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

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Speaker 1: for Tuesday, the fourth of June twenty twenty four. I'm

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Speaker 1: suan alma. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Throw number one.

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Speaker 1: The SMPA six two hundred closed down zero point three

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Speaker 1: percent to seven thousand, seven hundred and thirty seven points,

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Speaker 1: reversing the trend of the previous couple of sessions. Energy

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Speaker 1: stocks were the worst performers, while materials also went backwards.

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Speaker 1: Best on the day for the second straight session were

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Speaker 1: the financials and all prices have dropped on the back

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Speaker 1: of fears about demand from China that pushed Fortes few

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Speaker 1: Medals Group PHP in Reo Tinto lower energy supplies fell

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Speaker 1: with Woodside, Santos Beach Energy, New Hope in white Haven

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Speaker 1: all closing down. However, goal prices rose and that helped

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Speaker 1: the gold diggers, including Perseus Mining, Dr Gray and Northern

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Speaker 1: Star Family tracking app Life three sixty rows two percent

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Speaker 1: after the launch of an initial public offering in the

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Speaker 1: United States. The group plans to raise up to one

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Speaker 1: hundred and fifty million dollar Life three sixties share prices

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Speaker 1: more than doubled so far this year. Budget jewelry group

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Speaker 1: Levisa fell another nearly two percent after yesterday's ten percent

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Speaker 1: fall That came after Smiggles boss John Cheston was announced

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Speaker 1: as Levisa's new CEO and the former boss of Virgin Australia,

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Speaker 1: John Borgetti, will become Crown Resorts new chair. Crown nowadays,

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Speaker 1: of course, is owned by private equity giant Blackstone. Story

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Speaker 1: number two. US data overnight showed a slow down in

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Speaker 1: factory activity in the world's biggest economy for the second

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Speaker 1: straight month, adding to the argument that the Federal Reserve

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Speaker 1: should cut rates sooner rather than later this year. That

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Speaker 1: pushed the Aussie dollar higher to almost sixty seven US

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Speaker 1: cents and bond yields both here and overseas lower, and

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Speaker 1: the US investors have now priced in two twenty five

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Speaker 1: basis point cuts by the end of this year. Over

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Speaker 1: the past week in Australia, traders have woundback expectations of

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Speaker 1: any rate rises, and they've now fully priced in a

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Speaker 1: rate cut sometime in the next twelve months here in Australia.

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Speaker 1: Story number three. There was a slew of economic data

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Speaker 1: out today from the Australian Bureau of Statistics, which generally

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Speaker 1: suggests that the March quarter economic growth figure due out

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Speaker 1: tomorrow morning will be weak, very low, probably around zero

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Speaker 1: point two zero point three percent. Undoubtedly, the economy was

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Speaker 1: struggling in the first three months of the year on

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Speaker 1: the back of the cost of living crisis and higher

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Speaker 1: interest rates. The figures today showed that company profits fell

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Speaker 1: in the first quarter of twenty twenty four, inventries rose,

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Speaker 1: Australia's current account balance fell into deficit. There's two parts

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Speaker 1: of that. First, it's a trade surplus that was smaller

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Speaker 1: on the back of higher imports of stuff like medicine's,

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Speaker 1: clothing and footwear. The income deficit surged primarily a result

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Speaker 1: of offshore investors taking money out of the country, particularly

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Speaker 1: around ellen g and property. The forecast for the March

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Speaker 1: quarter growth figure, following the release of all those partial

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Speaker 1: indicators is for a very week three months. Story number

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Speaker 1: four creditors and collapsed electric goods at retailer Godfrey's will

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Speaker 1: receive none of the forty five million dollars o to them,

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Speaker 1: and employees will get just under three of their entitlements.

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Speaker 1: Administrative PwC said twenty six groups had expressed interest in

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Speaker 1: buying Godfrees. However, none of the eventual six offers were

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Speaker 1: deemed suitable. Godfre's collapsed in January this year, hurt by

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Speaker 1: increased competition from larger bricks and mortar players like Harvey

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Speaker 1: Norman and the surge in online buying, its range has

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Speaker 1: been somewhat superseded. In fact, Godfrees didn't stock the very

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Speaker 1: popular Dyson brand. The PwC report says Godfrees had succumbed

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Speaker 1: to fierce price competition, worst in consumers sentiment, rising costs,

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Speaker 1: inadequate financing and afford strategy of trying to buy out

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Speaker 1: franchise operators. So after ninety years, it's the end for

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Speaker 1: Godfrees and story number five as we go to where

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Speaker 1: India's Prime Minister Mirandra Modi is that to win a

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Speaker 1: historic third term in office after a partial vote count

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Speaker 1: published today shows his party and its partners on course

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Speaker 1: to win re election, albeit with a smaller majority than before.

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Speaker 1: Modi's party, the BJP and its National Democratic Alliance allies.

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Speaker 1: We're head in at least two hundred and ninety three

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Speaker 1: of five hundred and forty three seats in India's lower

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Speaker 1: House allowing it to secure a third five year term

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Speaker 1: and form the next government. Early trends show the opposition

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Speaker 1: India Alliance I in Dia Alliance, led by the Indian

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Speaker 1: National Congress, performing better than expected and winning two hundred

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Speaker 1: and twenty nine seats. Exit polls released over the weekend

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Speaker 1: after the end of vating had projected the ruling of

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Speaker 1: Alliance to win many more. That's it for the Afternoon

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Speaker 1: Report for Tuesday, the fourth of June twenty twenty four.

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Speaker 1: Michael Thompson and I will be back tomorrow morning with

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Speaker 1: a Wednesday edition off Fear and Greed business News. I'm Seanelma.

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Speaker 1: Enjoy your evening. That's it for the afternoon Report for Tuesday,

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Speaker 1: the fourth of June twenty twenty four. Don't forget to

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

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Speaker 1: ex TikTok and Facebook. Joey, Michael Thompson 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 visits stories you need to know in

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Speaker 1: five minutes. I'm Seanelma. Enjoy your eaving