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Speaker 1: Variable home loan rates start to fall just as the

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Speaker 1: spring selling season kicks off. Chicken might be the number

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Speaker 1: one protein consumed in Australia, but sales are slowing, and

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Speaker 1: digital x rays find the second biggest diamond ever discovered.

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Speaker 1: Welcome to Fear and Greed. Daily business news for people

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Speaker 1: who make their own decisions. It is Monday, the twenty

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Speaker 1: sixth of August twenty twenty four. Are Michael Thompson and

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Speaker 1: Good Morning, Sean Aylmer.

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Speaker 2: Good Morning Michael.

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Speaker 1: Shown the main story this morning. Ahead of the spring

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Speaker 1: selling season, the country's biggest lender drops some variable interest

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Speaker 1: rates as investors look to build housing more suitable to

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Speaker 1: the singles lifestyles.

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Speaker 2: There's a bit going on, yes plenty in what you

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Speaker 2: just said there. So first off, the Commonwealth Bank announced

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Speaker 2: cuts on Friday, potentially triggering better deals for customers across

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Speaker 2: the sector it should do anyway. The country's major lenders

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Speaker 2: said it would reduce some new customer variable rates by

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Speaker 2: up to point three five percentage points thirty five basis

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Speaker 2: points and fixed rates by up to seventy basis points.

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Speaker 2: It follows several fixed rate cuts by other banks in

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Speaker 2: recent weeks. Now Combank didn't change its standard variable rate,

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Speaker 2: but it means Combank's basic home loan rate will four

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Speaker 2: from six point five nine percent to six point four

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Speaker 2: to four percent. The package homelan rate will go from

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Speaker 2: six point four nine percent to six point three four percent.

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Speaker 2: This is all happening even though the Reserve Bank has

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Speaker 2: made it clear the official benchmark rate isn't going to

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Speaker 2: change this year. Now, we're not here to promote Commonwealth

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Speaker 2: Banks rate. The point is that when Combank cuts, it

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Speaker 2: becomes much more competitive ab out there, and in fact,

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Speaker 2: there are lower rates in the mortgage market than Combank's rate.

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Speaker 2: According to Canstar, they arrange from five point four nine

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Speaker 2: percent to five point seven nine percent across variable and

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Speaker 2: fixed terms. It's certainly good news for anyone looking for

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Speaker 2: a new loan, and maybe a touch frustrating for those

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Speaker 2: of us that already have a variable rate loan that

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Speaker 2: it has been we're not included in it. Some of

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Speaker 2: the buyers of houses over the weekend, though they should

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Speaker 2: be happy. There are plenty of buyers. In fact, with

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Speaker 2: the national preliminary clearance rate up a touch to seventy

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Speaker 2: one point four percent, more than two thousand homes went

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Speaker 2: under the Hammer over the past week. Melbourne's rate came

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Speaker 2: in it's just under sixty nine percent, Sydney was almost

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Speaker 2: seventy five percent, Adelaide came in at nearly eighty percent,

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Speaker 2: Brisbane sixty seven percent and Canberra fifty seven percent.

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Speaker 1: All right, now, the other thing that I mentioned sean

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Speaker 1: adaptable housing. What's this story about.

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Speaker 2: It's fascinating digital nomads and millennials driving plans by developers

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Speaker 2: and fund managers to build thousands of micro apartments in

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Speaker 2: big cities across Australia. These apartments are typically under thirty

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Speaker 2: two square meters and designed to include kitchenettes, small living

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Speaker 2: areas and a bathroom. While whoever's living there, they access

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Speaker 2: shared communal lounges and co working spaces. This is according

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Speaker 2: to a story in The AFAR. Importantly, they can be

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Speaker 2: located close to major CBD, providing accommodation for those priced

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Speaker 2: out of the traditional apartment market. Hotel developer operator and

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Speaker 2: fund manager pro Invest Group is sounding out investors for

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Speaker 2: a half a billion dollar raising that will fund an

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Speaker 2: initial pipeline of two thousand flex apartments they're calling them.

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Speaker 2: Many of these will be developed out of older hotels

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Speaker 2: or vacant office buildings. The average apartment size would be

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Speaker 2: just twenty five square meters, less than half the size

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Speaker 2: of a typical fifty five square meter service department and

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Speaker 2: equivalent to modern student accommodation. It'll include though kitchenette, toilet,

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Speaker 2: and bathroom. All the units will be fully furnished. Now

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Speaker 2: amenities such as co working spaces, gyms, communal areas will

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Speaker 2: be included. But it's just a really fascinating way to

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Speaker 2: address the house in crisis.

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Speaker 1: It's about putting more options into the market, isn't it.

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Speaker 2: It's a fantastic idea because even if you don't want

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Speaker 2: to buy that part of the housing christs at the

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Speaker 2: moment is because of the influx of foreign students. Foreign

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Speaker 2: students mean students are much more likely to take up

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Speaker 2: this option. You would imagine.

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Speaker 1: Yeah, absolutely fascinating stuff. Local markets, Sean, Where did they

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Speaker 1: finish up on Friday?

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Speaker 2: The SMPA six two hundred closed flat on Friday. In fact,

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Speaker 2: was down three points to eighty twenty four points. It

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Speaker 2: is significant that it dropped three points rather than was flat,

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Speaker 2: because it broke a ten day streak of positive closes

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Speaker 2: only just but it did for the week the Boss

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Speaker 2: was up zero point seven percent. Wasn't a lot happening

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Speaker 2: on Friday. It was a bit quieter on the earnings front.

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Speaker 2: One interesting result was retailer Accent Group. Its share price

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Speaker 2: tumbled fifteen percent after it reported a thirty three percent

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Speaker 2: drop in net profit, even though sales were higher. And

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Speaker 2: now the group has more than eight hundred stores, thirty

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Speaker 2: five brands. We know them Doctor Martin's, Hoker, High, Athletes,

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Speaker 2: Foot Platypus, et cetera. The good news is that total

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Speaker 2: sales for the first seven weeks of this financialudio were

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Speaker 2: actually higher. Around two thirds of companies have now reported

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Speaker 2: half year June earnings. Thirty six percent of results of

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Speaker 2: beaten expectations, which is slightly lower than normal, but there

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Speaker 2: have also been fewer companies missing expectations. Around fifty five

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Speaker 2: percent of companies are announcing higher earnings than a year ago,

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Speaker 2: according to AMP, while fifty nine percent are boosting dividends.

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Speaker 2: Those numbers are in line with historical averages. The ASEX

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Speaker 2: two hundred is expected to open hire today on the

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Speaker 2: back of a strong result on Wall Street over the weekend.

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Speaker 1: Sean after the show, you have an interview with Roger

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Speaker 1: Montgomery and we've talked to Roger a few times on

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Speaker 1: this podcast. I reckon this would be one of his

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Speaker 1: best interviews that he has done with you.

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Speaker 2: Yes, so what I like about it. We pick three

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Speaker 2: or four companies and we go into depth about what

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Speaker 2: their results have shown. And it's really fascinating because he

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Speaker 2: unpacks what's going on in the companies. And there's a

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Speaker 2: couple of medical companies, a consumer's discretionary company, and tells

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Speaker 2: us why the results are better or worse than expected.

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Speaker 2: And I mean, Berevel's a really great example where he

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Speaker 2: talks us through the actual business model of Bevel and

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Speaker 2: why you know what some analyst was saying six months

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Speaker 2: ago was just totally wrong and you know why it's

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Speaker 2: doing so well now. So definitely were worth listen.

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Speaker 1: Yeah, sure is. It is coming up after the show.

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Speaker 1: Stick around for that one. In the meantime, Sean, what's

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Speaker 1: happened in international markets over the weekend?

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Speaker 2: Plenty Federal Reserve chaired Your Own Power made it pretty

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Speaker 2: clear interest rates in the US are coming down soon,

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Speaker 2: saying the Fed intends to act to staff off further

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Speaker 2: weekening in the US labor market. In a speech over

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Speaker 2: the weekend. Mister Powell said the time had come to

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Speaker 2: adjust policy and the Fed wasn't seeking and wouldn't welcome

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Speaker 2: any further cooling in the labor market. Bond traders have

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Speaker 2: already priced in a rate cut next month and expect

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Speaker 2: more later in the year. All Street jumped in response,

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Speaker 2: led by the tech heavy NASDACK, which closed up one

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Speaker 2: and a half percent. All that news is putting pressure

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Speaker 2: on the US dollar, pushing up other currencies such as

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Speaker 2: the Aussie dollar, which is trading near sixty eight US sins.

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Speaker 2: Of course, the very bad US on the Aussie dollar

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Speaker 2: is against ty Bart one of my favorite currencies at

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Speaker 2: the moment. It's a little weaker the last few weeks.

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Speaker 1: Why would that be one of your favorite currencies at

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Speaker 1: the moment, Sean.

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Speaker 2: Well, as it turns out in the next couple of

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Speaker 2: days of taking a little trip to Thailand holiday, Michael holiday,

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Speaker 2: and it was trading much higher about two months ago

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Speaker 2: than what it is now.

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Speaker 1: Makes sense as soon as you book your holiday the

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Speaker 1: currency crashes, Sean. We'll be back in a moment with

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Speaker 1: the rest of the day's business news. Sean. A Z

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Speaker 1: Bank has been hit with an extra two hundred and

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Speaker 1: fifty million dollar capital charge after the prudential regulator identified

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Speaker 1: persistent concerns about its risk management stemming from an escalating

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Speaker 1: bond trading scandal.

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Speaker 2: It means ain Z has to hold an extra seven

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Speaker 2: hundred and fifty million dollars in total as a type

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Speaker 2: of insurance money that can only be deployed in limited

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Speaker 2: ways that hinders the bank's ability to make a profit.

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Speaker 2: It probably the bottom line doesn't get hurt that much,

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Speaker 2: but it's a really bad look for A and Z.

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Speaker 2: The Australian Financial Regulation Authority penalty comes as the bank

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Speaker 2: faces an investigation into alleged market manipulation of the government

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Speaker 2: bond rate after it admitted to providing incorrect information to

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Speaker 2: the government's dead agency. An internal investigation into the matter

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Speaker 2: has already resulted in one trade of being dismissed and

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Speaker 2: two others being suspended. APPRA said it had not seen

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Speaker 2: improvements in an Z's risk management since imposing the initial

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Speaker 2: five hundred million dollars capital charge in May twenty nineteen,

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Speaker 2: which had been designed to address major flaws in its

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Speaker 2: risk culture. Twenty nineteen. That's five years ago, and the

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Speaker 2: APPER is saying it hasn't seen any improvement that is

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Speaker 2: not a good look.

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Speaker 1: No, no, it's not. The corporate regulator SEAN has revealed

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Speaker 1: its targets for the year ahead, warning it will pursue

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Speaker 1: misconduct and poor service across superannuation and financial services.

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Speaker 2: The Australian Securities and Investments Commission warned it was assembling

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Speaker 2: new teams to tackle concerns around private markets and urging

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Speaker 2: climate reporting requirements. ASSEX said its priority spanned five key areas,

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Speaker 2: including improving consumer outcomes, addressing financial systems risks from climate change,

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Speaker 2: delivering better retime and outcomes for super fund members, looking

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Speaker 2: to scrutinize digital and data resilience in safety, and pushing

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Speaker 2: for consistency and transparency across public and private markets. ASSEK

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Speaker 2: nowded that over the coming year it would look at

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Speaker 2: Australia's financial markets, both listed and unlisted, as well as

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Speaker 2: large companies and superfunds.

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Speaker 1: Inghams, the producer of chicken and turkey for consumption, expects

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Speaker 1: volumes will fall in the coming months, reflecting cost of

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Speaker 1: living pressures that triggered a twenty percent slump in its

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Speaker 1: share price on Friday.

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Speaker 2: The group reported a pretty robust twenty twenty four financial

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Speaker 2: year underlying earnings up thirteen percent, the best ever result,

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Speaker 2: according to chief executive Andrew Reeves, but the outlook isn't

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Speaker 2: quite as positive now. Ingham's supplies the majority of major

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Speaker 2: retailers and quick service re staurants in the country, A

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Speaker 2: major player, probably the major player, did you know, Michael.

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Speaker 2: Each year, more than seven hundred million chickens are produced

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Speaker 2: for meat in Australia, and at any one time there

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Speaker 2: are one hundred million chickens alive, meaning four chickens to

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Speaker 2: every person.

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Speaker 1: It did sound like that was the beginning of a

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Speaker 1: year seven maths problem. You've got seven hundred million chickens,

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Speaker 1: one hundred million chickens alive, and the train's traveling at

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Speaker 1: twenty kilometers an hour.

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Speaker 2: Chicken accounts for about half of all the meat we

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Speaker 2: consume in Australia. That's fascinating. I must say that it's

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Speaker 2: got nothing to do with the story, but I just

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Speaker 2: kind of got went down a rabbit hole that one.

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Speaker 2: It was kind of interesting anyway.

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Speaker 1: A chicken hole.

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Speaker 2: A chicken hole, Oh, is there such a thing. Let's

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Speaker 2: move on.

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Speaker 1: We might leave chicken holes out of this one.

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Speaker 2: Sean Ingham's hosts to benefit from lower costs going forward

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Speaker 2: even if demand is soft, including more automated processes for

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Speaker 2: and leg d boning and water jet cutters. Let's move on.

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Speaker 1: As Sean. There's a bit going on in healthcare. Talex

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Speaker 1: Pharmaceuticals has posted a maide and half year profit after

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Speaker 1: a big jump in sales last financial year.

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Speaker 2: Talix products us targeted radiation to image and help treat cancer.

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Speaker 2: Its share price is at more than thirteen hundred percent

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Speaker 2: in the past five years. Biotech main Farmer double sales

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Speaker 2: last financial year, although it posted a saturgy loss of

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Speaker 2: one sixty nine million dollars in the back of asset

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Speaker 2: impairments and legal costs. Fish from Pay Coal lifted its

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Speaker 2: financial twenty twenty five profit guidance, sending its share price

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Speaker 2: up eleven percent and worth mention is Clarity Pharmaceuticals the

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Speaker 2: clinical stage radio pharmaceutical companies developing products to help improve

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Speaker 2: treatment outcomes cancer sufferers. Its share price hit a record

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Speaker 2: high on Friday.

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Speaker 1: The Northern Territory has a new Chief Minister after Leo Finocchiaro,

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Speaker 1: the leader of the country Liberal Party, won the territories

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Speaker 1: poll on Saturday.

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Speaker 2: It was the first time a Conservative government anywhere in

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Speaker 2: the country has ousted a labor government since twenty eighteen.

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Speaker 2: MS Finakiaro said law and order is her number one priority.

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Speaker 2: She'll address youth crime and places like Alice Springs by

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Speaker 2: backing in police and holding parents responsible.

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Speaker 1: Okay. Turning to international news now and Hesbila launched hundreds

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Speaker 1: of rockets and drones against Israel over the weekend in

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Speaker 1: retaliation for the assassination of a scenior commander in Beirut

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Speaker 1: last month.

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Speaker 2: Israeli jets hit targets in Lebanon shortly before the strikes,

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Speaker 2: as the military assessed that Hezblah was preparing to be

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Speaker 2: in the barrage. HESBLA said it had launched more than

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Speaker 2: three hundred and twenty rockets towards Israel and hit eleven

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Speaker 2: military targets, according to Reuters. It said the barrage had

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Speaker 2: completed the first phase of its response to the assassination

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Speaker 2: of Fuad Shukar, a senior commander in Beirut, but that

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Speaker 2: the full response would take some time. Defense Minister you

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Speaker 2: Have Gallant said Israel would do whatever's necessary to defend itself.

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Speaker 1: I mentioned this next one at the top of the show.

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Speaker 1: Sean the world's second largest diamond has been found in Botswana.

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Speaker 1: It is a two thousand, four hundred and ninety two

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Speaker 1: carrot stone discovered by Canadian mining company Lecara Diamond. That

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Speaker 1: is incredible.

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Speaker 2: Yeah, it's the biggest known gem quality find after the

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Speaker 2: Cullinan diamond discovered more than a century ago, which was

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Speaker 2: cut up and incorporated into the British Crown jewels. It

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Speaker 2: is about two thirds so this is the new stone,

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Speaker 2: about two thirds the size of a coke can and

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Speaker 2: was found using X ray transmission technology. The fine has

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Speaker 2: been called the most significant this century. According to a

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Speaker 2: story in The Financial Times, the stone is estimated to

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Speaker 2: be worth more than forty million US dollars about sixty

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Speaker 2: million OSIM. The company's share price after the announcement jump

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Speaker 2: by about forty percent, and Lacar, as chief executive, vowed

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Speaker 2: to use the stone to boost the profile of the

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Speaker 2: diamonds and Botswana. While factory made diamonds and the downtown

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Speaker 2: and luxury spending have knocked the rough diamond market, giant

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Speaker 2: discoveries like this remain an important source not just the income,

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Speaker 2: but marketing power as well. Mining of the precious gems

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Speaker 2: make up about a quarter of Botswana's GDP so have

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Speaker 2: very good news for that country.

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Speaker 1: That is quite amazing. Everything about that story is amazing,

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Speaker 1: the fact that they found one stone and the company's

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Speaker 1: share price went up by forty stone, of course, but

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Speaker 1: the idea of a of using an X ray to

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Speaker 1: find it. Do you just kind of have this image

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Speaker 1: of the X ray just showing this like neatly cut

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Speaker 1: little diamond.

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Speaker 2: Actually it's worth looking at. Looking up. There's some great

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Speaker 2: photos and some great video of the I think it's

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Speaker 2: the President of Botswana holding this diamond, and it is massive.

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Speaker 2: It is. It's kind of like something you'd see out

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Speaker 2: of a movie.

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Speaker 1: You know, it's you know, it's an impressive diamond when

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Speaker 1: you have to use a coke can as the reference. Yes,

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Speaker 1: normally we're thinking kind of things in the relation to

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Speaker 1: your kind of fingernail, that kind of thing, but no,

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Speaker 1: it is talking about a coke can. All right. Last

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Speaker 1: one an update really on an earlier story that we've

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Speaker 1: talked about in recent weeks. Elon Musk's SpaceX will use

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Speaker 1: one of its capsules to bring home astronauts stuck at

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Speaker 1: the International Space Station next year.

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Speaker 2: Yes, Boeing's floored star Liner craft will return without people

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Speaker 2: on board early next month, the US Space Agency said

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Speaker 2: over the weekend. According to Bloomberg, the contingency plan means

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Speaker 2: that NASA astronauts Barry Wilmore butsch Willmore and Sanita Williams

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Speaker 2: Sonny Williams, they call her, We'll hit you right home

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Speaker 2: on SpaceX's Crew Dragon capsule during a six month mission

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Speaker 2: called Crew nine, slated to launch in late September. That

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Speaker 2: would put them back on US soil in February, months

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Speaker 2: later than they had originally planned to come home.

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Speaker 1: All right, Up next is Fear and Greed The week Ahead,

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Speaker 1: normally featuring Resident Economist Stephen Couldculus. We have a special

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Speaker 1: your guests for the next few weeks. E Y Chief

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Speaker 1: Economist Sharrelle Murphy.

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Speaker 2: Sure. Do we talk to Charell about what's It's a

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Speaker 2: big week coming up. Probably nothing more important than the

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Speaker 2: monthly CPI figures, monthly inflation figures. We're all switting on

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Speaker 2: those a fair bit. We talked to Sharil about that

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Speaker 2: and how she reads the economy kind of. I mean,

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Speaker 2: it's interesting to talk to Sharell and just a bit

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Speaker 2: of a different take to Steven, which always makes it

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Speaker 2: kind of interesting.

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Speaker 1: Yeah, it certainly does well worth a Listener's coming up

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Speaker 1: next and after that your chat with Roger Montgomery, chief

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Speaker 1: investment officer at Montgomery Investment Management.

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Speaker 2: All about earning season and we look at a few companies.

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Speaker 2: I think we take four companies, have a chat about

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Speaker 2: exactly what's going on, a bit of a deep dive

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Speaker 2: into them. Well worth a listen, Yeah, indeed.

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Speaker 1: So a couple of good things to listen to coming

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Speaker 1: up on the Fear and Greed player list on your

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Speaker 1: podcast platform or at Fearangreed dot com dot au, which

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Speaker 1: is also we can sign up for the free weekly

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Speaker 1: newsletter which comes out every Wednesday. So do it today

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Speaker 1: and then you don't have to think about it ever. Again,

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Speaker 1: Thank you very much, se On.

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Speaker 2: Thank you Michael.

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Speaker 1: It is Monday, the twenty sixth of August twenty twenty four.

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

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

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.