1 00:00:03,880 --> 00:00:07,480 Speaker 1: It's Tuesday, the seventeenth of September twenty twenty four. Welcome 2 00:00:07,520 --> 00:00:09,920 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,920 --> 00:00:11,800 Speaker 1: where we give you the top five business stories you 4 00:00:11,840 --> 00:00:14,480 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,640 --> 00:00:16,320 Speaker 1: and good morning Sean Aylmer. 6 00:00:16,640 --> 00:00:18,160 Speaker 2: Good morning Michael, Sean. 7 00:00:18,239 --> 00:00:21,520 Speaker 1: Five stories, five minutes. Let's get cracking. Story number one. 8 00:00:21,600 --> 00:00:24,560 Speaker 1: The local share market is on the cusp of hitting 9 00:00:24,560 --> 00:00:28,600 Speaker 1: a new record, with confidence about the Australian and global 10 00:00:28,640 --> 00:00:32,920 Speaker 1: economies pushing markets higher even though interest rates remain relatively high. 11 00:00:33,320 --> 00:00:35,600 Speaker 2: It's the market that keeps giving. Yesterday got to three 12 00:00:35,600 --> 00:00:38,199 Speaker 2: points of the all time peak from August before closing 13 00:00:38,280 --> 00:00:41,080 Speaker 2: up zero point three percent to eighty one and twenty 14 00:00:41,080 --> 00:00:44,159 Speaker 2: two points eight one four eight is the number the 15 00:00:44,159 --> 00:00:46,639 Speaker 2: market needs to hit to make a new record. Since 16 00:00:46,680 --> 00:00:48,320 Speaker 2: it's sell off six weeks ago, the BRS is up 17 00:00:48,360 --> 00:00:51,080 Speaker 2: more than six percent, seven percent in twenty twenty four, 18 00:00:51,520 --> 00:00:54,280 Speaker 2: twelve percent over the past fifty two weeks, and since 19 00:00:54,280 --> 00:00:58,000 Speaker 2: that slump in COVID it's up seventy percent. While all 20 00:00:58,000 --> 00:01:00,360 Speaker 2: the economic news from China seems to be bad, including 21 00:01:00,400 --> 00:01:02,680 Speaker 2: data over the weekend, the fact that European and North 22 00:01:02,680 --> 00:01:06,560 Speaker 2: American banks. Central banks are or will cut interest rates 23 00:01:06,600 --> 00:01:09,760 Speaker 2: is the dominant driver of the ASEX, even if the 24 00:01:09,800 --> 00:01:13,480 Speaker 2: Reserve Bank isn't going to cut rates until next year. However, 25 00:01:13,800 --> 00:01:16,800 Speaker 2: analyst the warning there is still plenty to be worried about. 26 00:01:16,880 --> 00:01:20,000 Speaker 2: Valuations of some stocks and under the banks are very high. 27 00:01:20,280 --> 00:01:23,120 Speaker 2: September is often a poor month for the market, and 28 00:01:23,200 --> 00:01:27,319 Speaker 2: as economic data comes in, any noticeable slowing could trigger 29 00:01:27,319 --> 00:01:30,360 Speaker 2: fears of a recession, either overseas or locally. Of course, 30 00:01:30,400 --> 00:01:32,720 Speaker 2: a few geer political risks as well, the US election, 31 00:01:32,840 --> 00:01:36,240 Speaker 2: Middle East, Europe, etc. Good news is inflation is slowing, 32 00:01:36,280 --> 00:01:37,679 Speaker 2: central banks are cutting rates. 33 00:01:37,959 --> 00:01:40,960 Speaker 1: There's a few variables there. Now we've spoken a lot 34 00:01:41,040 --> 00:01:43,200 Speaker 1: about the banks doing well, and we've spoken about the 35 00:01:43,240 --> 00:01:47,200 Speaker 1: resources sector underperforming. But outside of those areas Sean, who 36 00:01:47,280 --> 00:01:49,160 Speaker 1: are the winners and who are the losers over the 37 00:01:49,200 --> 00:01:49,720 Speaker 1: last year. 38 00:01:50,040 --> 00:01:52,480 Speaker 2: I'll give you a few. Goodman Group the Data Center 39 00:01:52,520 --> 00:01:55,400 Speaker 2: Property Group fifty seven percent higher out of the past year. 40 00:01:55,400 --> 00:01:59,360 Speaker 2: Wise Tech Global software that tracks parcels up ninety one percent, 41 00:02:00,240 --> 00:02:03,160 Speaker 2: Med up sixty percent, Fish from pay Call Healthcare up 42 00:02:03,200 --> 00:02:06,880 Speaker 2: eighty percent. But the winner, pro Medicus Medical imaging company 43 00:02:06,960 --> 00:02:09,760 Speaker 2: up one hundred and twenty percent outside the resource of stocks, 44 00:02:09,760 --> 00:02:11,680 Speaker 2: and we're going to call Woodside a resource stock. Today, 45 00:02:12,000 --> 00:02:14,919 Speaker 2: Woolies is off seven percent. Pathology Groups on A Healthcare 46 00:02:15,000 --> 00:02:18,720 Speaker 2: is also down. It is still suffering from COVID hangover all. 47 00:02:18,800 --> 00:02:20,880 Speaker 1: Right, moving on to story number two. Now, how about 48 00:02:20,880 --> 00:02:25,240 Speaker 1: this domestic economy airfares have jumped twelve percent since the 49 00:02:25,280 --> 00:02:28,560 Speaker 1: demise of Rex, while Quantas has increased the cost of 50 00:02:28,639 --> 00:02:30,400 Speaker 1: changing a ticket by twenty percent. 51 00:02:30,919 --> 00:02:34,640 Speaker 2: Figures from the Bureau of Infrastructure, Transport and Regional Economics 52 00:02:34,720 --> 00:02:37,800 Speaker 2: for September show that the cheapest airfares are up twelve 53 00:02:37,800 --> 00:02:40,600 Speaker 2: and a half percent since July, and full priced tickets 54 00:02:40,639 --> 00:02:43,840 Speaker 2: are twelve point three percent more expensive. Business class airfares 55 00:02:43,840 --> 00:02:46,400 Speaker 2: are relatively stable over recent months, but they're twelve percent 56 00:02:46,440 --> 00:02:49,320 Speaker 2: higher than a year ago. The monthly Domestic Airfare Index 57 00:02:49,320 --> 00:02:52,160 Speaker 2: showed full price economy fares were now at their highest 58 00:02:52,280 --> 00:02:54,880 Speaker 2: level and over three years, at ninety three point six 59 00:02:54,919 --> 00:02:57,399 Speaker 2: percent long term average, compared to ninety eight point four 60 00:02:57,400 --> 00:02:59,960 Speaker 2: percent in February twenty twenty one, that's when they were 61 00:03:00,160 --> 00:03:04,200 Speaker 2: last this high. Best discount fares were at seventy percent 62 00:03:04,240 --> 00:03:06,560 Speaker 2: of the long term average compared to fifty seven point 63 00:03:06,600 --> 00:03:09,120 Speaker 2: five percent two months ago. It comes as quite as 64 00:03:09,160 --> 00:03:11,680 Speaker 2: up the cost of changing a ticket from ninety nine 65 00:03:11,720 --> 00:03:13,160 Speaker 2: to one hundred and twenty dollars. 66 00:03:13,480 --> 00:03:16,360 Speaker 1: All right, story number three. We have two weeks into 67 00:03:16,400 --> 00:03:19,760 Speaker 1: the spring selling season shown and the preliminary auction clearance 68 00:03:19,840 --> 00:03:22,679 Speaker 1: rate has fallen below the seventy percent mark for the 69 00:03:22,720 --> 00:03:24,040 Speaker 1: first time in six weeks. 70 00:03:24,320 --> 00:03:26,600 Speaker 2: It came in at sixty nine point four percent compared 71 00:03:26,639 --> 00:03:29,160 Speaker 2: to seventy one point seven percent. The previous week was 72 00:03:29,200 --> 00:03:31,720 Speaker 2: one of the busiest weeks of the year, twenty four 73 00:03:31,800 --> 00:03:36,240 Speaker 2: hundred auctions. Melbourne hosted one thousand auctions. Its clearance rate 74 00:03:36,440 --> 00:03:39,040 Speaker 2: was sixty eight point five percent now the thirteen hundred 75 00:03:39,040 --> 00:03:41,600 Speaker 2: auction schedule for this week. Sydney had eight hundred and 76 00:03:41,640 --> 00:03:44,960 Speaker 2: sixty four auctions. Preliminary clearance straight came in at seventy 77 00:03:45,000 --> 00:03:47,640 Speaker 2: point six percent. More than one thousand homes going under 78 00:03:47,640 --> 00:03:49,880 Speaker 2: the hammer this week. Adelaide eighty two point two percent, 79 00:03:49,920 --> 00:03:53,640 Speaker 2: Brisbane sixty four point three act almost fifty three percent. 80 00:03:53,680 --> 00:03:55,800 Speaker 2: There are more listings now than normal, with about forty 81 00:03:55,800 --> 00:03:58,520 Speaker 2: two thousand properties going up for sale over the past 82 00:03:58,560 --> 00:04:01,160 Speaker 2: four weeks, well above the law long term average. According 83 00:04:01,200 --> 00:04:03,520 Speaker 2: to core logic. Good news for buyers, less good news 84 00:04:03,520 --> 00:04:04,040 Speaker 2: for sellers. 85 00:04:04,440 --> 00:04:07,080 Speaker 1: Indeed, story number four comes to us out of Canberra. 86 00:04:07,200 --> 00:04:11,840 Speaker 1: Anthony Ibneasy yesterday expressed frustration with the cross Bench and 87 00:04:11,920 --> 00:04:15,440 Speaker 1: the Opposition for hindering his government's legislative goals. 88 00:04:15,680 --> 00:04:17,640 Speaker 2: The Senate is sitting this week, but not the House 89 00:04:17,680 --> 00:04:20,400 Speaker 2: of Reps and there's likely to be a barney over housing. Yesterday, 90 00:04:20,440 --> 00:04:23,200 Speaker 2: mistrailb and Easy and Housing Minister Clara O'Neil announced the 91 00:04:23,200 --> 00:04:26,919 Speaker 2: government's first round of funding under the Housing Australian Future Fund. 92 00:04:27,000 --> 00:04:29,560 Speaker 2: The money is being provided to build thirteen thousand, seven 93 00:04:29,680 --> 00:04:32,200 Speaker 2: hundred homes and the PM said it should have come 94 00:04:32,320 --> 00:04:34,840 Speaker 2: sooner but for the opposition parties that helped to buy. 95 00:04:34,880 --> 00:04:37,320 Speaker 2: Scheme seeks to allow the Government to contribute up to 96 00:04:37,360 --> 00:04:39,359 Speaker 2: forty percent of the purchase price of a new home 97 00:04:39,720 --> 00:04:42,600 Speaker 2: or thirty percent for an existing home for selected applicants. 98 00:04:42,880 --> 00:04:45,880 Speaker 2: The scheme would be open to ten thousand people each 99 00:04:45,960 --> 00:04:48,560 Speaker 2: financial year, up to a maximum of forty thousand places, 100 00:04:48,920 --> 00:04:51,640 Speaker 2: and would save buyers from having to take out lender's 101 00:04:51,640 --> 00:04:54,600 Speaker 2: mortgage insurance. It can only start operating after states and 102 00:04:54,680 --> 00:04:57,680 Speaker 2: territories past law to support the federal law. 103 00:04:57,920 --> 00:04:59,880 Speaker 1: Last one story number five and one of the biggest 104 00:05:00,000 --> 00:05:02,360 Speaker 1: bories of the last year or a couple of years. 105 00:05:02,400 --> 00:05:05,480 Speaker 1: Sean would be the boom in the weight loss drugs. 106 00:05:05,480 --> 00:05:07,680 Speaker 1: But some of the side effects of the new range 107 00:05:07,680 --> 00:05:10,880 Speaker 1: of the drugs, notably vomiting as taking some of the 108 00:05:10,920 --> 00:05:14,080 Speaker 1: shine off. Really what was being considered wonder drugs, won't 109 00:05:14,080 --> 00:05:14,760 Speaker 1: they yeah? 110 00:05:14,800 --> 00:05:17,760 Speaker 2: Big Farmer group Raach's share price dropped four percent after 111 00:05:17,800 --> 00:05:21,480 Speaker 2: early trial results of its weight loss drug Hopeful included 112 00:05:21,600 --> 00:05:25,039 Speaker 2: high rates of vomiting seventy five percent of participants. There's 113 00:05:25,080 --> 00:05:27,280 Speaker 2: also other side effects. Now Raach is hoping to push 114 00:05:27,320 --> 00:05:30,159 Speaker 2: into the rapidly growing market for GOLP one drugs, which 115 00:05:30,200 --> 00:05:33,640 Speaker 2: is currently dominated by Novo Nordisk and Eli Lilly. At 116 00:05:33,640 --> 00:05:36,800 Speaker 2: a recent conference in Madrid, about ten percent of eleven 117 00:05:36,880 --> 00:05:40,880 Speaker 2: hundred research papers were about these GLP one drugs. Everyone 118 00:05:41,160 --> 00:05:43,640 Speaker 2: is working on them, it seems. The full impact of 119 00:05:43,680 --> 00:05:47,039 Speaker 2: the side effects, however, are still unknown. GLP one based 120 00:05:47,080 --> 00:05:50,760 Speaker 2: drugs are associated with vomiting, nausea, and constipation, particularly in 121 00:05:50,880 --> 00:05:54,119 Speaker 2: high doses. They're also linked to muscle wasting in some trials, 122 00:05:54,160 --> 00:05:57,279 Speaker 2: and the US Food and Drug Administration and European Medicines 123 00:05:57,360 --> 00:06:01,240 Speaker 2: Agency have explored other more serious side effects reported with 124 00:06:01,320 --> 00:06:04,800 Speaker 2: recent drugs, such as suicidal thoughts. The found no evidence 125 00:06:04,839 --> 00:06:07,880 Speaker 2: of a link, but these other side effects are causing 126 00:06:07,920 --> 00:06:11,560 Speaker 2: some concerns, shall we say, for investors in those drug companies. 127 00:06:11,920 --> 00:06:14,080 Speaker 1: All right, there we go the top five business stories 128 00:06:14,160 --> 00:06:17,080 Speaker 1: in five minutes. Thanks very much, Sean, Thank you, Michael. 129 00:06:17,400 --> 00:06:20,400 Speaker 1: It is Tuesday, the seventeenth of September twenty twenty four. 130 00:06:20,760 --> 00:06:23,680 Speaker 1: Make sure you're following the podcast and please join us 131 00:06:23,680 --> 00:06:28,279 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson. 132 00:06:28,320 --> 00:06:32,720 Speaker 1: And that was fear and greed. Have a great day.