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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 eighteenth of July twenty twenty four. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about, Story numer one.

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Speaker 1: The SMPA SX two hundred closed down a zero point

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Speaker 1: three percent today to eight thirty seven points on the

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Speaker 1: back of a sell off in tech stocks that was

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Speaker 1: precipitated by a tumble on Wall Street. More on that

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Speaker 1: shortly wise. Tech Global led the tech stocks lower, falling

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Speaker 1: six point six percent, while data center operator Next DC

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Speaker 1: tumbled nearly five percent. The Tech index of the ASX

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Speaker 1: two hundred finished the day down about three and a

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Speaker 1: half percent. Now. The Telco index, which mostly reflects Telstra,

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Speaker 1: was also down. It was off more than one percent,

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Speaker 1: but otherwise there really wasn't much movement on the burs

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Speaker 1: among The large caps of the banks were mixed, the

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Speaker 1: big miners were lower, and the retailers generally higher. CSL

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Speaker 1: and Goodman Group both closed up more than one percent. Now.

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Speaker 1: In corporate news, Telix Pharmaceuticals share price nearly three percent

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Speaker 1: in heavy trading after earlier in the day, he'd actually

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Speaker 1: hit a record high. That's after it released strong quarterly

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Speaker 1: sales and upgraded earnings guidance, and evolution Mining rows nearly

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Speaker 1: three percent after flagging a jump in gold production during

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Speaker 1: the last quarter. Straight number two. The economy added fifty

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Speaker 1: thousand new jobs last month, well above expectations, triggering a

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Speaker 1: few forecasts from an interest rate hike next month. About

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Speaker 1: fifty two hundred people found work last month, mostly in

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Speaker 1: full time jobs, according to the Australian Bureau of Statistics,

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Speaker 1: but that didn't stop the unemployment rate rising to four

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Speaker 1: point one percent from four percent in May. With the

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Speaker 1: ongoing surge and foreign arrivals pushing more people into the

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Speaker 1: labor market, the participation rate, that's the proportion of people

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Speaker 1: working or looking for a job, jumped to a near

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Speaker 1: record high of sixty six point nine percent. Straight number three.

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Speaker 1: Tech stocks globally are running into a few headwinds, with

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Speaker 1: the strongest being US China relations. The US has proposed

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Speaker 1: to increase trade restrictions on sales of advanced semiconducted technology

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Speaker 1: to China, and that sent the nastack down leads three

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Speaker 1: percent overnight. Said big name tech stocks got caught up

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Speaker 1: in the selling, and Video's share price fell six point

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Speaker 1: six percent. Apple was down two and a half percent

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Speaker 1: of Microsoft was off one point three percent. Asian technology

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Speaker 1: stocks also fell, with a major Japanese chip maker, Tokyo Electron,

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Speaker 1: off a massive eleven percent. Away from equities, Brent crude

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Speaker 1: is fetching just under eighty six US dollars a barrel,

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Speaker 1: Gold is creeping towards twenty five hundred US dollars an ounce,

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Speaker 1: and iron ore is steady. Bitcoin's trading just under sixty

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Speaker 1: five thousand US dollars a unit, and the Aussie dollar

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Speaker 1: is fetching sixty seven point four US cents straight. Number

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Speaker 1: four retailer Accent Group said it will close seventeen Glue

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Speaker 1: stores due to a weak performance from the youth fashion brand.

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Speaker 1: Chief executive Daniel Agustinelli said trading conditions had improved across

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Speaker 1: the group, which includes thirty four brands and stores like Nude, Lucy,

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Speaker 1: The Athlete's Foot and Platypus. He said the decision to

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Speaker 1: exit seventeen underperforming store, leaving seventeen stores still open plus

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Speaker 1: the digital operations, will allow Glue management to focus on

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Speaker 1: profitable outlets. In staying in retail candles and fragrances. Retailer

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Speaker 1: Dusk said its sales growth improved over the second half

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Speaker 1: thanks to more successful promotions and a better performance by

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Speaker 1: its online channel. However, for the full financial leear sales

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Speaker 1: are still expected to be down about eight percent, and

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Speaker 1: story number five buy and now pay later group Zipco

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Speaker 1: wants to introduce a pay eight product to allow customers

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Speaker 1: to pay for more expensive items such as travel than

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Speaker 1: white goods. ZIP is pretty much focused on its three

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Speaker 1: point eight million American customers nowadays, and over recent days

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Speaker 1: it's raised money from investors to eliminate some of its debt.

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Speaker 1: The group, which is currently under investigation in the US

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Speaker 1: over whether it violated consumer protection laws, wants to accelerate

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Speaker 1: its growth in the world's biggest economy, and the new

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Speaker 1: plan of eight payments rather than four is part of

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Speaker 1: that strategy. According to media reports, ZIP is forecast to

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Speaker 1: announce core earnings for the last financial year of around

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Speaker 1: sixty eight million dollars. That's a turnaround from a loss

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Speaker 1: the previous financial lium. In Australia, it's got about two

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Speaker 1: point two million active customers, but last quarter of the

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Speaker 1: value of transactions were down eleven percent as it for

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Speaker 1: the Afternoon Report for Thursday, the eighteenth of July twenty

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Speaker 1: twenty four. Don't forget to follow on the podcast and

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Speaker 1: find Fear and Greed on LinkedIn, Instagram, ex TikTok and Facebook.

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Speaker 1: Join Julian King and I Tomorrow I'm morning for the

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Speaker 1: Fast Five by Fear and Greed, the top five business

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Speaker 1: strows you need to know in just five minutes. I'm

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Speaker 1: Sean Elmer. Enjoy your evening