1 00:00:04,240 --> 00:00:06,880 Speaker 1: Welcome to the Fear and Greed Business Year's Afternoon Report 2 00:00:06,920 --> 00:00:09,479 Speaker 1: for Tuesday, the twenty third of July twenty twenty four. 3 00:00:09,560 --> 00:00:11,959 Speaker 1: I'm sure al mump every afternoon. We've got the five 4 00:00:12,000 --> 00:00:13,960 Speaker 1: stories that happened today that you need to know about. 5 00:00:14,280 --> 00:00:17,200 Speaker 1: Storry number one. The SMPASX two hundred closed up half 6 00:00:17,200 --> 00:00:20,480 Speaker 1: a percent today to seven nine hundred and seventy one points. 7 00:00:20,760 --> 00:00:22,959 Speaker 1: The tech stocks did best following a strong lead in 8 00:00:22,960 --> 00:00:26,600 Speaker 1: from Wall Street, while healthcare stocks, industrials, and consumer discretionary 9 00:00:26,600 --> 00:00:30,720 Speaker 1: companies also outperformed worse than the day worthy. Energy stocks 10 00:00:30,960 --> 00:00:34,440 Speaker 1: CSL was a strong performer today, so too. Commonwealth Bank 11 00:00:34,720 --> 00:00:38,000 Speaker 1: BHP slide continues. It's now worth two hundred and ten 12 00:00:38,200 --> 00:00:41,840 Speaker 1: billion dollars. That's thirteen billion dollars less than Commonwealth Bank 13 00:00:42,040 --> 00:00:44,159 Speaker 1: now just about a week ago or so. It was 14 00:00:44,200 --> 00:00:47,360 Speaker 1: the biggest company on the burse No longer in corporate news, 15 00:00:47,360 --> 00:00:50,120 Speaker 1: Transurban said it will partner with the Queensland government to 16 00:00:50,159 --> 00:00:54,320 Speaker 1: widen the western section of the state's Logan motorway. Burns 17 00:00:54,360 --> 00:00:58,320 Speaker 1: treatment developer Polynovo outline growing demand for the company's products 18 00:00:58,320 --> 00:01:02,400 Speaker 1: in conflict zones and developed countries. Revenue last financial year 19 00:01:02,440 --> 00:01:04,920 Speaker 1: was up more than fifty percent. Its share price jumped 20 00:01:04,959 --> 00:01:06,959 Speaker 1: more than seven percent. The best of the top two 21 00:01:07,040 --> 00:01:10,559 Speaker 1: hundred West Farmers and JB High five hit record highs 22 00:01:10,840 --> 00:01:13,400 Speaker 1: Linas Rare Earth said the June quarter was marked by 23 00:01:13,440 --> 00:01:17,280 Speaker 1: lower production due to maintenance works and falling prices for products. 24 00:01:17,800 --> 00:01:21,360 Speaker 1: Story number two. Wall Street closed higher this morning, with 25 00:01:21,440 --> 00:01:24,440 Speaker 1: tech stocks leading the way, and Vidia jumped nearly five percent, 26 00:01:24,840 --> 00:01:27,920 Speaker 1: while Tesla was up even more. One stock not doing 27 00:01:27,959 --> 00:01:31,959 Speaker 1: so well is CrowdStrike, the cybersecurity group responsible for last 28 00:01:31,959 --> 00:01:35,479 Speaker 1: week's global IT outage. It's off nearly twenty five percent 29 00:01:35,640 --> 00:01:39,240 Speaker 1: since the botched update. Perhaps it should be off more. 30 00:01:39,640 --> 00:01:42,039 Speaker 1: After getting used to what happened in US politics over 31 00:01:42,040 --> 00:01:45,040 Speaker 1: the weekend, Wall Street still thinks Donald Trump will end 32 00:01:45,080 --> 00:01:47,720 Speaker 1: up as president. That supported the US dollar, pushing the 33 00:01:47,720 --> 00:01:50,600 Speaker 1: Aussie dollar down to sixty six point three US cents. 34 00:01:50,800 --> 00:01:52,720 Speaker 1: That's a one month low. It's been heading lower for 35 00:01:52,720 --> 00:01:55,880 Speaker 1: almost two weeks now. There is still pressure on commodity prices. 36 00:01:55,960 --> 00:01:58,800 Speaker 1: Goal fell back below twenty four hundred US dollars announce 37 00:01:59,080 --> 00:02:04,760 Speaker 1: overnight that's likely to continue. Story number three. The country's 38 00:02:04,760 --> 00:02:08,120 Speaker 1: biggest of builders and developers say the cfmeu's grip on 39 00:02:08,200 --> 00:02:13,120 Speaker 1: the construction sector has sent costs skyrocketing and damage productivity, 40 00:02:13,440 --> 00:02:17,480 Speaker 1: Yet they're reluctant to speak out publicly, fearing retaliation from 41 00:02:17,480 --> 00:02:21,120 Speaker 1: the militant union. One unidentified source and a story in 42 00:02:21,160 --> 00:02:24,200 Speaker 1: the Australian Financial Review said, and I quote, There's a 43 00:02:24,240 --> 00:02:26,560 Speaker 1: lot I could say, but to be honest, I'm still 44 00:02:26,680 --> 00:02:29,680 Speaker 1: very wary of publicly making any comments and could not 45 00:02:29,800 --> 00:02:32,640 Speaker 1: risk our name being attached to any comments for fear 46 00:02:32,760 --> 00:02:36,040 Speaker 1: of retribution. The report says the comment was echoed by 47 00:02:36,040 --> 00:02:40,720 Speaker 1: the leaders across construction and property development. Now, the CFMEU scandal, 48 00:02:40,760 --> 00:02:43,920 Speaker 1: which alleges bikey gangs, bags of cash, bullying and poor 49 00:02:43,960 --> 00:02:47,160 Speaker 1: behavior by the union, has prodded the Albansi government into 50 00:02:47,200 --> 00:02:52,040 Speaker 1: putting the CFMEU into external administration. The Fair Work Ombardsman 51 00:02:52,080 --> 00:02:55,639 Speaker 1: has been asked to review all CFMEU enterprise agreements connected 52 00:02:55,680 --> 00:02:59,480 Speaker 1: to Victoria's one hundred billion dollar Big Build Infrastructure pipeline 53 00:02:59,760 --> 00:03:03,679 Speaker 1: and Federal Infrastruction Minister Catherine King has directed her department 54 00:03:04,000 --> 00:03:08,480 Speaker 1: to review construction projects overseen by government business enterprises, including 55 00:03:08,480 --> 00:03:13,000 Speaker 1: the new Western Sydney Airport and Inland Rail Story number four. 56 00:03:13,360 --> 00:03:15,440 Speaker 1: The alban Easy government has given the green light to 57 00:03:15,480 --> 00:03:18,760 Speaker 1: a new round of gas exploration. The government now supports 58 00:03:18,760 --> 00:03:21,960 Speaker 1: gas as a transition energy and the new gas offshore 59 00:03:22,000 --> 00:03:25,360 Speaker 1: exploration permits cover both the Otway and Sorrel basins off 60 00:03:25,440 --> 00:03:28,520 Speaker 1: Victoria and Tasmania. Now. In an effort to soften the 61 00:03:28,560 --> 00:03:32,920 Speaker 1: environmental backlash, the governments also finalized ten permits to allow 62 00:03:33,040 --> 00:03:36,760 Speaker 1: exploration of carbon capture and storage to trap emissions from 63 00:03:36,800 --> 00:03:40,040 Speaker 1: gas projects and story number five. In an effort to 64 00:03:40,080 --> 00:03:44,000 Speaker 1: recover its battered reputation, Optus is allowing customers to try 65 00:03:44,000 --> 00:03:47,800 Speaker 1: its mobile network for one week for free. During the trial, 66 00:03:47,840 --> 00:03:51,280 Speaker 1: customers will have access to thirty gigabytes of data, unlimited 67 00:03:51,320 --> 00:03:54,760 Speaker 1: standard national calls, and one thousand standard national text messages 68 00:03:55,040 --> 00:03:58,040 Speaker 1: over a seven day period. The company's not requiring any 69 00:03:58,040 --> 00:04:01,400 Speaker 1: payment details from customers. The trials available through the Myoptis 70 00:04:01,440 --> 00:04:04,400 Speaker 1: app on any e SIM capable device, which is pretty 71 00:04:04,480 --> 00:04:07,360 Speaker 1: much most smartphones released in the past few years. That's all, 72 00:04:07,360 --> 00:04:10,400 Speaker 1: according to a report in this INNY Morning Herald. Customers 73 00:04:10,440 --> 00:04:13,080 Speaker 1: can keep their current number and current provider and use 74 00:04:13,120 --> 00:04:16,440 Speaker 1: the app to switch between services. Optus lost thousands of 75 00:04:16,480 --> 00:04:19,200 Speaker 1: customers as a result of last year's outage, which affected 76 00:04:19,240 --> 00:04:22,880 Speaker 1: ten million customers. The trial represents an open challenge for 77 00:04:22,920 --> 00:04:26,479 Speaker 1: customers to compare Optus to their current provider. That's according 78 00:04:26,480 --> 00:04:29,400 Speaker 1: to the Telcom. That's it for the afternoon Report for Tuesday, 79 00:04:29,440 --> 00:04:31,640 Speaker 1: the twenty third of July twenty twenty four. Don't forget 80 00:04:31,680 --> 00:04:34,200 Speaker 1: to follow on the podcast and find Fear and Greed 81 00:04:34,200 --> 00:04:37,800 Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. Join Michael Thompson 82 00:04:37,800 --> 00:04:39,719 Speaker 1: and I Tomorrow I'm morning for the Fast Five by 83 00:04:39,720 --> 00:04:42,160 Speaker 1: Fear and Greed, the top five business stories you need 84 00:04:42,200 --> 00:04:45,240 Speaker 1: to know in just five minutes. I'm Sean Elmer. Enjoy 85 00:04:45,279 --> 00:04:45,719 Speaker 1: your evening