1 00:00:03,460 --> 00:00:07,320 Michael Thompson: It's Wednesday, the 29th of September, 2021. Welcome to the 2 00:00:07,320 --> 00:00:09,659 Michael Thompson: Fear and Greed Business Headlines, where we give you the 3 00:00:09,660 --> 00:00:12,260 Michael Thompson: top five business stories you need to know in just 4 00:00:12,260 --> 00:00:15,420 Michael Thompson: five minutes. I'm Michael Thompson and good morning, Sean Aylmer. 5 00:00:15,620 --> 00:00:16,370 Sean Aylmer: Morning, Michael. 6 00:00:16,790 --> 00:00:19,450 Michael Thompson: Five minutes for five stories. Let's get stuck into it. 7 00:00:19,770 --> 00:00:23,810 Michael Thompson: Shoppers have deserted the malls in Victoria, the ACT and New 8 00:00:23,810 --> 00:00:26,780 Michael Thompson: South Wales with retail trade figures from the Bureau of 9 00:00:26,780 --> 00:00:30,780 Michael Thompson: Statistics showing a big slump last month. It's really not 10 00:00:30,780 --> 00:00:33,500 Michael Thompson: that surprising given the lockdowns, but just how bad was 11 00:00:33,500 --> 00:00:33,910 Michael Thompson: it, Sean? 12 00:00:34,260 --> 00:00:38,520 Sean Aylmer: It really is pretty bad. Turnover tumbled 1.7% last month, 13 00:00:38,520 --> 00:00:41,530 Sean Aylmer: which wasn't as much as some economists had tipped, but 14 00:00:41,530 --> 00:00:43,900 Sean Aylmer: the bottom has fallen out of retail sales. And now 15 00:00:43,900 --> 00:00:48,560 Sean Aylmer: down 0.7% on a year ago. No surprises, New South Wales, Victoria, 16 00:00:48,560 --> 00:00:51,680 Sean Aylmer: and the ACT fell sharply. South Australia and Western Australia 17 00:00:51,680 --> 00:00:54,529 Sean Aylmer: were actually both pretty good, but sales have now fallen 18 00:00:54,530 --> 00:00:56,980 Sean Aylmer: three months in a row and could do so again. 19 00:00:57,360 --> 00:00:59,940 Sean Aylmer: The question now is what does this mean for economic 20 00:00:59,940 --> 00:01:04,090 Sean Aylmer: growth and how much has the economy contracted during September? Retail 21 00:01:04,090 --> 00:01:06,640 Sean Aylmer: sales are about a third of total consumption, which feeds 22 00:01:06,640 --> 00:01:10,000 Sean Aylmer: into economic growth and AMP Capital, chief economist Shane Oliver, 23 00:01:10,120 --> 00:01:12,480 Sean Aylmer: a good friend of Fear and Greed thinks the economy will 24 00:01:12,480 --> 00:01:15,900 Sean Aylmer: go backwards at a 4% clip this quarter, which of course 25 00:01:16,020 --> 00:01:19,250 Sean Aylmer: finishes tomorrow. The good news is that consumers still remain 26 00:01:19,250 --> 00:01:22,240 Sean Aylmer: relatively upbeat according to the ANZ Roy Morgan index. 27 00:01:22,700 --> 00:01:25,960 Michael Thompson: All right, that's story number one. Story number two is the markets. 28 00:01:26,330 --> 00:01:29,470 Michael Thompson: How did they perform over the past 24 hours, Sean? 29 00:01:29,740 --> 00:01:32,100 Sean Aylmer: Well the Australian market was crazy. It was down one 30 00:01:32,100 --> 00:01:36,810 Sean Aylmer: and a half per cent finishing at 7276 points. All the 31 00:01:36,810 --> 00:01:40,020 Sean Aylmer: sectors struggled with the exception of the energy stocks. The 32 00:01:40,020 --> 00:01:42,340 Sean Aylmer: energy stocks have gone through the roof as oil and 33 00:01:42,340 --> 00:01:47,270 Sean Aylmer: gas and coal prices have risen. Whitehaven coal, Santos, Oil Search, 34 00:01:47,310 --> 00:01:50,410 Sean Aylmer: Beach Energy. They all did really well yesterday. The healthcare 35 00:01:50,410 --> 00:01:53,190 Sean Aylmer: sector though, that struggled, it had its worst day in 36 00:01:53,190 --> 00:01:56,860 Sean Aylmer: more than a year yesterday. It's underperformed recently and healthcare 37 00:01:56,860 --> 00:02:00,290 Sean Aylmer: stocks around the globe have been sold off. CSL yesterday 38 00:02:00,290 --> 00:02:03,460 Sean Aylmer: was down 4% so are Sonic healthcare, ResMed and Cochlear 39 00:02:03,460 --> 00:02:07,210 Sean Aylmer: both dropped 3%. Technology stocks were sold down, real estate 40 00:02:07,210 --> 00:02:09,700 Sean Aylmer: stocks were sold down, the materials companies fell with Fortescue 41 00:02:09,940 --> 00:02:13,580 Sean Aylmer: Metals off almost 6% notwithstanding the price of iron ore 42 00:02:13,580 --> 00:02:16,190 Sean Aylmer: looks to have stabilised. The good news was that a 43 00:02:16,190 --> 00:02:22,240 Sean Aylmer: new entrant on the market LIS Energy listed it jumped 175% yesterday, 44 00:02:22,240 --> 00:02:23,340 Sean Aylmer: not bad for a first day. 45 00:02:23,860 --> 00:02:27,169 Michael Thompson: That's pretty incredible. All right, story number three is good 46 00:02:27,169 --> 00:02:29,380 Michael Thompson: news for anyone who's lined up to have a swab 47 00:02:29,380 --> 00:02:31,070 Michael Thompson: up their nose and let's face it that's pretty much 48 00:02:31,070 --> 00:02:34,000 Michael Thompson: everybody these days. Australians will be able to take a 49 00:02:34,000 --> 00:02:37,410 Michael Thompson: COVID-19 test from home after the federal government gave the 50 00:02:37,410 --> 00:02:40,010 Michael Thompson: green light to do it yourself kits from November 1. 51 00:02:40,400 --> 00:02:43,560 Sean Aylmer: Yeah, those rapid antigen tests give results in about 20 minutes. 52 00:02:43,770 --> 00:02:45,880 Sean Aylmer: They're used in the US and the UK. The downside 53 00:02:45,880 --> 00:02:48,410 Sean Aylmer: is they're not quite as accurate as current tests, but 54 00:02:48,470 --> 00:02:51,079 Sean Aylmer: by the time the kits are available, 70% of the 55 00:02:51,080 --> 00:02:55,150 Sean Aylmer: national population should be vaccinated. It comes as the numbers 56 00:02:55,150 --> 00:02:59,540 Sean Aylmer: in Victoria continue to rise. Yesterday there were 867 COVID cases 57 00:02:59,540 --> 00:03:03,220 Sean Aylmer: in New South Wales. The number was 863 COVID cases 58 00:03:03,460 --> 00:03:06,300 Sean Aylmer: after revisions. Victoria for the last two days have now 59 00:03:06,300 --> 00:03:08,860 Sean Aylmer: had more cases than New South Wales. That's not so good. 60 00:03:09,090 --> 00:03:12,210 Michael Thompson: No, not at all. All right. Onto story number four. Now, 61 00:03:12,210 --> 00:03:17,109 Michael Thompson: this is pretty incredible. One from Google, the competition watchdog 62 00:03:17,130 --> 00:03:19,990 Michael Thompson: has called for new powers to reign in Google's dominance 63 00:03:19,990 --> 00:03:23,860 Michael Thompson: of the ad technology industry after it found that 90% of 64 00:03:23,860 --> 00:03:27,980 Michael Thompson: ad impressions online travel through a Google product, extraordinary. 65 00:03:28,260 --> 00:03:31,239 Sean Aylmer: Sure is. The Australian Competition and Consumer Commission has been 66 00:03:31,240 --> 00:03:34,001 Sean Aylmer: looking into this for more than a year. And boss Rod Sims 67 00:03:34,280 --> 00:03:38,700 Sean Aylmer: reckons Google's dominance has led to systemic competition concerns and 68 00:03:38,700 --> 00:03:43,000 Sean Aylmer: conduct that harms rivals. Essentially Google has become the dominant 69 00:03:43,000 --> 00:03:46,610 Sean Aylmer: player in online advertising, not just in terms of AdWords, 70 00:03:46,870 --> 00:03:49,750 Sean Aylmer: but also providing the technology used to serve ads to 71 00:03:49,750 --> 00:03:53,600 Sean Aylmer: websites and digital properties. It means Google has its finger 72 00:03:53,600 --> 00:03:57,020 Sean Aylmer: on pretty much everything that's going on in digital Adland 73 00:03:57,330 --> 00:04:00,670 Sean Aylmer: and potentially it could favour its own products over competitors. 74 00:04:00,960 --> 00:04:04,820 Sean Aylmer: Treasurer Josh Frydenberg yesterday said he'll consider the ACCC report 75 00:04:05,150 --> 00:04:07,700 Sean Aylmer: and then said that it was important that regulatory frameworks 76 00:04:07,700 --> 00:04:11,400 Sean Aylmer: kept pace with changes being driven by the big tech giants. 77 00:04:11,690 --> 00:04:14,810 Michael Thompson: All right. Speaking of tech giants, story number five, a 78 00:04:14,810 --> 00:04:17,630 Michael Thompson: big one, your favourite one to finish the day. I'm 79 00:04:17,630 --> 00:04:19,800 Michael Thompson: not even actually sure that this is really a business 80 00:04:20,170 --> 00:04:22,980 Michael Thompson: as such, but TikTok has hit a milestone. 81 00:04:23,240 --> 00:04:28,930 Sean Aylmer: Yeah, one billion active users in just four years, incredible. 82 00:04:29,370 --> 00:04:32,310 Sean Aylmer: School closures and telecommuting as a result of COVID has 83 00:04:32,310 --> 00:04:35,140 Sean Aylmer: been a real boon for the video sharing app. From 84 00:04:35,140 --> 00:04:37,920 Sean Aylmer: my point of view, I love TikTok. Not that I've 85 00:04:37,920 --> 00:04:39,480 Sean Aylmer: ever been on it, not that I've ever used it, 86 00:04:39,480 --> 00:04:41,830 Sean Aylmer: but my children all of a sudden know a whole 87 00:04:41,830 --> 00:04:45,430 Sean Aylmer: genre of eighties and nineties music that they would otherwise have 88 00:04:45,430 --> 00:04:46,120 Sean Aylmer: never heard. 89 00:04:46,380 --> 00:04:49,470 Michael Thompson: Fantastic. That is five stories in five minutes. Thank you 90 00:04:49,470 --> 00:04:50,179 Michael Thompson: very much, Sean. 91 00:04:50,339 --> 00:04:51,300 Sean Aylmer: Have a great day, Michael. 92 00:04:51,470 --> 00:04:55,190 Michael Thompson: It's Wednesday, the 29th of September, 2021. Now five minutes 93 00:04:55,220 --> 00:04:57,930 Michael Thompson: isn't enough, then find our longer podcast called Fear and 94 00:04:57,930 --> 00:05:00,989 Michael Thompson: Greed on your podcast platform. Join us online on LinkedIn 95 00:05:00,990 --> 00:05:03,740 Michael Thompson: Twitter and Facebook. You can always find more info and 96 00:05:03,740 --> 00:05:08,299 Michael Thompson: sign up for our at fearandgreed.com.au. I'm Michael Thompson and 97 00:05:08,300 --> 00:05:10,580 Michael Thompson: that was the Fear and Greed Business Headlines have a 98 00:05:10,580 --> 00:05:11,070 Michael Thompson: great day.