1 00:00:04,160 --> 00:00:06,560 Speaker 1: Welcome to the weekend edition of The Fast five Business 2 00:00:06,600 --> 00:00:09,840 Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello Sean. 3 00:00:09,600 --> 00:00:11,280 Speaker 2: Ailmer, Hello Michael Sewan. 4 00:00:11,320 --> 00:00:13,160 Speaker 1: On weekdays, it's all about the Fast five, the top 5 00:00:13,160 --> 00:00:15,320 Speaker 1: five business stories in five minutes. On the weekend, we 6 00:00:15,400 --> 00:00:17,080 Speaker 1: still keep it to five minutes, but we are going 7 00:00:17,120 --> 00:00:19,159 Speaker 1: to pick out the biggest story of the week, the 8 00:00:19,280 --> 00:00:22,279 Speaker 1: sleeper story, one that's flying under the radar, the most 9 00:00:22,320 --> 00:00:25,959 Speaker 1: remarkable business story, in our favorite story. Let's jump straight 10 00:00:26,000 --> 00:00:28,000 Speaker 1: into it. What was the biggest story of the week. 11 00:00:28,280 --> 00:00:30,720 Speaker 2: I think what happened in markets? The S and PA 12 00:00:30,880 --> 00:00:34,040 Speaker 2: Sex two hundred closed in almost on a record high, 13 00:00:34,080 --> 00:00:37,199 Speaker 2: thanks in large part to Comonwealth Bank's run. Commonwealth Bank 14 00:00:37,240 --> 00:00:39,280 Speaker 2: push through one hundred and thirty dollars for the first 15 00:00:39,320 --> 00:00:42,680 Speaker 2: time ever. It's now worth two hundred and seventeen billion dollars, 16 00:00:42,720 --> 00:00:45,040 Speaker 2: which is about twice as much as the next biggest 17 00:00:45,040 --> 00:00:49,080 Speaker 2: bank National Australia. Bunch of companies hit record highs this week. 18 00:00:49,200 --> 00:00:52,479 Speaker 2: JB High five, Bendigo Bank, Aria, the insurance broke Is 19 00:00:52,479 --> 00:00:56,280 Speaker 2: Steadfast Software Outfit Technology one zero was another one. Not 20 00:00:56,440 --> 00:00:58,080 Speaker 2: just hear the S and P F five one hundred 21 00:00:58,440 --> 00:01:01,080 Speaker 2: close above fifty six hundred points for the first time 22 00:01:01,160 --> 00:01:03,240 Speaker 2: this week. That, of course is thanks to the Apples 23 00:01:03,240 --> 00:01:06,520 Speaker 2: and Nvidia's Microsofts of the world. We've got record levels 24 00:01:06,520 --> 00:01:09,200 Speaker 2: in the Japanese market. UK foot Sea isn't far off 25 00:01:09,240 --> 00:01:11,800 Speaker 2: it so to the Stocks Europe six hundred, which measures 26 00:01:11,800 --> 00:01:14,720 Speaker 2: the biggest six hundred companies in the European region. Everything 27 00:01:14,760 --> 00:01:19,720 Speaker 2: game crazy in markets until Thursday night Australian time. Friday morning, 28 00:01:20,840 --> 00:01:24,280 Speaker 2: USCPI figures came out. They were weak and then expected 29 00:01:24,680 --> 00:01:29,120 Speaker 2: Suddenly on a dime, investors turned. They became more worried 30 00:01:29,120 --> 00:01:32,639 Speaker 2: about a slowdown in the economy than confident about growth 31 00:01:32,640 --> 00:01:35,880 Speaker 2: because interest rates will be cut. Suddenly, the whole mood changed. 32 00:01:36,000 --> 00:01:37,320 Speaker 2: Quite a remarkable week. 33 00:01:37,880 --> 00:01:40,120 Speaker 1: Yeah, absolutely, it was a big, big week in markets, 34 00:01:40,160 --> 00:01:43,520 Speaker 1: also a big week in global politics, and really headlined 35 00:01:43,560 --> 00:01:45,720 Speaker 1: by the US of course, wasn't it Sean Because we've 36 00:01:45,720 --> 00:01:48,320 Speaker 1: got Joe Biden still trying to defend his position as 37 00:01:48,360 --> 00:01:52,040 Speaker 1: the candidate for the Democrats for the election coming up 38 00:01:52,040 --> 00:01:55,240 Speaker 1: in November. After the disastrous debate the other week. It 39 00:01:55,400 --> 00:01:57,280 Speaker 1: changed a little bit this week because there's suddenly there's 40 00:01:57,280 --> 00:01:59,440 Speaker 1: people within the party who are saying it's time to go. 41 00:02:00,360 --> 00:02:03,440 Speaker 1: Senate Majority leader Chuck Schumer, who reportedly told Donus he's 42 00:02:03,480 --> 00:02:06,840 Speaker 1: open to replacing Joe Biden. Interesting intervention as well from 43 00:02:06,920 --> 00:02:10,120 Speaker 1: George Clooney, actor, but a lifelong Democrat, biggest, one of 44 00:02:10,120 --> 00:02:12,280 Speaker 1: the biggest fundraisers for the party, who wrote an opinion 45 00:02:12,280 --> 00:02:14,680 Speaker 1: piece for The New York Times saying he needs to go. 46 00:02:14,760 --> 00:02:16,840 Speaker 1: Biden needs to go. Got a lot of attention that one. 47 00:02:17,040 --> 00:02:19,720 Speaker 1: Joe Biden really didn't help himself late in the week 48 00:02:19,760 --> 00:02:23,320 Speaker 1: because he's also hosting NATO at the moment in the US, 49 00:02:24,080 --> 00:02:26,160 Speaker 1: which is a bit of a distraction from all of 50 00:02:26,200 --> 00:02:28,200 Speaker 1: this and an opportunity to show that he is still 51 00:02:28,280 --> 00:02:31,079 Speaker 1: capable of doing this job. Not so good though, when 52 00:02:31,080 --> 00:02:35,760 Speaker 1: he introduced Ukrainian President Vladimir Zelenski as President Putin instead 53 00:02:35,800 --> 00:02:38,560 Speaker 1: of President Zelenski, bit of a gaff, got a lot 54 00:02:38,600 --> 00:02:42,240 Speaker 1: of attention and raised more questions over whether he should 55 00:02:42,320 --> 00:02:45,640 Speaker 1: be the Democrats candidate heading into the election. Suwan, just 56 00:02:45,680 --> 00:02:48,360 Speaker 1: another big week US politics, Sure. 57 00:02:48,360 --> 00:02:50,440 Speaker 2: Was, Michael, Your most remarkable story. 58 00:02:50,480 --> 00:02:52,600 Speaker 1: Well, it's about the state of the Australian media at 59 00:02:52,639 --> 00:02:55,720 Speaker 1: the moment. There's one big story really about the merger 60 00:02:55,800 --> 00:02:59,320 Speaker 1: between Paramount and the independence studio Skydance, which will give 61 00:02:59,320 --> 00:03:02,360 Speaker 1: sky Dance control of the broader company called new Paramount, 62 00:03:02,440 --> 00:03:05,120 Speaker 1: Big Hollywood story because billionaire David Ellison is going to 63 00:03:05,160 --> 00:03:09,519 Speaker 1: now control CBS, MTV, the Paramount Movie Studio, of course 64 00:03:09,560 --> 00:03:12,040 Speaker 1: a bunch of other assets. It affects the Australian media though, 65 00:03:12,080 --> 00:03:15,239 Speaker 1: because Paramount is looking for three billion dollars in savings 66 00:03:15,440 --> 00:03:18,440 Speaker 1: and it owns Network ten here in Australia, which is 67 00:03:18,480 --> 00:03:22,440 Speaker 1: facing all kinds of challenges. Really, the shrinking ad market 68 00:03:22,480 --> 00:03:25,720 Speaker 1: audience is getting their content from elsewhere. We have just 69 00:03:25,720 --> 00:03:28,679 Speaker 1: seen so many redundancies in the media over the over 70 00:03:28,720 --> 00:03:31,959 Speaker 1: recent weeks in the Pedestrian Group, seven West Media nine 71 00:03:32,080 --> 00:03:35,440 Speaker 1: Entertainment News Corps Australia. It is a really tough time 72 00:03:35,640 --> 00:03:37,040 Speaker 1: in the Australian media right now. 73 00:03:37,200 --> 00:03:40,200 Speaker 2: My most remarkable story comes from mining BHP this week 74 00:03:40,280 --> 00:03:43,920 Speaker 2: said it's going to mothball it's nickel operations quite incredible. 75 00:03:44,200 --> 00:03:46,800 Speaker 2: Puts lots of jobs at risk and certainly the relations 76 00:03:46,800 --> 00:03:49,800 Speaker 2: with the Albanzi government might be improved by this. The 77 00:03:49,800 --> 00:03:54,520 Speaker 2: problem here is that Chinese backers have pushed Indonesian minds 78 00:03:54,600 --> 00:03:56,760 Speaker 2: and that's pushed the price of nickel from about twenty 79 00:03:56,760 --> 00:03:59,600 Speaker 2: five thousand new assoulars a ton eighteen months ago to 80 00:03:59,680 --> 00:04:03,280 Speaker 2: about sixteen seventeen thousand US dollars a ton today. All 81 00:04:03,360 --> 00:04:06,640 Speaker 2: these local miners now are shutting up shop on Nickel 82 00:04:06,840 --> 00:04:09,440 Speaker 2: Nicola and Andrew Forrest have done. So we've got BHP 83 00:04:09,600 --> 00:04:14,200 Speaker 2: mothballing its minds. Quite remarkable that a whole segment of 84 00:04:14,280 --> 00:04:18,160 Speaker 2: BHP's business can just shut up shop. Remarkable. 85 00:04:18,480 --> 00:04:21,240 Speaker 1: Yeah, it is a remarkable story. What about a sleeper story? 86 00:04:21,320 --> 00:04:22,800 Speaker 1: Have you been able to find one for us? 87 00:04:22,800 --> 00:04:25,240 Speaker 2: Sean well Lock, I don't mean to be rude to 88 00:04:25,240 --> 00:04:27,480 Speaker 2: people listing, but you know, I think we all need 89 00:04:27,480 --> 00:04:29,279 Speaker 2: to spark up a little bit. Things actually aren't so 90 00:04:29,360 --> 00:04:31,880 Speaker 2: bad in the economy. Okay, it's better for some than others, 91 00:04:31,960 --> 00:04:34,039 Speaker 2: renters who don't earn much income of finding it hard, 92 00:04:34,040 --> 00:04:37,320 Speaker 2: but that's always the case. The labor market in Australia's strong. 93 00:04:37,400 --> 00:04:41,200 Speaker 2: Unemployments at four percent, people have jobs. Inflation is falling, okay, 94 00:04:41,279 --> 00:04:43,520 Speaker 2: a rocky road, but the trend is our friend. It's 95 00:04:43,560 --> 00:04:46,200 Speaker 2: going down. We've also just received tax cuts as part 96 00:04:46,200 --> 00:04:48,719 Speaker 2: of the Stage three taxation changes. There's been all sorts 97 00:04:48,760 --> 00:04:51,520 Speaker 2: of indexation the payments that kicked in on July one, 98 00:04:51,960 --> 00:04:55,160 Speaker 2: yet we are still gloomy, as judged by the Westpac 99 00:04:55,360 --> 00:04:58,760 Speaker 2: Melbourne Institute Consumer Sentiments Survey. Problem with this is that 100 00:04:58,760 --> 00:05:01,480 Speaker 2: the mood does nothing to help the economy because grumpy 101 00:05:01,520 --> 00:05:05,080 Speaker 2: people mostly don't spend as much as happy people. But 102 00:05:05,360 --> 00:05:07,839 Speaker 2: if we all were just a bit happier and realized 103 00:05:07,839 --> 00:05:10,160 Speaker 2: things aren't too bad, we could actually stop talking down 104 00:05:10,240 --> 00:05:12,039 Speaker 2: the economy and things might be a bit better. 105 00:05:12,279 --> 00:05:14,560 Speaker 1: That's a good sleeper story, Sean. Let's move to the 106 00:05:14,600 --> 00:05:17,080 Speaker 1: favorite story of the week. Can I nominate one for this? 107 00:05:17,400 --> 00:05:17,760 Speaker 2: Please? 108 00:05:18,440 --> 00:05:21,880 Speaker 1: Look, I think this one really. I mean, we are 109 00:05:21,960 --> 00:05:24,640 Speaker 1: fear and greed after all. This fits into the greed category, 110 00:05:24,800 --> 00:05:28,080 Speaker 1: probably because the number of millionaires in Australia will jump 111 00:05:28,160 --> 00:05:30,640 Speaker 1: by at least twenty percent in the next four years. 112 00:05:30,640 --> 00:05:33,600 Speaker 1: The UBS Global Wealth Report revealed that Australian's wealth grew 113 00:05:33,800 --> 00:05:36,599 Speaker 1: by nearly ten percent last year, twice the average rate 114 00:05:36,880 --> 00:05:39,280 Speaker 1: of the other countries studied in the report. A lot 115 00:05:39,320 --> 00:05:42,560 Speaker 1: of it, Sean, is due to higher home values, superannuation balances, 116 00:05:42,600 --> 00:05:46,800 Speaker 1: gifts and inheritance. In fact, the median wealth per adult 117 00:05:46,839 --> 00:05:50,599 Speaker 1: in Australia is almost four hundred thousand dollars. We are 118 00:05:50,640 --> 00:05:54,240 Speaker 1: sitting behind only Luxembourg in the rankings. A lot of this, 119 00:05:54,320 --> 00:05:59,080 Speaker 1: obviously is about intergenerational wealth transfer. Older baby booms passing away, 120 00:05:59,160 --> 00:06:03,000 Speaker 1: passing on wealth younger baby boomers now entering retirement. There 121 00:06:03,080 --> 00:06:04,760 Speaker 1: is a lot to this and it is going to 122 00:06:04,760 --> 00:06:07,480 Speaker 1: be a fascinating story to watch unfold as that money 123 00:06:07,800 --> 00:06:10,200 Speaker 1: passes between generations overcoming years. 124 00:06:10,600 --> 00:06:12,880 Speaker 2: Great story, Mike, I think that's my favorite story too. 125 00:06:12,960 --> 00:06:15,000 Speaker 1: All right, that's five minutes and pretty much everything you 126 00:06:15,000 --> 00:06:16,200 Speaker 1: need to know in the world of business. 127 00:06:16,360 --> 00:06:18,000 Speaker 2: Thank you, Sean, Thank you Michael. 128 00:06:18,160 --> 00:06:19,880 Speaker 1: We'll be back on Monday morning with the top five 129 00:06:19,920 --> 00:06:22,159 Speaker 1: business stories in five minutes. Don't forget to hit follow 130 00:06:22,200 --> 00:06:25,760 Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X. 131 00:06:26,040 --> 00:06:28,080 Speaker 1: Are Michael Thompson and this is the fast five business 132 00:06:28,120 --> 00:06:29,120 Speaker 1: news by Fear and Greet.