1
00:00:04,240 --> 00:00:07,440
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,520 --> 00:00:10,000
Speaker 1: for Friday, the twenty fourth of May twenty twenty four.

3
00:00:10,320 --> 00:00:13,200
Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

4
00:00:13,280 --> 00:00:15,600
Speaker 1: happened today that you need to know about. So let's

5
00:00:15,640 --> 00:00:18,319
Speaker 1: get going. Story number one. It's quite a sell off

6
00:00:18,440 --> 00:00:21,600
Speaker 1: today on the smp ASX two hundred, with the BOSS

7
00:00:21,640 --> 00:00:24,760
Speaker 1: closing down eighty four points or one point one percent,

8
00:00:25,120 --> 00:00:29,120
Speaker 1: to seven hundred and twenty eight points. Every sector lost

9
00:00:29,160 --> 00:00:31,600
Speaker 1: ground today. For the week, the market was down more

10
00:00:31,600 --> 00:00:34,600
Speaker 1: than one percent. Retailers and the banks led the way lower,

11
00:00:34,640 --> 00:00:37,559
Speaker 1: with all big four banks dropping Comwealth Bank was off

12
00:00:37,600 --> 00:00:40,280
Speaker 1: two percent, Wes Farmers were sold off down three point

13
00:00:40,360 --> 00:00:42,680
Speaker 1: eight percent. There wasn't much good news anywhere really. The

14
00:00:42,720 --> 00:00:46,360
Speaker 1: sector with the smallest decline today was the energy companies.

15
00:00:46,400 --> 00:00:49,879
Speaker 1: In fact, both Woodside and Santos close slightly higher. The

16
00:00:49,960 --> 00:00:52,559
Speaker 1: selling today flowed from a very poor lead in from

17
00:00:52,640 --> 00:00:55,800
Speaker 1: Wall Street after readings on the US manufacturing and service

18
00:00:55,800 --> 00:00:58,520
Speaker 1: sector came in stronger than expected. That caused the S

19
00:00:58,600 --> 00:01:00,720
Speaker 1: and P five hundred and the tech having NASDAK to

20
00:01:00,720 --> 00:01:03,520
Speaker 1: finish lower on the back of speculation that interest rate

21
00:01:03,600 --> 00:01:07,520
Speaker 1: cuts might be delayed. An exception, of course, was chip

22
00:01:07,560 --> 00:01:11,720
Speaker 1: maker and Vidia. Its share price soared nine percent to

23
00:01:12,000 --> 00:01:14,760
Speaker 1: just under one thousand and thirty eight US dollars a

24
00:01:14,920 --> 00:01:17,640
Speaker 1: share following the release of very strong revenue growth for

25
00:01:17,680 --> 00:01:21,000
Speaker 1: the March quarter. In corporate news, shares in an online

26
00:01:21,080 --> 00:01:24,920
Speaker 1: labor hire company Appen jumped after management said it expects

27
00:01:24,920 --> 00:01:28,360
Speaker 1: to break even this financial year. Story number two. Two

28
00:01:28,480 --> 00:01:30,920
Speaker 1: years after he was elected, in less than one year

29
00:01:30,959 --> 00:01:33,920
Speaker 1: before the next poll, Prime Minister Anthony Aberanzi has more

30
00:01:34,040 --> 00:01:36,800
Speaker 1: or less kicked off his election campaign, using a speech

31
00:01:36,840 --> 00:01:40,600
Speaker 1: today to call opposition leader Peter Dutton a carbon copy

32
00:01:40,680 --> 00:01:44,240
Speaker 1: of Scott Morrison. He said it is quote too important

33
00:01:44,400 --> 00:01:47,240
Speaker 1: to go back to fear and division and say the

34
00:01:47,319 --> 00:01:50,600
Speaker 1: nation faces challenges that are too urgent for a retreat

35
00:01:50,760 --> 00:01:55,320
Speaker 1: to denial and delay. Mister Albanesi sharpened the government's shift

36
00:01:55,320 --> 00:01:59,040
Speaker 1: from identity politics to a broad based election pitch around

37
00:01:59,120 --> 00:02:03,080
Speaker 1: tax cuts, energy bill relief, higher wages and stronger medicare.

38
00:02:03,120 --> 00:02:06,240
Speaker 1: According to The Australian, the pivot comes amid polling and

39
00:02:06,280 --> 00:02:09,440
Speaker 1: focus groups showing that voters in outer suburban areas are

40
00:02:09,480 --> 00:02:12,600
Speaker 1: becoming disillusioned with the government as cost of living pressures

41
00:02:12,639 --> 00:02:15,440
Speaker 1: mount on to story number three now and one of

42
00:02:15,480 --> 00:02:19,800
Speaker 1: Anglo Americans' biggest investors has welcomed the prospect of BHP

43
00:02:20,040 --> 00:02:23,640
Speaker 1: securing a deal with Anglo's board, saying the suitor just

44
00:02:23,680 --> 00:02:26,480
Speaker 1: needs to put something more on the table. David Hile,

45
00:02:26,600 --> 00:02:29,800
Speaker 1: a portfolio manager at ninety one at two hundred and

46
00:02:29,800 --> 00:02:32,400
Speaker 1: forty billion dollar asset manager with a two percent stake

47
00:02:32,440 --> 00:02:36,560
Speaker 1: in Anglo, making it the seventh largest shareholder, says an

48
00:02:36,560 --> 00:02:39,200
Speaker 1: agreed deal would be a good outcome. According to the

49
00:02:39,240 --> 00:02:43,040
Speaker 1: Financial Review, BHP is now onto its third offer, worth

50
00:02:43,200 --> 00:02:46,680
Speaker 1: seventy three point nine billion dollars and has less than

51
00:02:46,720 --> 00:02:50,640
Speaker 1: a week to convince Anglo's board and management of its deal.

52
00:02:50,919 --> 00:02:53,679
Speaker 1: But mister Hyle said the suitor would have to come

53
00:02:53,680 --> 00:02:57,680
Speaker 1: back with something to soothe the Anglo shareholder's anxiety about

54
00:02:57,680 --> 00:03:00,760
Speaker 1: the risk in the bid structure. To Hyles said, the

55
00:03:00,840 --> 00:03:04,400
Speaker 1: risk came because BHP was essentially proposing a series of

56
00:03:04,400 --> 00:03:07,640
Speaker 1: transactions spinning off both the South African iron ore and

57
00:03:07,720 --> 00:03:11,519
Speaker 1: platinum assets while merging the rest with BHP, which made

58
00:03:11,520 --> 00:03:15,760
Speaker 1: the deal quote three times as difficult as a normal merger.

59
00:03:17,040 --> 00:03:20,679
Speaker 1: Story number four, The US Securities and Exchange Commission has

60
00:03:20,760 --> 00:03:24,160
Speaker 1: paved the way for trading in exchange traded funds that

61
00:03:24,280 --> 00:03:28,680
Speaker 1: invest directly in the cryptocurrency Ether, putting the digital asset

62
00:03:28,760 --> 00:03:32,480
Speaker 1: industry on the cusp of a significant milestone. The SEC

63
00:03:32,560 --> 00:03:35,720
Speaker 1: signed off on a proposal by venues run by Cebo

64
00:03:35,760 --> 00:03:38,760
Speaker 1: Global Markets, NASDAQ, and the New York Stock Exchange to

65
00:03:38,920 --> 00:03:43,119
Speaker 1: list products tied to the world's second biggest cryptocurrency. The move,

66
00:03:43,160 --> 00:03:46,560
Speaker 1: which had seemed unlikely as recently as last week, removes

67
00:03:46,600 --> 00:03:50,040
Speaker 1: a key hurdle for spot Ether EASF trading in the US.

68
00:03:50,400 --> 00:03:53,240
Speaker 1: Issuers now need a separate sign off from the regulator.

69
00:03:53,280 --> 00:03:57,200
Speaker 1: According to Reuter's, investment companies including van Neck, black Rock,

70
00:03:57,360 --> 00:04:01,240
Speaker 1: and Fidelity Investments are all vying for crucial first mover

71
00:04:01,440 --> 00:04:04,480
Speaker 1: advantage in the race to launch a spot Ether ETF.

72
00:04:04,880 --> 00:04:07,480
Speaker 1: Their interest has of course, been peaked by billions of

73
00:04:07,520 --> 00:04:11,520
Speaker 1: dollars flowing into new bitcoin ETF since January, when the

74
00:04:11,600 --> 00:04:15,120
Speaker 1: SEC signed off on trading in those products. Ether's price

75
00:04:15,320 --> 00:04:18,120
Speaker 1: has surged in recent weeks as rumors of an SEC

76
00:04:18,320 --> 00:04:22,479
Speaker 1: ruling spread, and finally, story number five, hundreds of students

77
00:04:22,520 --> 00:04:26,760
Speaker 1: walked out of Harvard University's commencement ceremony overnight in protest

78
00:04:26,880 --> 00:04:30,120
Speaker 1: at the governing board's decision to withhold degrees for those

79
00:04:30,160 --> 00:04:35,440
Speaker 1: who participated in a pro Palestinian encampment on campus. Students

80
00:04:35,480 --> 00:04:39,479
Speaker 1: in graduation robes chanted free, Free Palestine as they walked out,

81
00:04:39,480 --> 00:04:42,680
Speaker 1: and others shouted let them walk, let them walk, referring

82
00:04:42,720 --> 00:04:46,040
Speaker 1: to allowing the thirteen barred students to get their diplomas

83
00:04:46,120 --> 00:04:48,800
Speaker 1: along with fellow graduates. It occurred on a day when

84
00:04:48,839 --> 00:04:51,760
Speaker 1: more than nine thousand graduates and their families were gathered

85
00:04:51,760 --> 00:04:55,440
Speaker 1: in Harvard Yard for celebration and reflection. That's it for

86
00:04:55,480 --> 00:04:58,080
Speaker 1: the afternoon report for Friday, the twenty fourth of May

87
00:04:58,160 --> 00:05:00,440
Speaker 1: twenty twenty four. Don't forget to hit f follow on

88
00:05:00,520 --> 00:05:03,400
Speaker 1: the podcast, and find Fear and Greed on LinkedIn, Instagram,

89
00:05:03,480 --> 00:05:06,240
Speaker 1: ex TikTok, and Facebook. Join us tomorrow morning for the

90
00:05:06,240 --> 00:05:08,760
Speaker 1: weekend edition of The Fast five by Fear and Greed.

91
00:05:09,000 --> 00:05:10,680
Speaker 1: I'm Michael Thompson. Enjoy your eat.