1 00:00:04,200 --> 00:00:06,840 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,880 --> 00:00:09,520 Speaker 1: for Monday, the sixteenth of December twenty twenty four. I'm 3 00:00:09,520 --> 00:00:12,440 Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that 4 00:00:12,520 --> 00:00:14,560 Speaker 1: happened today that you need to know about straightam. Why 5 00:00:14,560 --> 00:00:16,680 Speaker 1: on the s and PASX two hundred closed down a 6 00:00:16,720 --> 00:00:19,200 Speaker 1: little over half percent today to wait thy two hundred 7 00:00:19,239 --> 00:00:23,200 Speaker 1: and fifty points. Local miners fell after the Chinese government 8 00:00:23,200 --> 00:00:26,160 Speaker 1: failed to deliver a decent stimulus package over the weekend. 9 00:00:26,760 --> 00:00:30,000 Speaker 1: Wasn't good news from their housing market either. House prices 10 00:00:30,040 --> 00:00:34,320 Speaker 1: are stalling. Also, Chinese retailers aren't shopping. That is certainly 11 00:00:34,400 --> 00:00:37,919 Speaker 1: hurting the miners. Tech stocks also suffered today after Nasdaq 12 00:00:38,040 --> 00:00:40,800 Speaker 1: dropped over the weekend. While the property groups were also 13 00:00:40,880 --> 00:00:44,479 Speaker 1: lower in general, the banks were higher, as were the retailers. 14 00:00:44,720 --> 00:00:48,360 Speaker 1: Not a great day for Digiko. It's day two on 15 00:00:48,400 --> 00:00:51,680 Speaker 1: the market. Listed on Friday, down five percent that day, 16 00:00:51,880 --> 00:00:56,120 Speaker 1: down another five percent today. Ouch schares Inventor had dropped 17 00:00:56,120 --> 00:00:58,960 Speaker 1: after executives at the infrastructure giant were named in the 18 00:00:59,040 --> 00:01:02,440 Speaker 1: case over a lleged price fixing brought by the AHABLEC 19 00:01:02,640 --> 00:01:05,319 Speaker 1: last week. The shares are down eighteen percent in the 20 00:01:05,360 --> 00:01:08,520 Speaker 1: past five days, and the corporate regulator has formally opened 21 00:01:08,520 --> 00:01:12,280 Speaker 1: an investigation into online retailer Cogan after two of its 22 00:01:12,280 --> 00:01:17,000 Speaker 1: most senior executives, including founder Rustlin Cogan, struck a profitable 23 00:01:17,040 --> 00:01:19,920 Speaker 1: options deal with the board and enriching them collectively by 24 00:01:19,920 --> 00:01:23,360 Speaker 1: more than seventeen million dollars. Story number two. Retail sales 25 00:01:23,400 --> 00:01:26,280 Speaker 1: in China were worse than forecast last month. As I 26 00:01:26,319 --> 00:01:30,200 Speaker 1: mentioned a moment ago, we care because the Chinese consumer 27 00:01:30,319 --> 00:01:34,360 Speaker 1: is a very powerful driver of global economic growth and 28 00:01:34,480 --> 00:01:37,120 Speaker 1: they don't have the foot on the accelerator at the moment. 29 00:01:37,280 --> 00:01:39,600 Speaker 1: There was also a drop in house prices in China. Generally, 30 00:01:39,600 --> 00:01:43,039 Speaker 1: the world's second biggest nation is just looking a bit ordinary. 31 00:01:43,600 --> 00:01:46,560 Speaker 1: That hasn't helped iron ore prices, which are much lower. 32 00:01:46,680 --> 00:01:50,160 Speaker 1: The potitive news, maybe is that bitcoin hit a new 33 00:01:50,240 --> 00:01:53,400 Speaker 1: record high today above one hundred and six thousand US 34 00:01:53,440 --> 00:01:56,280 Speaker 1: dollars a unit. Other cryptos benefited, the Ausie dollars trading 35 00:01:56,360 --> 00:01:59,640 Speaker 1: just under sixty four US cents. Story number three. The 36 00:01:59,680 --> 00:02:03,120 Speaker 1: majority of voters believe Australia will have a minority government 37 00:02:03,280 --> 00:02:05,360 Speaker 1: after the next election due by the middle of May 38 00:02:05,400 --> 00:02:10,120 Speaker 1: next year. The latest financial review freshwater strategy poll shows 39 00:02:10,120 --> 00:02:13,360 Speaker 1: the Coalition ahead on a two party preferred basis fifty 40 00:02:13,400 --> 00:02:16,800 Speaker 1: one to forty nine percent. The primary vote is unchanged, 41 00:02:16,880 --> 00:02:19,800 Speaker 1: ALP's at thirty percent, the Coalition at forty percent, Greens 42 00:02:19,840 --> 00:02:23,320 Speaker 1: at fourteen percent. The poll suggests a minority government with 43 00:02:23,440 --> 00:02:27,160 Speaker 1: Anthony Albanesi in charge, but respondents said they expect a 44 00:02:27,160 --> 00:02:31,440 Speaker 1: minority government with Peter Dutton in charge. Currently betting markets 45 00:02:31,440 --> 00:02:34,520 Speaker 1: have Peter Dutton in front. The survey says that in 46 00:02:34,560 --> 00:02:38,519 Speaker 1: a bunch of areas Peter Dutton leads Anthony Albanesi, including 47 00:02:38,800 --> 00:02:43,359 Speaker 1: understanding the problems facing Australians, can get things done, has 48 00:02:43,360 --> 00:02:48,000 Speaker 1: a clear vision for Australia, strong leadership and shares my values. 49 00:02:48,200 --> 00:02:51,680 Speaker 1: Anthony Albanesi was in front in only two, would be 50 00:02:51,680 --> 00:02:55,000 Speaker 1: easy to speak to and is in touch with ordinary people. 51 00:02:55,520 --> 00:02:58,519 Speaker 1: Story number four trusure. Jim Chalmers has been busy downgrading 52 00:02:58,560 --> 00:03:01,280 Speaker 1: the value of mining exports. It's by one hundred billion 53 00:03:01,360 --> 00:03:03,720 Speaker 1: dollars for this financial year that will hit the bottom 54 00:03:03,800 --> 00:03:06,919 Speaker 1: line of the mini budget my EFO, which is due 55 00:03:06,919 --> 00:03:10,800 Speaker 1: for release on Wednesday. Doctor Chalmers yesterday said he wasn't 56 00:03:10,840 --> 00:03:14,440 Speaker 1: pessimistic about the mining sector, but the downgrade was the 57 00:03:14,480 --> 00:03:17,880 Speaker 1: reality of weaker demand from China. My EFO will also 58 00:03:17,960 --> 00:03:20,360 Speaker 1: include a downgrade in company taxes by about eight point 59 00:03:20,400 --> 00:03:23,679 Speaker 1: five billion dollars. It should include lower than expected outgoings 60 00:03:23,720 --> 00:03:26,960 Speaker 1: in terms of unemployment benefits. Given the labor market is 61 00:03:27,000 --> 00:03:30,760 Speaker 1: so strong. Market economists expect a budget deficit this financial 62 00:03:30,800 --> 00:03:34,480 Speaker 1: year of between twenty five and thirty billion dollars. And 63 00:03:34,520 --> 00:03:38,600 Speaker 1: story number five. In Victoria, Treasurer Tim Pallas is leaving 64 00:03:38,640 --> 00:03:41,800 Speaker 1: politics after nearly twenty years in spring Street. I'm no 65 00:03:41,880 --> 00:03:44,200 Speaker 1: expert in state politics, but to last twenty years in 66 00:03:44,280 --> 00:03:47,240 Speaker 1: Victoria is a pretty good effort. Mister Pallas said the 67 00:03:47,280 --> 00:03:51,280 Speaker 1: state's economy is in a strong position, notwithstanding recent data 68 00:03:51,320 --> 00:03:55,080 Speaker 1: and plenty of criticism suggesting the opposite. The longest serving 69 00:03:55,280 --> 00:03:58,960 Speaker 1: standalone state Treasurer of Victoria has had said it's been 70 00:03:59,000 --> 00:04:02,320 Speaker 1: an honor to serve the people of Werribee, which of 71 00:04:02,360 --> 00:04:05,560 Speaker 1: course is his electorate, saying local. Canberra Airport today said 72 00:04:05,640 --> 00:04:09,760 Speaker 1: Qatar Airways will restart fights to the Act next year 73 00:04:10,160 --> 00:04:13,400 Speaker 1: after ceasing services during the pandemic. That's it for the 74 00:04:13,440 --> 00:04:16,440 Speaker 1: Afternoon Report for Monday, the sixteenth of December twenty twenty four. 75 00:04:16,560 --> 00:04:18,440 Speaker 1: Make sure you hit follow on the podcast. We'll be 76 00:04:18,480 --> 00:04:20,960 Speaker 1: back tomorrow morning with a Tuesday edition of the past 77 00:04:20,960 --> 00:04:23,400 Speaker 1: five business years by Fear and Greed. I'm Sean Eelma. 78 00:04:23,839 --> 00:04:24,520 Speaker 1: Enjoy your evening.