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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Monday,

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Speaker 1: the twenty second of July twenty twenty four. I'm Sean Elmer.

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Speaker 1: Every afternoon, We've got the five stories that happened today

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Speaker 1: that you need to know about. Story number one. Equity

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Speaker 1: markets in the region dropped after Joe Biden announced he

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Speaker 1: won't run for president in the US election. That was

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Speaker 1: about four thirty am Australian time. His vice president, Carmla Harris,

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Speaker 1: is now hot favorite to replace him, though it's not assured.

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Speaker 1: Most Democrat politicians and heavyweights people like Bill and Hillary Clinton,

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Speaker 1: have come out in support of her. One who hasn't,

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Speaker 1: interestingly enough, is Barack Obama. The news sent the SMPA

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Speaker 1: six two hundred down one percent before it closed off

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Speaker 1: half a percent, and she stocks fell most, followed by Materials,

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Speaker 1: real estate investment trusts, and Telco's. Among the large caps,

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Speaker 1: the banks were flat or lower. Goodmin Group dropped more

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Speaker 1: than two percent, while Aria and QB were off one percent.

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Speaker 1: The retailers were strong performers, led by Cole's at Woolly's

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Speaker 1: and Wes Farmers. Insignia Financials share price jumped five percent

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Speaker 1: after it said it expects higher than forecast earnings, and

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Speaker 1: iris's share price closed up nine percent on stronger earnings guidance.

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Speaker 1: Storying number two in commodity markets, iron ore prices the

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Speaker 1: lower heading towards one hundred US dollars a ton. Inventory

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Speaker 1: levels at Chinese ports have risen and a higher than

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Speaker 1: the last couple of years. Also, Chinese steel production is

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Speaker 1: off to a week start this month, and shipments from

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Speaker 1: key markets such as Australia and Brazil are up this year.

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Speaker 1: In short, higher supply lower demand puts downboard pressure on prices.

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Speaker 1: Then there's copper. Copper is considered the benchmark commodity reflecting

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Speaker 1: how global growth is going. Last week, copper had its

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Speaker 1: worst five days since twenty twenty two, down five percent.

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Speaker 1: It peaked back in May, but since then demand from

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Speaker 1: China has disappointed, and last week's third Plenum in Beijing

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Speaker 1: did little to stimulate the world's second largest economy. That

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Speaker 1: cent copper lower, and other medals like aluminium, tin and

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Speaker 1: nickel also fell. Having said all that, on a historical basis,

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Speaker 1: copper prices remain pretty high. Storing at number three, South

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Speaker 1: thirty two share price tumbled thirteen percent today after it

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Speaker 1: warned about the viability of its Worsley Alumina refinery, blaming

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Speaker 1: the Western Australian government's strict approach to environmental approvals. The

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Speaker 1: diversified minor announced a five hundred and fifty four million

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Speaker 1: US dollar impairment and it isn't happy with the West

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Speaker 1: Australian government. It's said. For five years, South thirty two

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Speaker 1: has been working on environmental approvals for the refinery, saying

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Speaker 1: it had undertaken extensive environmental assessment and consultation with a

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Speaker 1: range of stakeholders. Then two weeks ago, the state's Environmental

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Speaker 1: Protection Agency said the proposal could go ahead, subject to conditions.

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Speaker 1: Now South thirty two says several of those conditions go

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Speaker 1: beyond what's reasonable. Otherwise, South thirty two's quarterly production was

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Speaker 1: broadly in line with expectations, with higher volumes across the business.

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Speaker 1: Storrowt number four Virgin Australia will act all flights from

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Speaker 1: Cans to Hartita just one year after the launch of

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Speaker 1: the route, citing poor inbound tourism. The root will cease

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Speaker 1: in February twenty twenty five because there are still thirty

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Speaker 1: percent a fewer inbound tourists from Japan to Australia then

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Speaker 1: pre covid. Keep in mind how weak the yen is,

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Speaker 1: and no doubt that's hurting Australia at least in terms

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Speaker 1: of Japanese tourists. Virgin's fleet of seven three seven Max

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Speaker 1: eights will be redeployed to the carrier's domestic roots. It's

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Speaker 1: the latest route to Asia to be scrapped in recent months,

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Speaker 1: following Quantus's exit from mainland China that takes effect next

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Speaker 1: week and story number five crowd strikes. Australian customers have

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Speaker 1: foregone their rights to pursue compensation for Friday's global outage

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Speaker 1: in the Australian courts. According to one of the nation's

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Speaker 1: top law firms, a botched software upgrade is expected to

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Speaker 1: cost businesses billions of dollars globally, with estimates in New

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Speaker 1: South Wales alone topic two hundred million dollars. After big banks, hospitals,

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Speaker 1: retailers and their lives were faced with what is known

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Speaker 1: as the blue screen of death. James North, head of Technology,

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Speaker 1: Media and Communications that Cause Chambers Westcat, told The Australian

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Speaker 1: that extracting compensation for flot would be difficult. He said

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Speaker 1: many of Crowdstrikes, customers must agree to New York governing

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Speaker 1: law and arbitration in Singapore for going access to Australian

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Speaker 1: courts in the pursuit of legal remedies. CrowdStrike earned more

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Speaker 1: than two billion US dollars from companies globally last year.

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Speaker 1: According to Gartner, it's the second biggest provider of what's

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Speaker 1: known as endpoint protection. In Australia. It earned more than

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Speaker 1: one hundred and eleven million dollars from companies last year.

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Speaker 1: That's It Fair Afternoon Report for Monday, the twenty second

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Speaker 1: of July twenty twenty four. Don't forget tit. Follow on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Thomas and I Tomorrow

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Speaker 1: I'm Morning for the Fast Five by Fear and Greed,

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Speaker 1: the top five business stories you need to know in

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Speaker 1: just five minutes. Samshow Elmer. Enjoy your evening.