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Speaker 1: Today on Fear and Greed. The local share market tumbles

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Speaker 1: as global inflation fears increase. Biopharmaceutical group Misoblast gets approval

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Speaker 1: for a new drug sending at share price up fifty

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Speaker 1: percent in one day. And don't be surprised if Sashimi

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Speaker 1: ends up on the Christmas luncheon table this year, along

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Speaker 1: with Prawn's and Oysters, plus international student numbers set to

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Speaker 1: be cut, and Sydney to Melbourne becomes the fifth most

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Speaker 1: trafficked air route. Welcome to Fear and Greed. Daily business

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Speaker 1: news for people who make their own decisions. It is Friday,

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Speaker 1: the twentieth of December twenty twenty four. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning of the ASX tumbled by

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Speaker 1: as much as two percent yesterday following Wall Street after

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Speaker 1: the US FED downplayed the chances of several rate cuts

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Speaker 1: in the world's largest and most important economy. A very

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Speaker 1: rough day for investors, with all eleven sub indices ending lower.

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Speaker 1: The tech stocks were hit hardest. The proverbial sea of

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Speaker 1: red Michael see of red, Oh dear, that's just that's

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Speaker 1: not what you want. To see is it. And it

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Speaker 1: is like you watch the news, you watch the TV

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Speaker 1: news last night, and it was just a guarantee just

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Speaker 1: read everywhere. It's a very visual thing.

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Speaker 2: It is. It began on Wall Street when the US

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Speaker 2: Federal Reserve cut the official interest rate by zero point

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Speaker 2: two five percentage points, but said two further cuts rather

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Speaker 2: than four are likely next year chairs your own pal.

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Speaker 2: So the Fed was going to be more cautious in

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Speaker 2: the future, and that sent the S and P five

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Speaker 2: hundred doubling three percent. The point here, maybe inflation hasn't

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Speaker 2: quite been slayed as we thought. The reaction locally was swift,

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Speaker 2: with US focused companies or companies that have lots of

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Speaker 2: earnings out of the US getting hit hardest. James Hardy Industries,

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Speaker 2: for example, that tumbled more than five percent, Medicus was

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Speaker 2: down about six percent, Zipco fell about ten percent, and

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Speaker 2: Quantus was off four percent. By the close, the market

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Speaker 2: was down one point seven percent. That's the overall market,

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Speaker 2: to eighty one hundred and sixty eight points. Jean.

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Speaker 1: It wasn't just equity markets that got hit yesterday. It

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Speaker 1: was really it seemed to be a fairly comprehensive blood.

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Speaker 2: Bath, A very comprehensive blood bath.

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Speaker 1: Another graphic image, wasn't it.

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Speaker 2: Yeah, yeah it was, But that's right. The Ausie dollars

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Speaker 2: certainly felt it, tumbling to just below sixty two US

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Speaker 2: cents at one point. Its most recent low is sixty

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Speaker 2: one point sixty nine US cents during COVID. Yesterday's move

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Speaker 2: is very much in the back of a jump in

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Speaker 2: the US dollars. Traders when they are fearful by US dollars,

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Speaker 2: so everything else. Bitcoin also fell back towards one hundred

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Speaker 2: thousand US dollars a unit on all futures dropped towards

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Speaker 2: one hundred US dollars a ton. Gold was lower. Also.

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Speaker 2: The Bank of England came out and it's made similar

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Speaker 2: comments to the FED, dousing expectations of big, great cuts

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Speaker 2: in that economy. You know who's looking pretty good here

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Speaker 2: at the moment as a result of all this.

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Speaker 1: Is it the Reserve Bank?

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Speaker 2: It is? It is. They've been criticized for not doing

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Speaker 2: anything on raids. Everyone else has been cutting, we haven't.

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Speaker 2: And when you see what's happened in the US and

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Speaker 2: in England, you think maybe they just jumped a bit

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Speaker 2: too early. Maybe the Reserve Bank's got it right.

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Speaker 1: Suddenly Michelle Bullock is looking more like Nostradamis.

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Speaker 2: She would be insulted by That's She's got a great

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Speaker 2: sense of human Michelle Bullock a lovely person, but I

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Speaker 2: don't think she wants to be called Nostra Damas.

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Speaker 1: Okay, all right, Look just a quick mention, Sean, while

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Speaker 1: we are talking about the Reserve Bank and what is

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Speaker 1: happening elsewhere in the world. Your interview that's coming up

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Speaker 1: after the show today, you are talking to Charrell Murphy

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Speaker 1: e wis, Chief Economist.

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Speaker 2: It's a great chat with cherrelle about where we're up

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Speaker 2: to as we end twenty twenty four, particularly around government

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Speaker 2: spending and does it actually matter that we've got these

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Speaker 2: huge defforts that's coming, how do we pay it back?

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Speaker 2: I think it is kind of one of the more

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Speaker 2: insightful economic commentaries we've had all year, because she really

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Speaker 2: does lay down just where we are and why deficits matter.

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Speaker 1: Yeah, it's a really interesting conversation. It is coming up

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Speaker 1: after the show, so stick around for that one, Sean.

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Speaker 1: We talked about all the companies and the sectors that

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Speaker 1: have been hit. One company that didn't fall yesterday was

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Speaker 1: miso Blast, it went the other way. Its share price

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Speaker 1: jumped fifty percent in one day.

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Speaker 2: In fact, by the close it was fifty four percent.

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Speaker 2: Quite extraordinary. The US Federal Drug Administration gave the green

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Speaker 2: light to Miso blasts sell therapy treatment. Right console, it'll

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Speaker 2: be used to treat children for a life threatening complication

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Speaker 2: that can occur during bone marrow transplants. Now, that hasn't

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Speaker 2: been a treatment for this ever, and there's about fifteen

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Speaker 2: hundred children receive a bone marrow transplant each year in

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Speaker 2: the US, most of them are at high risk of

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Speaker 2: this comple location. In January, the FDA recognized miso Blast

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Speaker 2: cell therapy rever score. I'm going to get that wrong,

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Speaker 2: but rev score that treats heart disease in newborn babies.

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Speaker 2: The company's share price is up nearly nine hundred percent

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Speaker 2: this year, easily the best of the top two hundred.

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Speaker 2: It's now worth three point two billion dollars. Fantastic to

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Speaker 2: see a pharmaceutical and Australian biopharmaceutical company doing so well

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Speaker 2: in creating new technologies and treatments, particularly for kids.

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Speaker 1: Yeah, absolutely, any other corporate stories to get across to that.

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Speaker 1: I know that just feels like such an open ended question,

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Speaker 1: and it is high risk because it.

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Speaker 2: Just gives you. You've greenlighted me.

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Speaker 1: Yep, just go for it. You've got forty seconds to

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Speaker 1: squeeze a few in right instact. Pivot pasted a net

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Speaker 1: loss of three hundred and eleven million dollars for the

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Speaker 1: twenty twenty four financial year, down from five to sixty

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Speaker 1: million in net profit the prior year. That was on

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Speaker 1: the back of the right down the value of two

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Speaker 1: major plants. Its share price fell about three percent. Yesterday,

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Speaker 1: Woodside Energy in Chevron struck a deal which we'll see

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Speaker 1: the Australian company exit the thirty four billion at US

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Speaker 1: dollar Wheatstone llenng venture. Chevron will play Woodside up to

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Speaker 1: four hundred million US in cash as part of that transaction,

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Speaker 1: and AGL Energy will pay out twenty five million dollars

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Speaker 1: in penalties after a court ruled the company had failed

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Speaker 1: to notify and refund approximately five hundred customers within the

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Speaker 1: required time frame for center pay payments. It was like

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Speaker 1: a forty one seconds. You're I think very good at

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Speaker 1: that very precise Sean. We'll take a quick break before

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Speaker 1: we do that. I just want to mention some of

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Speaker 1: the episodes that we've got coming up over the next

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Speaker 1: couple of weeks. We've got essentially something pretty special. We've

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Speaker 1: got two episodes every day, one morning, one afternoon. It

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Speaker 1: is part of a special Fear and Greed Summer investing series.

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Speaker 1: So from Monday, twice a day, all new episodes, including

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Speaker 1: interviews with some of Australia's best investors telling us the

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Speaker 1: stocks they're watching, the trends, to keep an eye on

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Speaker 1: alternative investments, property as well. We're covering everything and next

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Speaker 1: week as well as you and me and our colleague

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Speaker 1: Adam Lang taking a look at the biggest and best

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Speaker 1: stories of the year as well. So we've got some

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Speaker 1: terrific listening lined up for you over the next few weeks.

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Speaker 1: In the meantime, Sean, though we've still got a bit

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Speaker 1: we've got to get through today. We'll be back in

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Speaker 1: a moment with the rest of the day's business news.

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Speaker 1: Sean international student numbers will be cut after budget figures

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Speaker 1: released earlier in the week show that the government is

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Speaker 1: failing to meet its goal of lower migration.

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Speaker 2: Home Affairs Minister Tony Burke will sign a new ministerial

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Speaker 2: direction allowing the government to slow visa processing and limit

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Speaker 2: the number of international students and university can roll. The

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Speaker 2: order will replace the existing Ministerial Direction one oh seven.

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Speaker 2: We spoke a lot about that during the year and

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Speaker 2: effectively introduced as measures that would have been legislated had

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Speaker 2: the Coalition not opposed to bill in Parliament capping international students.

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Speaker 2: Education Minister Jason Claire said the new direction would be

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Speaker 2: fairer for regional and out of metropolitan universities, as well

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Speaker 2: as takes. Under Ministerial Direction one oh seven, lower risk universities,

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Speaker 2: including the major Group of eight institutions, were given priority

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Speaker 2: in a bid to tweed out less ethical providers and education agents.

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Speaker 2: I suppose they were kind of luring students who were

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Speaker 2: unable to support themselves, but they were getting paid as

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Speaker 2: a result of it. Anyway, this new ministerial direction will

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Speaker 2: replace that one.

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Speaker 1: Sean A and Z held its annual general meeting yesterday

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Speaker 1: and investors are not happy, with around thirty eight percent

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Speaker 1: of shareholders voting against the bank's remuneration report.

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Speaker 2: Outgoing chief executive Shane Elliott also voluntarily gave up three

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Speaker 2: point two million dollars in bonuses on the back of

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Speaker 2: the scandal around the bank's trading flaws, which are now

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Speaker 2: part of a regular Trey investigation into market manipulation. The

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Speaker 2: allegations are that traders manipulated are four billion dollar federal

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Speaker 2: government bondishuans to benefit themselves in the bank, pushing up

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Speaker 2: borrowing costs. That has really I mean, there was a

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Speaker 2: lot of angst at the annual general meeting yesterday, with

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Speaker 2: shareholders getting very vocal about what was going on there. Now.

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Speaker 2: Last week mister Elliot said he would step down next year.

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Speaker 2: Portuguese banker Nuno Martos will take the top job. They

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Speaker 2: didn't have to vote on his bonus yesterday because he

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Speaker 2: gave it up voluntarily. As it turned out, based on proxies,

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Speaker 2: it probably would have passed. He probably would have got

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Speaker 2: the bonus, but probably I don't know. It's very decent,

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Speaker 2: but he sort of stood up and said I won't

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Speaker 2: take that money. The first strike against ain Z's rem

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Speaker 2: report hasn't happened since twenty eighteen. That's the last time

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Speaker 2: they had first strike. Another one next year means the

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Speaker 2: board will spill and directors will have to be revoted.

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Speaker 1: In seems quite the honorable thing to do. Isn't it

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Speaker 1: and then three point two millions a lot of money.

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Speaker 1: That's a lot of money. And afterwards and they see

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Speaker 1: that it might have passed anyways, mind.

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Speaker 2: Yes, that's right, yeah yeah, yeah yeah.

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Speaker 1: Anyway, So on, Australian officials have helped nearly one hundred

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Speaker 1: and fifty citizens get home from Vanuatu overnight, as a

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Speaker 1: Pacific island continues to deal with the aftermath of two

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Speaker 1: very significant serious earthquakes.

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Speaker 2: Australian citizens were assisted home on Royal Australian Air Force

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Speaker 2: flights which had been sent as a humanitarian mission. On Wednesday,

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Speaker 2: A sixty four person disastrous distance response team from Australia

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Speaker 2: is on the ground in Vanuatu. The team includes Queensland's

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Speaker 2: fire and rescue personnel and canine teams, as well as doctors, paramedics,

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Speaker 2: engineers and communications technicians. The seven point three magnitude earthquake

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Speaker 2: struck on Tuesday, killing fourteen in injuring hundreds and.

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Speaker 1: The Albanese government will reopen Australia's embassy in the Ukrainian

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Speaker 1: capital Kiev.

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Speaker 2: They will Foreign Minister Pennywong traveled to Ukraine and visited

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Speaker 2: the site of the embassy, which was evacuated by the

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Speaker 2: former coalition government in early twenty twenty two, shortly after

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Speaker 2: Russia's February twenty four invasion, m Zwong said that from

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Speaker 2: next month Australia's ambassador and Deputy Head of Mission will

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Speaker 2: return to Kiev. MBC staff and activity were relocated to Poland,

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Speaker 2: but that move was only supposed to be temporary. Australia's

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Speaker 2: arrangement became increasingly isolated and unusual as most other countries

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Speaker 2: returned their diplomatic staff to Kiev over the course of

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Speaker 2: twenty twenty two.

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Speaker 1: Every female employee of BHP and Rio Tinto over the

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Speaker 1: past twenty years will be invited to join class actions

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Speaker 1: alleging sexual harassment. After Brisbane law firm GJA Sadler started

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Speaker 1: legal proceedings last week. Sean GJ Sadler lawyer josh Aylward

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Speaker 1: said he had advised two unnamed women in the filing

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Speaker 1: of two separate claims, one against HP one against Rio.

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Speaker 1: According to a story in The finn Review, the legal

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Speaker 1: action would be run on an opt out basis. That

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Speaker 1: means all women who worked for BHP or Rio since

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Speaker 1: November two thousand and three will be eligible to register

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Speaker 1: for the claim unless they actively choose not to. Mister

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Speaker 1: Aylwood said BHP and REO would be ordered by the

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Speaker 1: court potentially as early as February to contact all former

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Speaker 1: female employees and make them aware of their eligibility. The

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Speaker 1: class action comes two and a half years after West

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Speaker 1: Australian Parliament handed down a bombshell inquiry into sexual harassment

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Speaker 1: at mind Sights. The process for speag miners such as BHP,

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Speaker 1: RIO and Fortescu to reveal dozens of sexual harassment claims

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Speaker 1: made by their staff show in. Australia's Sydney to Melbourne

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Speaker 1: aviation route is once more the fifth busiest in the

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Speaker 1: world according to data group OAG.

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Speaker 2: And it's a very profitable route too because of these

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Speaker 2: strong corporate demand for flights between Australia's two biggest cities.

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Speaker 2: There were nine point two million seats on the Sydney

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Speaker 2: to Melbourne route in twenty twenty four, compared to the

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Speaker 2: top former was in Korea JJ to Seoul, which had

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Speaker 2: fourteen point two million seats, equating to almost thirty nine

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Speaker 2: thousand daily seats on that Korean route. According to report

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Speaker 2: in The Australian, only two of the top ten routes

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Speaker 2: in the world were outside Asia, Sydney Melbourne being one,

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Speaker 2: Jeda Read being the other that was ranked sixth busiest.

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Speaker 2: Three of the top ten roots were in Japan. OAG

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Speaker 2: expects demand for air travel two remain at pretty high levels.

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Speaker 2: Corporate travel demand will gradually recover and compensate for any

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Speaker 2: loss driven by revenge spend travelers. So we had a

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Speaker 2: big boom after COVID people were traveling all the time.

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Speaker 2: That's coming off a bit, but corporate travel's coming back

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Speaker 2: in Prawn's.

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Speaker 1: And oysters sean are pretty standard fare at Christmas, but

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Speaker 1: there is a new style of seafood expected on tables

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Speaker 1: next week. Sashimi, kingfish, tuna, Atlantic salmon fish that often

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Speaker 1: feature in traditional Japanese raw seafood platters are in hot

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Speaker 1: demand according to retailers. An AFR report says the Sydney

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Speaker 1: fish market, which is the largest in the country, expects

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Speaker 1: to sell more than three hundred and fifty tons of

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Speaker 1: seafood that's about three and a half blue whales in

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Speaker 1: thirty six hours around the clock, trading between Christmas up

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Speaker 1: until Christmas morning. It includes one hundred and twenty tons

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Speaker 1: of prawns close to seventy thousand dozen oysters and more

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Speaker 1: and more sashimi or fishes like kingfish tuneor Atlantic salmon.

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Speaker 1: They go to sashimi.

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Speaker 2: One traditional looking popular once again, Michael is he Christmas pudding?

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Speaker 2: Apparently David Jones is reporting a bounce back in sales

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Speaker 2: of Christmas puddings. There you go.

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Speaker 1: Do you do a Christmas pudding?

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Speaker 2: Sean always? I have a brandy butter, which my grandmother

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Speaker 2: and my mother, and now I like to think I've

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Speaker 2: taken the mantle. And this weekend, in fact, I'm traveling

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Speaker 2: out to Orange where my mum lives. I'm going to

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Speaker 2: have a Christmas lunch and I will be doing the

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Speaker 2: brandy butter.

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Speaker 1: That is amazing, It is delicious. Do you ever put

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Speaker 1: coins into your Christmas point?

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Speaker 2: Oh it's a very old world. Yeah did that they were?

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Speaker 2: Was it copper coins? Yeah? The penny farthings and sort

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Speaker 2: of before my time, believe it or not, they were

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Speaker 2: safe to put in the Christmas pudding, isn't it now

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Speaker 2: that the lead and the coins that you have now, yeah,

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Speaker 2: very dangerous. I wouldn't recommend it. Ah, Okay, your family

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Speaker 2: still do it?

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Speaker 1: Well, my father in law does it every year, still

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Speaker 1: loads all of these coins in, so maybe just gradually

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Speaker 1: everyone for Christmas, everybody gets a blood test. What the

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Speaker 1: lead levels are at? Goodness me?

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Speaker 2: All right? Good to know.

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Speaker 1: International news now show on New Zealand is in recession

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Speaker 1: after the economy contracted much more than expected in the

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Speaker 1: third quarter and the second quarter was revised lower.

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Speaker 2: Gross domestic product declined one percent from the previous quarter,

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Speaker 2: when it fell a revised one point one percent. Now

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Speaker 2: GDP is about one and a half percent lower than

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Speaker 2: year earlier, much much more than expected, much worse than expected.

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Speaker 2: The New Zealand dollar dropped a quarter of a usent

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Speaker 2: after the report. We talk about our Aussie dollar being

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Speaker 2: sixty two since the Kiwi dollars about fifty six US.

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Speaker 2: Since the economy's forecast to recover over twenty twenty five,

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Speaker 2: now that the Reserve Bank has started to cut interest rates,

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Speaker 2: consumer conference is rebounding, but that the nation is officially

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Speaker 2: in recession.

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Speaker 1: The US government could shut down within days, shown after

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Speaker 1: Donald Trump appeared to kill a bipartisan funding bill's chance

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Speaker 1: of passing through Congress. This does feel like an annual thing, now,

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Speaker 1: doesn't it? That there's a government shut down in the US.

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Speaker 2: What's scary about this, though, is that the agreement was

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Speaker 2: already done. There was deal done between House Republicans and Democrats.

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Speaker 2: Donald Trump lashed out at it. The funding actually runs

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Speaker 2: out tonight, so close of business Friday US time, which

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Speaker 2: is tonight our time. Trump came out, he urged his

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Speaker 2: allies on Capitol Hill to reject the foolish, and he

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Speaker 2: napped compromise. Hours later, leading Republicans ditched the legislation. House

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Speaker 2: Speaker Mike Johnson opted not to risk Trump's anger by

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Speaker 2: calling a vote on the measure in the chamber. Steve Scalacy,

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Speaker 2: another senior House Republicans, led late on Wednesday that the

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Speaker 2: bill was dead. This dramatic collapse of the bipartisan deal

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Speaker 2: just two days before the deadline just shows how influential

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Speaker 2: Trump is. I mean, he was on social media. He

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Speaker 2: was saying things like the only way to secure a

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Speaker 2: deal would be to stop gap funding than in capitals

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Speaker 2: without Democrat giveaways, combined with an increase in the debt ceiling, etc. Etc.

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Speaker 2: Incredibly influential already Donald Trump.

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Speaker 1: And fantastic use of all caps in his social media posts.

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Speaker 2: Yeah, no, one does it better?

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Speaker 1: No, certainly okay. Up next, John is the Fear and

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Speaker 1: Greed Daily Interview. Your guest today Charelle Murphy, chief economist

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Speaker 1: from EY. It's coming up next in the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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Speaker 1: com dot au. Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It is Friday, the twentieth of December twenty twenty four.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook.

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Speaker 2: Michael Thompson. That was Fear and Greed.

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Speaker 1: Have a great day.