1 00:00:03,640 --> 00:00:06,200 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,240 --> 00:00:08,640 Speaker 1: for Thursday, the fifth of June twenty twenty five. I'm 3 00:00:08,640 --> 00:00:11,520 Speaker 1: Sean Almer. Every afternoon, we've got the five stories that 4 00:00:11,560 --> 00:00:13,399 Speaker 1: happened today that you need to know about. Story and 5 00:00:13,400 --> 00:00:15,440 Speaker 1: now mine. The local share market looked like it was 6 00:00:15,480 --> 00:00:19,040 Speaker 1: heading for a record close, but couldn't quite get there. 7 00:00:19,239 --> 00:00:22,239 Speaker 1: In the end, the market was flat. It finished at 8 00:00:22,280 --> 00:00:25,360 Speaker 1: eighty five hundred and thirty nine points. Tech stocks and 9 00:00:25,400 --> 00:00:29,000 Speaker 1: the miners generally outperformed, while healthcare underperformed. There are a 10 00:00:29,000 --> 00:00:31,200 Speaker 1: few big moves, but it really wasn't the busiest day 11 00:00:31,240 --> 00:00:33,760 Speaker 1: of the year. Among the large caps, insure as QBE 12 00:00:33,840 --> 00:00:36,960 Speaker 1: and sun Corb dropped sharply, while CSL and Computer Share 13 00:00:37,040 --> 00:00:40,560 Speaker 1: also fell back. Fortescue Metals, Group, Wise, Tech Global, Goodman Group, 14 00:00:40,600 --> 00:00:44,040 Speaker 1: and Aristocrat Leisure were among the best. IDP Education fell 15 00:00:44,120 --> 00:00:47,599 Speaker 1: further today, taking its share price route to more than 16 00:00:47,800 --> 00:00:51,640 Speaker 1: fifty percent in two sessions. Of course, it delivered a 17 00:00:51,680 --> 00:00:55,640 Speaker 1: major profit warning on Wednesday. IDP share price is currently 18 00:00:55,720 --> 00:00:58,760 Speaker 1: ninety percent below its peak of November twenty twenty one. 19 00:00:59,080 --> 00:01:01,760 Speaker 1: Sorry Number two. Lithium and rare earth stocks haven't had 20 00:01:01,800 --> 00:01:03,680 Speaker 1: a lot to celebrate recently, but there was some good 21 00:01:03,680 --> 00:01:07,319 Speaker 1: news today with for local critical mineral companies. European car 22 00:01:07,400 --> 00:01:11,000 Speaker 1: makers have said restrictions by China on exports of rare 23 00:01:11,040 --> 00:01:15,280 Speaker 1: earth alloys, mixtures and magnets could cause delays and outages 24 00:01:15,280 --> 00:01:18,399 Speaker 1: in EV production now. Lithium is a key component for 25 00:01:18,480 --> 00:01:22,120 Speaker 1: lithium iron batteries used in evs. Its price is at 26 00:01:22,160 --> 00:01:24,600 Speaker 1: a four year low on the back of oversupply, but 27 00:01:24,880 --> 00:01:28,720 Speaker 1: the European comments provided some respite. Lithium plays mineral resources, 28 00:01:28,760 --> 00:01:32,360 Speaker 1: Pilgrim minerals, and line hand resources all surged today, as 29 00:01:32,400 --> 00:01:35,640 Speaker 1: did rare earths produce a liness story Number three Virgins 30 00:01:35,800 --> 00:01:40,120 Speaker 1: bankers have secured commitments from institutional investors to underwrite the 31 00:01:40,160 --> 00:01:42,479 Speaker 1: six hundred and eighty five million dollar flood. That means 32 00:01:42,480 --> 00:01:46,000 Speaker 1: fund managers are backing the float. It pretty much guarantees 33 00:01:46,160 --> 00:01:49,120 Speaker 1: owner Bain, we'll get a big payday on top of 34 00:01:49,160 --> 00:01:52,080 Speaker 1: the twenty five percent it sold to Quitar Airlines earlier 35 00:01:52,120 --> 00:01:54,880 Speaker 1: in the year. Bain bought Virgin for about seven hundred 36 00:01:54,920 --> 00:01:57,720 Speaker 1: million dollars in twenty twenty at the beginning of the pandemic, 37 00:01:58,200 --> 00:01:59,960 Speaker 1: took on billions of dollars in debt, but it does 38 00:02:00,080 --> 00:02:02,200 Speaker 1: look like it's going to get its money back. Storry 39 00:02:02,280 --> 00:02:05,600 Speaker 1: number four. In international markets, iron ore dropped further a 40 00:02:05,680 --> 00:02:09,400 Speaker 1: geopolitical tensions and a concerning economic outlook in China weighed 41 00:02:09,440 --> 00:02:12,440 Speaker 1: on the steel making commodity iron or futures are training 42 00:02:12,480 --> 00:02:15,440 Speaker 1: around ninety six US dollars a ton. Oil was also 43 00:02:15,520 --> 00:02:18,280 Speaker 1: lower on science that Saudi Arabia wants to increase production. 44 00:02:18,639 --> 00:02:21,520 Speaker 1: Saudi is the de facto leader of the Organization of 45 00:02:21,560 --> 00:02:24,960 Speaker 1: the Petroleum Exporting Countries. It wants to add at least 46 00:02:25,080 --> 00:02:28,040 Speaker 1: four hundred and eleven thousand barrels of oil a day 47 00:02:28,600 --> 00:02:31,680 Speaker 1: by August. Amazing numbers and the Aussie dollars trading just 48 00:02:31,800 --> 00:02:34,880 Speaker 1: under sixty five US cents Sorry number five. US President 49 00:02:34,880 --> 00:02:37,920 Speaker 1: Donald Trump spoke to his Russian counterpart Vladimir Putin overnight 50 00:02:38,280 --> 00:02:40,360 Speaker 1: and said he's not ready for an immediate peace in 51 00:02:40,480 --> 00:02:44,120 Speaker 1: Ukraine after an hour long conversation. During the conversation, the 52 00:02:44,200 --> 00:02:47,600 Speaker 1: Russian president warned of retaliation four Kiev's drone attack on 53 00:02:47,639 --> 00:02:50,320 Speaker 1: his country's bomber fleet. Trump said the core with Putin 54 00:02:50,400 --> 00:02:53,680 Speaker 1: was good, covering both the fighting with Ukraine and ongoing 55 00:02:53,680 --> 00:02:57,400 Speaker 1: negotiations with Iran over its nuclear program. But there were 56 00:02:57,400 --> 00:03:00,680 Speaker 1: no breakthroughs to report. According to the ft, the conversation 57 00:03:00,760 --> 00:03:03,280 Speaker 1: between Trump and Putin easy second between the two leaders 58 00:03:03,320 --> 00:03:05,560 Speaker 1: in less than a month and comes after the Russian 59 00:03:05,560 --> 00:03:08,640 Speaker 1: president rejected Ukraine's calls for an immediate cease fire and 60 00:03:08,720 --> 00:03:11,639 Speaker 1: a top level summit to end the war. That's it 61 00:03:11,720 --> 00:03:13,960 Speaker 1: for the Afternoon Report for Thursday, the fifth of June 62 00:03:13,960 --> 00:03:16,640 Speaker 1: twenty twenty five. Make sure you hit follow on the podcast. 63 00:03:16,720 --> 00:03:18,440 Speaker 1: We will be back to our morning with the Friday 64 00:03:18,600 --> 00:03:21,840 Speaker 1: edition there and green business units. I'm John Elmy. Enjoy 65 00:03:21,840 --> 00:03:22,400 Speaker 1: your evening.