1
00:00:04,240 --> 00:00:06,840
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,880 --> 00:00:09,280
Speaker 1: for Friday, the second of August twenty twenty four. I'm

3
00:00:09,280 --> 00:00:11,840
Speaker 1: sure in Alma every afternoon we've got the five stories

4
00:00:11,880 --> 00:00:13,600
Speaker 1: that happened today that you need to know about. Storing

5
00:00:13,680 --> 00:00:16,360
Speaker 1: Um one and the local share market fell two point

6
00:00:16,400 --> 00:00:20,000
Speaker 1: one percent today, closing at seven nine and forty three points.

7
00:00:20,320 --> 00:00:23,160
Speaker 1: It was the worst one day fall in sixteen months.

8
00:00:23,239 --> 00:00:25,959
Speaker 1: That's after hitting a new high yesterday. A fall in

9
00:00:26,079 --> 00:00:28,159
Speaker 1: Wall Street triggered the sell off. More of that in

10
00:00:28,200 --> 00:00:31,120
Speaker 1: a moment. Financials and energy stocks were sold off, as

11
00:00:31,160 --> 00:00:33,360
Speaker 1: were the big miners, and property stocks didn't do very

12
00:00:33,360 --> 00:00:35,640
Speaker 1: well either. In fact, more than ninety percent of stocks

13
00:00:35,920 --> 00:00:39,120
Speaker 1: ended lower today. Some of the biggest falls came from

14
00:00:39,159 --> 00:00:41,919
Speaker 1: the big four banks, with Commonwealth Bank and National Australia

15
00:00:41,960 --> 00:00:44,880
Speaker 1: Bank leading the way. Goodman Group, West Farmers to Aristocrat,

16
00:00:44,920 --> 00:00:49,400
Speaker 1: Leisure Wise, Tech, Global, Ria and QB all tumbled. The

17
00:00:49,520 --> 00:00:52,479
Speaker 1: uranium miners were among the worst, though My ju Dominoes

18
00:00:52,520 --> 00:00:54,960
Speaker 1: gave the uranium miners a run for their money. Dominoes

19
00:00:55,040 --> 00:00:57,760
Speaker 1: ended at up nine percent lower. The gold companies were

20
00:00:57,760 --> 00:01:01,720
Speaker 1: the best performers that flight to quality eyed Yeough. Overall,

21
00:01:02,000 --> 00:01:03,600
Speaker 1: the top of the pops today. At least of the

22
00:01:03,600 --> 00:01:06,720
Speaker 1: A six two hundred was Square, the owner of Afterpay.

23
00:01:07,080 --> 00:01:10,000
Speaker 1: After a strong earnings result on Wall Street overnight, it

24
00:01:10,080 --> 00:01:12,800
Speaker 1: finished up five percent. These dollar starts the weekend, buying

25
00:01:12,880 --> 00:01:16,199
Speaker 1: just over sixty five US cents. Storing number two Wall

26
00:01:16,200 --> 00:01:18,880
Speaker 1: Street tumbled overnight, with the S and P five hundred

27
00:01:18,880 --> 00:01:20,800
Speaker 1: and fall and one point four percent, and the tech

28
00:01:20,840 --> 00:01:24,080
Speaker 1: heavy Nastat closing down two point three percent. It was

29
00:01:24,160 --> 00:01:26,640
Speaker 1: the macro outlook as much as earnings from Apple and

30
00:01:26,680 --> 00:01:30,560
Speaker 1: Amazon that sent markets lower. Initial jobless claims in the

31
00:01:30,640 --> 00:01:33,720
Speaker 1: US rose at the fastest rate in a year, while

32
00:01:33,720 --> 00:01:38,039
Speaker 1: a key manufacturing activity fell further into contractionary territory and

33
00:01:38,080 --> 00:01:41,080
Speaker 1: to a level that's previously signaled a recession is coming.

34
00:01:41,640 --> 00:01:45,000
Speaker 1: It seems that investors youphoric about the potential for lower

35
00:01:45,040 --> 00:01:49,080
Speaker 1: interest rates, suddenly realized lower interest rates means a slow

36
00:01:49,120 --> 00:01:52,400
Speaker 1: down in the economy is on the way. In one session,

37
00:01:52,800 --> 00:01:55,800
Speaker 1: talked turned from whether the Fed will cut rates to

38
00:01:56,040 --> 00:01:59,000
Speaker 1: how far behind is the Fed in cutting rates? That

39
00:01:59,080 --> 00:02:01,880
Speaker 1: flowed through to Australia. You can't say the markets aren't fickle.

40
00:02:02,360 --> 00:02:05,120
Speaker 1: Storry Number three sleep Apnea Group ResMed it said revenues

41
00:02:05,160 --> 00:02:08,480
Speaker 1: jump nine percent during the June quarter as expected as

42
00:02:08,480 --> 00:02:12,799
Speaker 1: a medical device makers sold more breathing devices, masks and software,

43
00:02:13,000 --> 00:02:15,240
Speaker 1: and Chief executive Mick Farrell said, rather than the new

44
00:02:15,280 --> 00:02:17,960
Speaker 1: generation of weight loss drugs being bad for Esmed, they

45
00:02:18,000 --> 00:02:20,560
Speaker 1: could end up being a boon. Twelve months ago, ResMed

46
00:02:20,639 --> 00:02:23,160
Speaker 1: was sold off on speculation that weight loss drugs such

47
00:02:23,200 --> 00:02:27,360
Speaker 1: as zenpic would lessen demand for sleep apnea treatments, but

48
00:02:27,440 --> 00:02:30,200
Speaker 1: today mister Farrell said the new drugs were a catalyst

49
00:02:30,280 --> 00:02:33,079
Speaker 1: for more people to engage with the health system, triggering

50
00:02:33,120 --> 00:02:36,200
Speaker 1: a business opportunity for res Me. Now as Med's listed

51
00:02:36,200 --> 00:02:38,920
Speaker 1: in the US and Australia. Mister farrells to the fourth

52
00:02:39,000 --> 00:02:42,160
Speaker 1: quarter and full year fiscal twenty twenty four results demonstrate

53
00:02:42,200 --> 00:02:44,960
Speaker 1: a strong performance across all sectors of the business. Its

54
00:02:45,000 --> 00:02:47,799
Speaker 1: share price initially jumped, but as the market fell, say

55
00:02:47,800 --> 00:02:50,880
Speaker 1: did it it finished the day down two percent. Sorry.

56
00:02:50,880 --> 00:02:54,080
Speaker 1: In number four, Prime Minister Anthony Albernizi has dismissed calls

57
00:02:54,080 --> 00:02:57,840
Speaker 1: to create a dedicated building watchdog following concessions from the

58
00:02:57,880 --> 00:03:01,440
Speaker 1: Fair Work Commission that it lacks jurisdictional power to investigate

59
00:03:01,480 --> 00:03:07,079
Speaker 1: criminal allegations involving the CFMEU. The Master Builders Association has

60
00:03:07,120 --> 00:03:09,640
Speaker 1: called for a new industry regulator with broad powers to

61
00:03:09,760 --> 00:03:12,760
Speaker 1: enforce civil and criminal law to clean up the sector.

62
00:03:13,040 --> 00:03:15,440
Speaker 1: It comes after the Australian Financial Review revealed that the

63
00:03:15,480 --> 00:03:19,160
Speaker 1: Fair Work Commission doesn't have sufficient jurisdictional powers to properly

64
00:03:19,160 --> 00:03:23,240
Speaker 1: investigate allegations of criminality but miss trail. Benezi today cited

65
00:03:23,240 --> 00:03:26,040
Speaker 1: the failings of the Australian Building and Construction Commission, which

66
00:03:26,080 --> 00:03:29,160
Speaker 1: was abolished in twenty twenty three, to reject the calls

67
00:03:29,360 --> 00:03:32,320
Speaker 1: from the industry for it to be re established. He said,

68
00:03:32,440 --> 00:03:36,760
Speaker 1: while the ABCC existed, c FMEU power breakers were extending

69
00:03:36,800 --> 00:03:40,040
Speaker 1: their influence, so therefore it didn't work. When asked whether

70
00:03:40,040 --> 00:03:42,160
Speaker 1: there's a need to have a powerful regulator with the

71
00:03:42,200 --> 00:03:45,440
Speaker 1: ability to investigate criminality, the Prime Minister said, please have

72
00:03:45,520 --> 00:03:49,200
Speaker 1: powers to investigate criminality. There you go and story number five.

73
00:03:49,240 --> 00:03:52,320
Speaker 1: A number of airlines have canceled flights to Israel amid

74
00:03:52,440 --> 00:03:54,680
Speaker 1: rising tensions in the Middle East in the aftermath of

75
00:03:54,760 --> 00:03:58,680
Speaker 1: the killing of Hamas leader Ismail Haniya. Mister Haneya was

76
00:03:58,720 --> 00:04:02,480
Speaker 1: assassinated in tayr And on Wednesday, intensifying fears that the

77
00:04:02,480 --> 00:04:05,440
Speaker 1: conflict in the Middle East could escape beyond its current borders.

78
00:04:05,840 --> 00:04:09,400
Speaker 1: Canceled airlines include Air India, United Airlines and Delta from

79
00:04:09,400 --> 00:04:12,280
Speaker 1: the US and the Luftanza group, which includes Swiss Airlines.

80
00:04:12,480 --> 00:04:15,960
Speaker 1: At this stage, according to the Australian Emirates and Quantas

81
00:04:16,040 --> 00:04:19,719
Speaker 1: still have fights departing to Israel from Australia. Earlier today,

82
00:04:19,800 --> 00:04:23,160
Speaker 1: Prime Minster Anthony Albernezi once again warned Australians in Lebanon

83
00:04:23,360 --> 00:04:25,680
Speaker 1: to leave the country following the killing of a top

84
00:04:25,760 --> 00:04:29,360
Speaker 1: Hesbala commander earlier in the week. That's it for afternoon

85
00:04:29,440 --> 00:04:31,800
Speaker 1: report for Friday, the second of August twenty twenty four.

86
00:04:32,160 --> 00:04:34,400
Speaker 1: Don't forget to follow on the podcast and find Fear

87
00:04:34,440 --> 00:04:37,800
Speaker 1: and Greed on LinkedIn, Instagram, ex TikTok and Facebook. Join

88
00:04:37,880 --> 00:04:40,200
Speaker 1: Michael Thompson and I tomorrow morning for the weekend Fast

89
00:04:40,240 --> 00:04:43,599
Speaker 1: five by Fear and Greed. I'm Sean Elmer. Enjoy your evening.