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

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Speaker 1: the eleventh of December twenty twenty four. I'm Suan 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 um one. The

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Speaker 1: Reserve Bank of Australia has kept the official cash rate

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Speaker 1: on hold at four point three five percent, but Governor

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Speaker 1: Michelle Bullock hinted the Central Bank Board would start thinking

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Speaker 1: about rate cuts if inflation continues to moderate, and she

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Speaker 1: expects it will do that. Markets reacted immediately. Bond traders

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Speaker 1: have now ascribed a fifty percent chance of a rate

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Speaker 1: cut in February next year and one hundred percent by April.

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Speaker 1: The Aussie dollar, which was trading above sixty four US cents,

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Speaker 1: dropped back below that mark. Short term Aussie dollar movements

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Speaker 1: depends on rate expectations. If rates were expected to be

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Speaker 1: lower than the Aussie dollar falls story number two. The

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Speaker 1: Australian Stock Exchange had been trading quite a bit lower today,

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Speaker 1: but it jumped after the Reserve banks two thirty pm announcement.

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Speaker 1: By the close, it was down less than half percent

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Speaker 1: to eighty three hundred and ninety three points. The tech

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Speaker 1: sector tumbled most in part thanks to a big sell

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Speaker 1: off in pro Medicus, which ended down eight and a

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Speaker 1: half percent. It's run very hard. Maybe there's some profit

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Speaker 1: taking going on. Certainly the company didn't release any new

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Speaker 1: news today. Other tech stocks to fall included Wise Tech, Global, Zero,

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Speaker 1: and Area. The banks were lower, with National Australian Bank

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Speaker 1: and Westpac off more than two percent each. The big winners, though,

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Speaker 1: were the miners, on the back of more upbeat news

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Speaker 1: out of Beijing China wants to run more lax monitory

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Speaker 1: and fiscal policies next year, good news for the minus

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Speaker 1: Fortescu Metals jumped six and a half percent. Rare was

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Speaker 1: up five percent, Bhp more than three percent. Treasury Wine

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Speaker 1: Estates said it has bought the Stone and Moon Winery

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Speaker 1: in northeastern China for a just over of twenty seven

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Speaker 1: million dollars. Its share price jumped four percent. Platinum Asset

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Speaker 1: Management fell another three percent today after yesterday's news that

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Speaker 1: Suja Regal Partners is walking away from a deal with

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Speaker 1: and Meyer held its annual general meeting today. The chair

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Speaker 1: Olivia Worth, said Black Friday sales were encouraging despite a

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Speaker 1: challenging start. To the retail year, share price ended up

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Speaker 1: more than one percent. Story number three. In politics, there's

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Speaker 1: the furor over the use of the Australian flag after

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Speaker 1: Opposition leader Peter Dutton said if elected, he'd only stand

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Speaker 1: in front of the Aussie flag and not the Indigenous flag.

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Speaker 1: Now Prime Minister Anthony Albanezi regularly holds press conferences and

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Speaker 1: general conferences in front of both flags. Peter Dutton told

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Speaker 1: Sky News that Australia should be united under one flag

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Speaker 1: and he would never address the nation with both the

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Speaker 1: Australian and the Indigenous flags behind him. Later, Shadow Home

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Speaker 1: Affairs Minister James Patterson said Australian needs to have a

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Speaker 1: unifying flag, referring to the current Australian flag. Story number four.

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Speaker 1: Things aren't getting any better at Woorworth's, with the New

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Speaker 1: Zealand Competition Regulator filing charges against the retailer and its

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Speaker 1: Keywi rival, Pack and Save, claiming both are misleading shoppers

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Speaker 1: on promotional prices and specials. Sounds very familiar, doesn't The

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Speaker 1: Commerce Commission's Deputy chair and Callanan said the regulator was

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Speaker 1: not satisfied that specials really are special. She said supermarkets

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Speaker 1: in New Zealand have been on notice for a long

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Speaker 1: time about having clear pricing and accurate labeling of specials.

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Speaker 1: Willis has been in New Zealand for almost twenty years.

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Speaker 1: It has almost two hundred stores there, though earnings have

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Speaker 1: disappointed recently. Of course, in Australia, along with Cole's, Willworths's

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Speaker 1: fighting action launched by the Australian Competition and Consumer Commission

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Speaker 1: that alleges promotional prices on hundreds of products were actually

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Speaker 1: higher than a few weeks earlier. And finally, story number five,

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Speaker 1: a big, big one for ad Land. Omnicon Group has

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Speaker 1: agreed to buy into Public Group for thirteen billion US dollars.

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Speaker 1: It's about twenty one billion Aussie. It will create the

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Speaker 1: world's largest advertising company into Public shareholders will receive Omnicom

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Speaker 1: shares as part of the deal. It's expected to be

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Speaker 1: done in the second half of next year. Been a

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Speaker 1: tough time for ad agencies, with big tech companies hoovering

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Speaker 1: up the marketing dollar and generative AI creeping into the

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Speaker 1: work of creative agencies. The benefit of the tie up

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Speaker 1: of the two giants, in in part at least, is

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Speaker 1: cost savings. The deal will create a company with combined

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Speaker 1: and your revenues of about twenty five billion US dollars,

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Speaker 1: well ahead of London based WPP, which has turned over

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Speaker 1: about nineteen billion US dollars. As the afternoon report for Tuesday,

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Speaker 1: the eleventh of December twenty twenty four. Make sure you

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Speaker 1: hit follow on the podcast. We'll be back tomorrow morning

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Speaker 1: with a Tuesday edition off beer and greed business news.

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Speaker 1: I'm Sean Elmer. Enjoy your evening