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Speaker 1: The Australian IPO market struggles, with listings at their weakest

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Speaker 1: in fifteen years. Pro Palestinian rallies in Melbourne and Sydney

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Speaker 1: over the weekend remain peaceful and mets as Mark Zuckerberg

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Speaker 1: becomes the world's second richest person. Welcome to Fear and Greed.

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Speaker 1: Daily business news for people who make their own decisions.

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Speaker 1: It is Monday, the seventh of October twenty twenty four.

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Speaker 1: I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: With much of the country enjoying a long weekend, this

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Speaker 1: morning show is slightly shorter than normal, but I've got

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Speaker 1: to say it's still full of everything that you need

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Speaker 1: to know, which is really saying something. It probably tells

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Speaker 1: you that we can cram everything you need to know

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Speaker 1: into what ten minutes and usually we talk to twenty one.

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Speaker 2: Well that might be the case, Michael, but I mean

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Speaker 2: I think every show we do is pack full of value.

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Speaker 1: Are we allowed to self assess our own value?

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Speaker 2: Yeah? Yeah, well it will bitter us and someone else.

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Speaker 1: Yeah, that's a good point. We're bound to get higher marks,

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Speaker 1: and of course it will be followed by your chat

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Speaker 1: with Stephen Coculas for the week ahead, so there is

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Speaker 1: plenty coming up, plenty to talk about Michael. Indeed, the

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Speaker 1: main story this morning, Sean. The Australian IPO market is struggling,

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Speaker 1: with listings at their weakest pace in fifteen years, in

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Speaker 1: part because of all the private money soaking up assets.

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Speaker 2: The value of new equity raised from ASX initial public

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Speaker 2: offerings in the first nine months of this year was

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Speaker 2: just seven hundred and twenty million dollars. That's the weakest

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Speaker 2: since twenty twelve. According to data compiled by d Logic

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Speaker 2: for the Australian Financial Review, the number of floats fifteen

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Speaker 2: in the nine months to the end of September, was

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Speaker 2: the lowest since the global financial crisis back in two

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Speaker 2: thousand and nine. Because Mini Gomez is the highest profile

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Speaker 2: IPO this year, it raised just three hundred and thirty

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Speaker 2: five million dollars in retail investors had to wait until

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Speaker 2: it hit the market to buy in. What's happening is

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Speaker 2: that there's a flight of private money buying up as sets.

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Speaker 2: Big super funds, for example, are not just buying things

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Speaker 2: like Sydney Airport and delisting them. They're also buying companies

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Speaker 2: before they even make the AX. For example, earlier this month,

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Speaker 2: Blackstone bought local data center operator air Trunk for about

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Speaker 2: twenty three and a half billion dollars. There is a

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Speaker 2: real dearth of listings on the ASEX.

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Speaker 1: Is it going to get any better?

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Speaker 2: Sean The trend is not your friend in this instance,

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Speaker 2: Michael oh dear, that does not sound optimistic now. I mean,

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Speaker 2: there are seven company schedule to float on the ASEX

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Speaker 2: in the next three weeks by the end of this month.

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Speaker 2: Some of them have already delayed floating previously and could

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Speaker 2: do so again. Certainly, there's nothing big in the pipeline

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Speaker 2: if you ignore the listed investment trust. The biggest raising

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Speaker 2: schedule this month is just twenty million dollars one from

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Speaker 2: a lithium group. There's also a mineral sans grip trying

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Speaker 2: to raise that amount of money. This is partly a

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Speaker 2: result of the growth of Australia's big investors. We've been

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Speaker 2: talking a bit about this in the past couple of weeks.

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Speaker 2: Trading super and Australian retirement trust dominate in flows of supernuation.

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Speaker 2: They're getting bigger and bigger and bigger, and they can

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Speaker 2: just afford to buy the whole company rather than have

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Speaker 2: to invest on the ax. It's a bit of a problem.

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Speaker 1: Yeah, certainly is a local markets where do we finish up?

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Speaker 2: On Friday, SMPA six two hundred closed down zero point

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Speaker 2: seven percent to eighty one hundred and fifty points, ending

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Speaker 2: a three week winning streak. Fears about tensions in the

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Speaker 2: Middle East dominated trading, and for the week, the Boss

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Speaker 2: was down zero point eight percent. Minus were hardest hit

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Speaker 2: on Friday as the enthusiasm about last week's stimulus measures

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Speaker 2: from Beijing. Wayne somewhat, BHP and around Tinto base dropped

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Speaker 2: close to two percent. The banks also fell, with the

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Speaker 2: Big four all down around one and a half percent.

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Speaker 2: The techtocks were lower, led by WIS Tech Global, which

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Speaker 2: ended down three percent, and industrial property giant Goodman Group

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Speaker 2: closed two percent lower. CSL was an outperformer. Best on

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Speaker 2: the day last week was Light and Wonder, which rallied

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Speaker 2: eight percent after the gaming company said it's intended to

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Speaker 2: develop a new version of its popular Dragon Train game

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Speaker 2: following an intellectual property dispute with Aristocrat Leisure earlier this year.

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Speaker 1: Now, after the show Sean, of course you have fear

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Speaker 1: and greed, the week Ahead with Stephen Coculas. But after

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Speaker 1: that stick around because we have the first in a

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Speaker 1: series of interviews I'll be about one a month with

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Speaker 1: our friends at Vanguard and today's interview is with Adam

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Speaker 1: Desanctus and it's all about ETFs.

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Speaker 2: Yeah. So we start off by asking and why have

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Speaker 2: ETFs become so popular and what sort of ETFs are

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Speaker 2: particularly popular and we go from there. It's a really

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Speaker 2: fascinating chat just to see how many Australian investors are

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Speaker 2: now in love with ETFs.

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Speaker 1: Yeah, and of course Vanguard is a big player in

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Speaker 1: this space and so if there are any trends they

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Speaker 1: will see them.

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Speaker 2: Ye.

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Speaker 1: And so Adam kind of takes us through all of that.

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Speaker 1: It is well worth a listener is coming up after

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Speaker 1: the show. International Markets, What's happening there?

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Speaker 2: US jobs data released over the weekend showed that the

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Speaker 2: world we's largest economy remains pretty resilient. Really. Wall Street

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Speaker 2: ended higher on the back of those For last week,

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Speaker 2: Wall Street closed up just to touch. Eurozone shares fell

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Speaker 2: by two point two percent, Japanese shares without about three percent.

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Speaker 2: Oil continues to rise, with Brent crude jumping to more

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Speaker 2: than seventy eight US dollars a barrel. What's it mean

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Speaker 2: for petrol prices, that's what we all want to know. Well,

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Speaker 2: they're unlikely to fall in the short term. According to

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Speaker 2: the hriable c Sydney and Adelaide prices are on an upswing,

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Speaker 2: Melbourne prices are near their bottom, Brisbane prices are close

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Speaker 2: to a peak, or Perth prices are actually on the

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Speaker 2: way down. All prices have continued their strong run. They're

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Speaker 2: up to about one hundred and eight US dollars a ton,

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Speaker 2: and the Ausie dollar has slipped below sixty eight US

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Speaker 2: since all.

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Speaker 1: Right, and of course, International news Today is brought to

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Speaker 1: you by blue Chip Communication, the experts helping financial services

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Speaker 1: companies market, communicate and grow vis a blue Chipcommunication, dot

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Speaker 1: com dot au. We still have a fair bit to

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Speaker 1: get through, Sean, even though it is a shorter show.

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Speaker 1: We'll take a quick break and be back in a

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

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Speaker 1: Largely peaceful pro Palestinian rallies were held in Melbourne and

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Speaker 1: Sydney yesterday and Jewish visuals last night ahead of today's

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Speaker 1: one year anniversary of Hermas's invasion of Israel.

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Speaker 2: One person was arrested in New South Wales for carrying

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Speaker 2: an Israeli flag which included a Nazi swastika rather than

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Speaker 2: a Star of David, and four in Melbourne for public

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Speaker 2: order related matters, but generally they were pretty well behaved

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Speaker 2: and estimated seven thousand people marched in Melbourne ten thousand

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Speaker 2: in Sydney. Unauthorized events are scheduled for today as well.

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Speaker 2: Broadly broadly banned flags and symbols were not in evidence

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Speaker 2: at the rallies. Some protesters held up Palestinian flags, while

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Speaker 2: others flew the Lebanese flag. A small number hoisted banners

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Speaker 2: with similar colors to his BLAST flag, but without the

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Speaker 2: terrorist organization's official symbol.

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Speaker 1: Elon Musk and his company ex Corps must comply with

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Speaker 1: the transparenturrency notice issued by the country's online safety watchdog.

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Speaker 1: The federal courts ruled.

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Speaker 2: X unsuccessfully challenged the validity of the notice and a

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Speaker 2: six hundred and ten thousand, five hundred dollars fine associated

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Speaker 2: with it, but Judge Michael Wheelerhan on Friday found that

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Speaker 2: the e Safety Commissioner Julie Inman Grant was right to

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Speaker 2: issue the notice, requiring the platform to provide information about

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Speaker 2: how it was meeting the basic online safety expectations in

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Speaker 2: relation to child's sexual exploitation and abuse material and activity

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Speaker 2: hosted on its site. X took the Commissioner to court

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Speaker 2: last year, challenging the fine and the validity of the

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Speaker 2: notice itself. Brett walk Se, acting for the company, argued

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Speaker 2: the notice did not apply because the company did not

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Speaker 2: exist when the notice was issued. The notice was given

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Speaker 2: to Twitter in February twenty twenty three. X Corp actually

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Speaker 2: came into being on March twenty twenty three, swhich the name.

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Speaker 2: I argued that X Corp was also orded to pay

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Speaker 2: the E Safety Commissioners costs. This case is separate from

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Speaker 2: the ongoing Administrative Appeals Tribunal matter concerning a video a

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Speaker 2: stabbing of a bishop in Western Sydney.

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Speaker 1: I reckon that the E Safety Commissioner, Julian Van Grant,

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Speaker 1: would have one of the toughest jobs in the country

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Speaker 1: because you've got to walk that line between freedom of

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Speaker 1: speech and keeping people safe, and just the very nature

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Speaker 1: of this job means that she is going to keep

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Speaker 1: coming up against people like Elon Musk who have a

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Speaker 1: massive platform and have no hesitation in really taking people

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Speaker 1: on head on.

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Speaker 2: Yeah, I mean in this case, what the E Safety

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Speaker 2: Commissioner was asking was information about how X is responding

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Speaker 2: to child sexual exploitation, abuse, mater all that sort of stuff,

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Speaker 2: which is kind of common sense to me. I mean,

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Speaker 2: of course they need to have a process and plan

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Speaker 2: in place for that, and they shouldn't actually tell the

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Speaker 2: E Safety Commissioner about it and say something goes. It's

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Speaker 2: not trivial in any way, but it's almost irrational to

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Speaker 2: argue that. But if she comes up against them, they

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Speaker 2: argue it and that's all her time. There's cost. I

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Speaker 2: know that X lost the judgment, but that's a lot

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Speaker 2: of the E Safety Commissioner's time given to that when

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Speaker 2: I think she probably could be doing other things.

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Speaker 1: Yeah, you would expect a request like that would be

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Speaker 1: fairly non controversial. As you say, it's just like these

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Speaker 1: are just processes. Just tell us what you're doing and

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Speaker 1: we'll just kind of move on with it anyway. Fascinating

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Speaker 1: story that one last week, Sean, we talked quite a

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Speaker 1: bit about Qatar Airways taking a twenty five percent stake

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Speaker 1: in Virgin upping the stakes against Quantus, But the national

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Speaker 1: carrier has hit back where it counts food. Almost seventy

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Speaker 1: new items are set to join the Quantus menu for

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Speaker 1: domestic flights. Is this going to be enough? Sean, Oh,

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Speaker 1: I don't know.

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Speaker 2: In its words, Quantus is rolling out a refreshed a

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Speaker 2: dining experience, at least an experience when you eat on

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Speaker 2: a plane. Happening throughout this month. Quantus reckons well. Quantus

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Speaker 2: keeps saying, you know, we are the only mister gearline

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Speaker 2: to offer complimentary food and beverages and Wi Fi in economy.

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Speaker 2: Very true, definitely a selling point among the new editions

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Speaker 2: and economy class. Michael, the macadamia granola slice. I could

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Speaker 2: go that one. Farmhouse crackers with whipped fetter dip and carrots.

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Speaker 1: That sounds nice.

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Speaker 2: For card share with cheruiso pesto and bell peppers, cottage

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Speaker 2: cheese and spinach somosis that's our and triple chock brownie cookie.

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Speaker 1: Oh, that's got a bit. That's a win.

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Speaker 2: That's right, Yeah, except that.

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Speaker 1: They'll run out by row fifteen.

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Speaker 2: That's right. Business class travelers could end up snacking on

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Speaker 2: smoked salmon bagels, miso glazed chicken salad, or dark chocolate

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Speaker 2: sour cherry fonded cake. Oh see, that's you're not going

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Speaker 2: to get near it. There's business class, Mike, you're not

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Speaker 2: cann get near it.

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Speaker 1: I know, but can you imagine like salmon salmon bagels,

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Speaker 1: smoked salmon bagels. It's going to be a lot of

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Speaker 1: people salmon breath on a plane. Oh then surely that's

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Speaker 1: not wise. Oh come on, come on, employ me as

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Speaker 1: your food consultant. Sorry, go on.

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Speaker 2: Do you know who the number one? I mean this

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Speaker 2: is food and wine dot Com put out rankings of

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Speaker 2: the best food out there, number one. It's got nothing

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Speaker 2: to do with the Australian airline, nothing to do with

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Speaker 2: this story, really, I was just interested.

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Speaker 1: Who is it would be one of the big players.

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Speaker 2: I'm guessing Qatar, Yeah, almost Emirates really, and then Turkish Airlines.

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Speaker 2: Turkis really made great strides in recent years. And then

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Speaker 2: the number three Singapore Lines I think Guitar which obviously

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Speaker 2: taking a part of Virgin I think it's about fifth

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Speaker 2: or something.

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Speaker 1: I would have thought they'd be higher because they were

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Speaker 1: number one ranked on a whole bunch of different the

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Speaker 1: number one airline in the world, aren't they based on

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Speaker 1: the airline ratings earlier this year. I would have thought

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Speaker 1: they'd be higher for food. Goodness me, you can tell

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Speaker 1: it's a public holiday when we just start going down

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Speaker 1: an airline food rabbit hole. Let's turn to international news now.

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Speaker 1: A reich Sean that closed US Eastern Gulf Coast ports

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Speaker 1: will be suspended after the dock Workers' union and the

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Speaker 1: group representing ocean carriers reached an agreement.

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Speaker 2: The biggest strike on the US ports in several decades

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Speaker 2: was threatening to hurt the economy ahead of the presidential election. Negotiations,

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Speaker 2: which had been at an impass over wages and automation

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Speaker 2: for months, are now continuing. According to both sides, the

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Speaker 2: workstoppage had threatened to up end the US economy by

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Speaker 2: snarling global supply chains and halting imports of fresh foods, pharmaceuticals,

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Speaker 2: and other consumer goods. According to The Financial Times, JP

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Speaker 2: Morgan analysts estimated that it could cost the US economy

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Speaker 2: as much as four and a half billion US dollars

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Speaker 2: a day. The three dozen affected ports span from Maine

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Speaker 2: to Texas. Together, they handle about one quarter of the

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Speaker 2: country's annual international trade, or about three trillion dollars. Joe Biden,

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Speaker 2: the US president, very happy about the whole deal. He

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Speaker 2: congratulated both sides, saying that it represents critical progress towards

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Speaker 2: a strong contract.

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Speaker 1: And finally, we mentioned this one at the top of

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Speaker 1: the show. Sean Mark Zuckerberg came the world's second richest

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Speaker 1: person for the first time late last week, jumping ahead

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Speaker 1: of Jeff Bezos, as shares of meta platforms continue to climb.

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Speaker 2: So basically, Zuckerberg's bet on the metaverse, which initially looked

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Speaker 2: like a disaster, has paid off in recent months, pushing

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Speaker 2: his net worth to a high watermark of two hundred

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Speaker 2: and six point two billion US dollars according to the

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Speaker 2: Bloomberg A Billionaires Index that puts him one point one

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Speaker 2: billion dollars ahead of Amazon's Bezos. He's still about fifty

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Speaker 2: billion dollars behind Tesla's Elon Musk. Metat shares have risen

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Speaker 2: twenty three percent since reporting better than expected sales in

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Speaker 2: the second quarter that's the Dune quarter. They closed late

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Speaker 2: last week at an all time high. Zuckerberg, who owns

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Speaker 2: a thirteen percent stake in the company, has seen his

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Speaker 2: fortune grow by seventy eight billion dollars just this year,

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Speaker 2: the most of any of the world's five hundred richest

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Speaker 2: people tracked by Bloomberg.

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Speaker 1: Staggering numbers. Up next is Fear and Greed The Weak

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Speaker 1: Ahead featuring our red Is it an economist Stephen Coculis.

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Speaker 2: Yes, Stephen is very excite. Well, he's always exciting Michael.

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Speaker 2: This week it's all about this couple of there's a

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Speaker 2: consumer sentiment survey, there's business conditions and sediment survey. But

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Speaker 2: there's a few Reserve Bank speeches this week and that's

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Speaker 2: really got him going.

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Speaker 1: It certainly has. It is well worth a listen just

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Speaker 1: to hear the excitement levels. We should have a meter

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Speaker 1: the judges how excited Stephen Cocolis is about the economy

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Speaker 1: a fun meter, yes, And after that, Adam de Sanctis

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Speaker 1: is your guest on the Fear and Greed Daily Interview.

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Speaker 1: Adam de Sanctis is of course from Vanguard.

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Speaker 2: All about ETFs, what's happening in the Australian market, who's

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Speaker 2: buying in and what they're buying. Great chat.

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Speaker 1: Yeah, two great pieces of content coming up in the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearangreed dot com dot au. Thank you, Sean, thank you Michael.

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Speaker 1: It's Monday, the seventh of October twenty twenty four. Make

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

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson

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Speaker 1: and that was fear and greed. Have a great day.