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Speaker 1: Welcome to the weekend edition of The Fast Five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and hello

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Speaker 1: Sean Aylmer.

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Speaker 2: Hello Michael Seawan.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes. On the weekend, we

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Speaker 1: still keep it to five minutes, of course, but we're

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Speaker 1: going to pick out the biggest story of the week,

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Speaker 1: the most remarkable business story, a sleeper story, one that's

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Speaker 1: flying under the radar a little bit, and our favorite

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Speaker 1: business ish business kind of related adjacent story. Let's call it.

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Speaker 1: Let's get into it. What was the biggest business story

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Speaker 1: this week?

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Speaker 2: Well, plenty going on this week, but I think what

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Speaker 2: happened in markets is probably the biggest story of the

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Speaker 2: week for me. Wall Street hit a new closing high,

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Speaker 2: while locally the ASX two hundred, it's surged and it

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Speaker 2: tumbled and it jumped again. It's all about what's going

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Speaker 2: to happen to interest rates in the US end here

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Speaker 2: to the data in the US mainflation figures were released.

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Speaker 2: Clearly there is an easing of price pressures in the

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Speaker 2: US equity markets rallied. Wall Street hit a new high.

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Speaker 2: Then the Fed said it's not going to cut rates. Well,

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Speaker 2: it will cut rates, but probably once this year, not

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Speaker 2: three times as they thought. As a result, equities fell.

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Speaker 2: Inflation is unambiguously falling in the US. Not quite as

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Speaker 2: unambiguous here, but it looks like it's falling here. The

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Speaker 2: big unknown is by how much and when rates will fall.

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Speaker 2: It's been hitting the local market. The big miners BHP, Forteskew, Medals,

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Speaker 2: and Rio Tinta was sold off this week. The banks

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Speaker 2: continued their incredible run. The tech stocks were doing even better.

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Speaker 2: Then there's a bunch of household Aims, Woollies, Telstra that

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Speaker 2: have just had shockers over the past year. Very hard

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Speaker 2: to be an investor at the moment, Michael, Yeah.

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Speaker 1: Indeed, the other big story this week, Sean, was all

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Speaker 1: about jobs. The unemployment rate fell to four percent in

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Speaker 1: May after a near forty thousand jump in jobs last month.

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Speaker 1: The labor market's in great shape, especially considering the weakness

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Speaker 1: of the economy over the last couple of quarters. Certainly

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Speaker 1: going to all be feeding into the discussion when the

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Speaker 1: Reserve Bank Board meets next week, and considering how strong

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Speaker 1: the labor market is, it makes it less likely that

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Speaker 1: we're going to be seeing rate cuts anytime soon.

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Speaker 2: I think that's right. What about your most remarkable story,

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Speaker 2: Michael Sean.

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Speaker 1: It was all about the tech giants in the US,

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Speaker 1: particularly Microsoft, Apple, and in Video. It was Apple's week,

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Speaker 1: of course, they had their big announcement about how they

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Speaker 1: were going to incorporate artificial intelligence or Apple Intelligence into

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Speaker 1: its devices and new version of Siri. There'll be kind

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Speaker 1: of lots of image editing and summarizing of documents, all

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Speaker 1: that kind of thing, a big tie up with open

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Speaker 1: ais Chat GPT. This was a really really big announcement,

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Speaker 1: one of the most significant by Apple in years. Investors

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Speaker 1: loved it. The share price shot up seven percent in

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Speaker 1: the twenty four hours, after another five percent I think

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Speaker 1: it was the next day, and suddenly Apple went from

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Speaker 1: the third biggest company on Wall Street. It then passed

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Speaker 1: and Video and then passed Microsoft to become the biggest

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Speaker 1: company once again on Wall Street. Big, big, big week

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Speaker 1: for the tech.

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Speaker 2: Giants was I just want to quickly mention how remarkable

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Speaker 2: it is how many companies are leading the ASEX by

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Speaker 2: my account, thirty two so far this year, a couple

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Speaker 2: more to go. This week, we ad Bry agreed to

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Speaker 2: be sold to an Irish group shareholders and CSA agreed

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Speaker 2: to be sold to a French outfit. Suddenly this year

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Speaker 2: we've just lost all these companies A zero Minerals Link Administration,

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Speaker 2: AVS Minerals, bar Art Longyear, Whisper Costa, Sezil Alkham. Now

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Speaker 2: we're going to lose ad Bry and CSR. We're not

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Speaker 2: having anything fill the bucket. Only forty five IPOs last year.

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Speaker 2: One that is of significance. This year's Guzman e Gomez

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Speaker 2: and that's only two point two billion dollars. Where is

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Speaker 2: all that super money going to go? Real problem for investors, Michael, Yeah.

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Speaker 1: It certainly is sleeper story, sean one that's not getting

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Speaker 1: the attention that it probably deserves. What did you find

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Speaker 1: for us?

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Speaker 2: I thought the Mining and Energy union filing same job,

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Speaker 2: same pay applications against BHP's labor higher firms was a

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Speaker 2: really important story that we didn't hear enough about. It's

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Speaker 2: the first big test case of the Albanese government's new laws.

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Speaker 2: The application seek to lift the pay of seventeen hundred

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Speaker 2: workers by between ten thousand and forty thousand dollars a year.

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Speaker 2: BHP has said these new laws ultimately will cost shareholders

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Speaker 2: about thirty cents a year in dividends. The workers in

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Speaker 2: this case are employed across three open cut minds. It's complex.

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Speaker 2: How do you compare skills and rosters and pay and

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Speaker 2: bonuses across minds or even within a mind, but across minds. However,

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Speaker 2: this one is the big test case, important because BHP

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Speaker 2: is the biggest user of outsourced labor in the coal sector.

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Speaker 2: The laws haven't been tested yet. Other applications by unions

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Speaker 2: so far have triggered positive response from employees. They've just

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Speaker 2: simply agreed to change the pay rates. It's BHP. If

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Speaker 2: it loses this fight, not many miners will take on

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Speaker 2: the unions. If it wins, or you wins part of

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Speaker 2: the fight, well, the union's made its job much much tougher.

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Speaker 1: Yeah, that is a good sleeper story. Can I suggest

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Speaker 1: a favorite story for us sean? Please do all right? Well?

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Speaker 1: I like to finish on a little bit of good news,

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Speaker 1: and this is really good news for an industry that's

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Speaker 1: copped an absolute hammering the local wine industry. Trade Minister

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Speaker 1: Don Farrell this week said that local winemakers have sold

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Speaker 1: eighty six million dollars of stof to Chinese consumers since April.

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Speaker 1: That was when Beijing dropped its punitive tariffs on OSSI exports.

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Speaker 1: Love this for a couple of reasons, Sean. One, of course,

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Speaker 1: Ozzi wine did just get absolutely obliterated by those tariffs.

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Speaker 1: So who doesn't love seeing our companies getting back into

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Speaker 1: China and selling their wine again, because before the tariffs,

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Speaker 1: China was our single biggest export market for wine. The

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Speaker 1: other reason though, that I love it is that when

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Speaker 1: these changes were introduced a few years ago, the wine

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Speaker 1: industry was forced to find new export markets. They increased

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Speaker 1: the amount of wine that was being sold to places

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Speaker 1: like the UK and Singapore and India and Thailand a

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Speaker 1: bunch of other countries. They diversified, arguably became more resilient.

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Speaker 1: And now that China is open again, suddenly you've got

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Speaker 1: potentially a stronger industry because of it. Really, though, eighty

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Speaker 1: six million dollars worth of wine being sold to China

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Speaker 1: in the last eight or nine weeks, I think that's

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Speaker 1: good news. It's my favorite story of the week.

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Speaker 2: I'm with you, Michael.

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Speaker 1: All Right, there we go five minutes and pretty much

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Speaker 1: everything you need to know in the world of business

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Speaker 1: thank you, Thank you, Michael. We'll be back on Monday

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Speaker 1: morning with the top five business stories in five minutes.

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Speaker 1: Don't forget to hit follow and join us online on Instagram, TikTok, LinkedIn,

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Speaker 1: Facebook and X. I'm Michael Thompson and this is the

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Speaker 1: fast five business news by Fear and Great