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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the first of May twenty twenty five. I'm sure, alma,

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Speaker 1: every afternoon we've got the fire 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: SMPA SEX two hundred finished up slightly erer point two

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Speaker 1: percent to eight one hundred and forty six points. That's

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Speaker 1: six days in a row in the black. Tech stocks

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Speaker 1: led the way, especially anything related to data centers more

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Speaker 1: on that moment. Real estate and consumer staples stocks also

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Speaker 1: did well, while energy companies underperformed. There wasn't much action

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Speaker 1: really among the large caps, with the exception of Goodman Group,

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Speaker 1: which jumped to three point four percent, while Woodside Energy

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Speaker 1: was off about two and a half percent. Sorry. Number two.

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Speaker 1: Prime Minister Anthony Albanezi and Opposition leader Peter Dunton spent

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Speaker 1: the second last full day of campaigning ahead of Saturday's

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Speaker 1: election visiting marginal electorates, fighting over who is the most

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Speaker 1: fiscally responsible and hoping to win over undecided voters. The

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Speaker 1: coalition today released its policy costings and was immediately criticized

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Speaker 1: for doing so so late in the campaign. Shadow Treasurer

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Speaker 1: Angus Taylor says the federal budget deficit will worsen in

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Speaker 1: the next two years under the coalition before improving significantly

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Speaker 1: in the second half of the four year forward estimates

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Speaker 1: by nearly fourteen billion dollars. Straight number three. The share

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Speaker 1: prices of data center operators like dig COO Infrastructure, Next DC,

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Speaker 1: Goodman Group I mentioned, as well as tech heavyweight Wise

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Speaker 1: tech Global surged today after Wall Street based Microsoft and

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Speaker 1: Meta reported strong results overnight. Now the link between the

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Speaker 1: Wall Street companies and the local property groups is that

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Speaker 1: Microsoft and Meta both said they want to ramp up

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Speaker 1: investing in data centers. Facebook and Instagram owner Meta expects

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Speaker 1: to spend more than one hundred billion dollars on data

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Speaker 1: centers this year. Meta reported first quarter sales ahead of expectations,

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Speaker 1: about sixty six billion dollars for the quarter, as its

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Speaker 1: advertising business holds up. Now that's important for Meta because

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Speaker 1: it needs money to fund its push the artificial intelligence,

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Speaker 1: which needs the data centers. Microsoft results were also better

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Speaker 1: than expected, with cloud services remaining in demand. Story number four.

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Speaker 1: Tesla's board has reportedly opened a search to replace Tesla

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Speaker 1: chief executive Elon Musk. According to a story in the

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Speaker 1: Wall Street Journal, The Carmaker's board is said to have

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Speaker 1: reached out to several executive search firms. The newspaper reported

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Speaker 1: that has disgruntled investors complained about Musk's increasing focus on

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Speaker 1: the White House, the board got serious about looking for

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Speaker 1: a successor. The current status of succession planning isn't really determined,

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Speaker 1: according to the newspaper, nor it's not really clear whether

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Speaker 1: Musk has been made aware of the effort now. Robin Denholme,

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Speaker 1: the Australian chair of the company, came out this afternoon

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Speaker 1: and said they weren't walking to replace Elon Musk, but

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Speaker 1: I think we should stay tuned to that one and

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Speaker 1: story number five. International markets have been on a roller

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Speaker 1: coaster ride. Initially hit hard overnight after figures showed the

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Speaker 1: US economy went backwards last quarter. Then the market's rebounded

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Speaker 1: when another report showed inflation in the world's biggest economy stagnating.

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Speaker 1: That second report ups the chances of a rate cup.

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Speaker 1: The US economy contracted by an annualized zero point three

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Speaker 1: percent over the first quarter. That's the first time it's

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Speaker 1: gone backwards since two thousand and two. Was mostly the

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Speaker 1: result of companies rushing to buy imported goods ahead of

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Speaker 1: the Trump tariff announcements, so the contraction actually might be

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Speaker 1: a statistical quirk rather than much more than that. That

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Speaker 1: sent Wall Street down two percent, but it rebounded to

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Speaker 1: close slightly higher after the fed's preferred measure of inflation

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Speaker 1: suggested a price rises were negligible. That's it the Afternoon

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Speaker 1: Report for Thursday, the first of May twenty twenty five.

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Speaker 1: Make sure you hit follow on the podcast. We'll be

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Speaker 1: back tomorrow morning with the Friday edition. A few and

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Speaker 1: greed business years. I'm seani Elmer. Enjoy your evening,