1 00:00:04,200 --> 00:00:06,880 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,920 --> 00:00:09,280 Speaker 1: for Friday, the fifth of July twenty twenty four. I'm 3 00:00:09,320 --> 00:00:11,760 Speaker 1: Sean Alma. Every afternoon, we've got the five stories that 4 00:00:11,800 --> 00:00:14,400 Speaker 1: happen today that you need to know. Story number one. 5 00:00:14,600 --> 00:00:17,360 Speaker 1: The smp ASX two hundred closed down just to touch 6 00:00:17,480 --> 00:00:20,560 Speaker 1: zero point one percent today to eight hundred and twenty 7 00:00:20,600 --> 00:00:23,360 Speaker 1: two points. Healthcare stocks led the way, while the materials 8 00:00:23,360 --> 00:00:26,200 Speaker 1: index was the weakest. It wasn't a great day for 9 00:00:26,200 --> 00:00:28,760 Speaker 1: the big miners, with BHP, Fortyes, Fu Metals Group and 10 00:00:28,800 --> 00:00:31,560 Speaker 1: Rio Tinto all lower. The banks were mixed, to the 11 00:00:31,680 --> 00:00:33,920 Speaker 1: National Australia Bank film more than one and a half percent. 12 00:00:34,120 --> 00:00:36,680 Speaker 1: Telstra was among the best, rising one percent. For the 13 00:00:36,720 --> 00:00:39,800 Speaker 1: first full week of the new financial year, the ASX 14 00:00:39,800 --> 00:00:43,000 Speaker 1: two hundred closed up zero point seven percent for that week. 15 00:00:43,159 --> 00:00:45,559 Speaker 1: Energy stocks were easily the best performers, helped along by 16 00:00:45,600 --> 00:00:49,760 Speaker 1: the coal companies. Big miners did well notwithstanding today, as 17 00:00:49,760 --> 00:00:53,480 Speaker 1: did the property companies. The worst sub INEX was utilities. 18 00:00:53,760 --> 00:00:57,320 Speaker 1: In corporate news today, gill And Financial Group shares jumped again. 19 00:00:57,800 --> 00:00:59,960 Speaker 1: They're up now ten percent over the past couple of cents. 20 00:01:00,320 --> 00:01:03,080 Speaker 1: Yes so, the company said it had stabilized funds under 21 00:01:03,120 --> 00:01:06,880 Speaker 1: management and lifted performance fees. Also today, Santos was sold 22 00:01:06,880 --> 00:01:10,520 Speaker 1: off after the Saudi Arabian based a Remco dismissed reports 23 00:01:10,680 --> 00:01:13,360 Speaker 1: it was interested in buying the oil and gas giant. 24 00:01:14,040 --> 00:01:16,320 Speaker 1: Story number two. The Aussie dollar has gone on something 25 00:01:16,360 --> 00:01:18,880 Speaker 1: of a run. Well that's probably havstating it, but given 26 00:01:18,920 --> 00:01:21,560 Speaker 1: how little movement there's been in the local unit recently, 27 00:01:21,880 --> 00:01:25,080 Speaker 1: today's push to sixty seven point four US since the 28 00:01:25,160 --> 00:01:28,360 Speaker 1: highest since the beginning of January is newsworthy. A couple 29 00:01:28,440 --> 00:01:30,720 Speaker 1: of things have happened to Growing expectations of a rate 30 00:01:30,760 --> 00:01:33,319 Speaker 1: cut in the US but not in Australia has made 31 00:01:33,360 --> 00:01:35,840 Speaker 1: the local currency look more attractive in the short term, 32 00:01:36,000 --> 00:01:38,120 Speaker 1: and an orpheus has climbed to their highest level in 33 00:01:38,200 --> 00:01:41,479 Speaker 1: a month today on optimism for improvement into March from 34 00:01:41,560 --> 00:01:44,160 Speaker 1: China that means buying Australian nine or that helps the 35 00:01:44,200 --> 00:01:46,920 Speaker 1: Ausi dollar oil's worth mention. Also with Brent hitting a 36 00:01:47,000 --> 00:01:50,360 Speaker 1: two month high as Hurricane Beryl provided a glimpse of 37 00:01:50,400 --> 00:01:53,640 Speaker 1: what some are expecting as a horror storm season in 38 00:01:53,680 --> 00:01:57,160 Speaker 1: the Gulf of Mexico. Story number three, BEHP bosses have 39 00:01:57,240 --> 00:02:00,960 Speaker 1: docked employee incentives around the globe based on failures to 40 00:02:01,040 --> 00:02:06,360 Speaker 1: hit internal performance targets on costs, production, safety, and gender equity. 41 00:02:06,680 --> 00:02:08,840 Speaker 1: The mining giant has in the past forty eight hours 42 00:02:08,880 --> 00:02:11,840 Speaker 1: notified tens thousands of workers that it will only pay 43 00:02:11,880 --> 00:02:14,600 Speaker 1: out eighty percent of short term incentives that were on 44 00:02:15,160 --> 00:02:17,919 Speaker 1: for the twenty twenty three twenty twenty four financial year. 45 00:02:18,240 --> 00:02:21,560 Speaker 1: According to report in the Financial Review, workers at BHP's 46 00:02:21,639 --> 00:02:24,040 Speaker 1: Queensland Coal division were singled out. They will receive only 47 00:02:24,080 --> 00:02:27,239 Speaker 1: seventy percent of the incentives after two downgrades in sales 48 00:02:27,240 --> 00:02:30,320 Speaker 1: guidance and a fatality at the Seraji mine in the 49 00:02:30,320 --> 00:02:34,320 Speaker 1: Bowen Basin. The incentive calls were made by BHP's executive 50 00:02:34,400 --> 00:02:37,680 Speaker 1: leadership that includes Chief Executive Mike Henry. The short term 51 00:02:37,680 --> 00:02:40,600 Speaker 1: and Center's applied to all works at BHP and can 52 00:02:40,680 --> 00:02:43,760 Speaker 1: add up to about fifteen percent of salary. Sorry Numberfore, 53 00:02:43,880 --> 00:02:46,400 Speaker 1: Joe Biden ain't going anywhere. I have a night facing 54 00:02:46,480 --> 00:02:48,600 Speaker 1: down calls for him to not contest the next US 55 00:02:48,680 --> 00:02:51,880 Speaker 1: presidential election. He used a fourth July speech to concede 56 00:02:51,919 --> 00:02:55,400 Speaker 1: that he's screwed up his words, screwed up last week's debate, 57 00:02:55,800 --> 00:02:58,360 Speaker 1: but added he isn't going anywhere. He told state governors 58 00:02:58,360 --> 00:03:01,440 Speaker 1: that he needed more sleep. None of that hasn't stopped 59 00:03:01,520 --> 00:03:04,880 Speaker 1: major donors and Democrat politicians suggesting he should call it quits. 60 00:03:05,160 --> 00:03:08,240 Speaker 1: Abigail Disney, the granddaughter of Walt Disney and a major 61 00:03:08,280 --> 00:03:11,120 Speaker 1: donor to Democrats, came out and called on mister Biden 62 00:03:11,160 --> 00:03:14,520 Speaker 1: to step down. Tonight Australian Time, Mister Biden had an 63 00:03:14,520 --> 00:03:18,040 Speaker 1: interview with ABC No telly prompter there and it's very 64 00:03:18,080 --> 00:03:21,200 Speaker 1: keen to see how he performs and story number five. 65 00:03:21,360 --> 00:03:24,320 Speaker 1: So Ka Starmer is set to take over as British 66 00:03:24,320 --> 00:03:28,200 Speaker 1: Prime Minister after exit polls predicted his Labor Party one 67 00:03:28,720 --> 00:03:34,120 Speaker 1: not just a landslide victory, an annihilation. The polse forecast 68 00:03:34,120 --> 00:03:37,240 Speaker 1: that Labor will win four hundred and ten seats, with 69 00:03:37,400 --> 00:03:40,720 Speaker 1: the Tories likely to lose two hundred seats and enter 70 00:03:40,760 --> 00:03:42,920 Speaker 1: the new Parliament with just one hundred and forty four, 71 00:03:43,280 --> 00:03:46,960 Speaker 1: WHICHI soon act. The current Prime Minister has conceded. Mister 72 00:03:47,000 --> 00:03:50,240 Speaker 1: Starmer will have about a one hundred and sixty seat majority, 73 00:03:50,240 --> 00:03:52,320 Speaker 1: which is about the same as Tony Blair won in 74 00:03:52,440 --> 00:03:55,160 Speaker 1: nineteen ninety seven. It's the end of fourteen years of 75 00:03:55,200 --> 00:03:57,840 Speaker 1: Conservative rule in the UK and a total turnaround from 76 00:03:57,840 --> 00:04:00,800 Speaker 1: five years ago when Boris Johnson delivered a large victory 77 00:04:00,920 --> 00:04:04,080 Speaker 1: for the Conservatives. That's it for the Afternoon Report for Friday, 78 00:04:04,160 --> 00:04:06,160 Speaker 1: the fifth of July twenty twenty four. Don't forget to 79 00:04:06,280 --> 00:04:09,520 Speaker 1: follow on the podcast and find Fear and Greed on LinkedIn, Instagram, 80 00:04:09,600 --> 00:04:12,640 Speaker 1: x TikTok and Facebook. Join Michael Thomas and I tomorrow 81 00:04:12,640 --> 00:04:16,240 Speaker 1: morning at the weekend past five. I'm Sean Elma. Enjoy 82 00:04:16,279 --> 00:04:16,719 Speaker 1: your evening.