe

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Speaker 1: Biden to drop out of the race is growing and

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Speaker 1: growing and growing, as two credible opinion polls show Donald

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Speaker 1: Trump well ahead in the race to become president.

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Speaker 2: The New York Times Reporter that mister Biden had conceded

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Speaker 2: the possibility of him dropping out. That the White House

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Speaker 2: denies the report. There are also stories of dozens of

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Speaker 2: Democrat politicians considering signing a letter demanding he withdraw from

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Speaker 2: the election. Meanwhile, in New York Times Pole fan mister

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Speaker 2: Trump ahead forty nine percent forty three percent. Wall Street

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Speaker 2: Journal poll found an almost identical result forty eight to

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Speaker 2: forty two percent. It's mister Trump's largest lead of the

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Speaker 2: race in both poles. Now. The survey suggests that worries

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Speaker 2: aber Biden's age are driving the shift nearly three quarters

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Speaker 2: of voters in the Times pole so that the eighty

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Speaker 2: one year old president is too old for the job.

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Speaker 2: In the Journal poll it was eighty percent. Anyway, pressure

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Speaker 2: is on.

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Speaker 1: Sewn with the eyes of the world on what's happening

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Speaker 1: in Washington. As you would expect, the other superpowers, China

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Speaker 1: and Russia are getting closer. With a second meeting between

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Speaker 1: the two nations leaders in just two months.

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Speaker 2: President Vladimir Putin was brooking Russia's fully fledged partnership with China.

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Speaker 2: After meeting Shijinping in Kazakhstan. He said Russo Chinese ties

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Speaker 2: are at their best in history, built on a quality,

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Speaker 2: mutual benefit and respect for each other's sovereignty. In response,

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Speaker 2: she called Putin his dear friend and said the two

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Speaker 2: should continue to strengthen strategic coordination and oppose external interfer

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Speaker 2: according to Bloomberg. He added that China supports Russia and

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Speaker 2: fulfilling its duties as a rotating chair of the bricks

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Speaker 2: uniting the global South nations, preventing a new Cold War

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Speaker 2: and opposing illegal unilateral sanctions and hegemony. Putin has been

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Speaker 2: strengthening ties in Asia in recent weeks. He's now met

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Speaker 2: with the leaders of China, North Korea, and Vietnam. It

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Speaker 2: is fascinating what's going on between those two countries as

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Speaker 2: the rest of the world looks towards the USA.

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Speaker 1: Finally, sean an update on Hurricane Beryl in the Caribbean.

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Speaker 1: It is the earliest hurricane on record to develop into

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Speaker 1: a Category five storm.

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Speaker 2: It's already hit Granadas and Vincent and Jamaica. Overnight it

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Speaker 2: was expected to cross the Cayman Islands. Mexican authorities have

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Speaker 2: issued a hurricane warning for parts of its east coast.

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Speaker 2: Some weakening is forecast during the next couple of days.

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Speaker 2: Let's hope so. The US National Oceanic and Atmospheric Administration,

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Speaker 2: isn't that a great name? Has forecasts between eight and

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Speaker 2: thirteen hurricanes season and a season runs from August to November.

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Speaker 2: We're at the beginning of July and we have a

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Speaker 2: category five storm. Very very concerning for what's to come.

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Speaker 1: Yeah, it certainly is okay. Sean up. Next is the

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Speaker 1: Fear and Greed Daily Interview. Your guest today, As we

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Speaker 1: mentioned Patrick william managing director of Vixen Capital.

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Speaker 2: All about private credit and all about the criticisms of

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Speaker 2: private credit and we ask Patrick to give a response

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Speaker 2: to them. It's a fantastic interview because he's very open

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Speaker 2: about what needs to be done and he thinks that

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Speaker 2: the industry itself needs to take the lead on this.

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Speaker 1: Yeah. I love the fact that there are a lot

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Speaker 1: of criticisms, as you say, but he just tackles them

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Speaker 1: head on. It was great, like did not kind of

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Speaker 1: mince words, just jump straight into it. So it is

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Speaker 1: well worth a listen. It is coming up next in

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Speaker 1: the Fear and Greed playlist on your podcast platform or

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Speaker 1: at Fearangreed dot com dot au and check out how

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Speaker 1: Do They Afford That as well, our sister podcast, all

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Speaker 1: about making your money work harder for you. This week's

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Speaker 1: episode is a special guest in the studio mortgage broker

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Speaker 1: Adam McCabe on how to handle the potential increase to

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Speaker 1: interest rates we may see as soon as August. Very

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Speaker 1: interesting stuff. I'll put a link in today's show notes

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Speaker 1: as well.

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Speaker 2: Thank you Sean, thank you Michael.

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Speaker 1: It's Friday, the fifth of July twenty twenty four. Make

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson,

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Speaker 1: and that with spear and greed, have a great day.