1 00:00:03,600 --> 00:00:06,320 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report, 2 00:00:06,360 --> 00:00:09,080 Speaker 1: fourth Thursday, the eighteenth of July twenty twenty four. I'm 3 00:00:09,080 --> 00:00:12,080 Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that 4 00:00:12,200 --> 00:00:14,720 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:14,800 --> 00:00:17,680 Speaker 1: The SMPA SX two hundred closed down a zero point 6 00:00:17,720 --> 00:00:21,000 Speaker 1: three percent today to eight thirty seven points on the 7 00:00:21,040 --> 00:00:23,079 Speaker 1: back of a sell off in tech stocks that was 8 00:00:23,120 --> 00:00:25,439 Speaker 1: precipitated by a tumble on Wall Street. More on that 9 00:00:25,520 --> 00:00:28,920 Speaker 1: shortly wise, teach Global led the tech stocks lower, falling 10 00:00:28,960 --> 00:00:32,600 Speaker 1: six point six percent, while data center operator Next DC 11 00:00:32,840 --> 00:00:36,440 Speaker 1: tumbled nearly five percent. The Tech index of the ASX 12 00:00:36,479 --> 00:00:38,600 Speaker 1: two hundred finished the day down about three and a 13 00:00:38,640 --> 00:00:42,120 Speaker 1: half percent. Now. The Telco index, which mostly reflects Telstra, 14 00:00:42,479 --> 00:00:44,600 Speaker 1: was also down. It was off more than one percent, 15 00:00:44,920 --> 00:00:48,000 Speaker 1: but otherwise there really wasn't much movement on the balls 16 00:00:48,080 --> 00:00:49,839 Speaker 1: among the large caps of the banks were mixed, the 17 00:00:49,920 --> 00:00:53,720 Speaker 1: big miners were lower, and the retailers generally higher. CSL 18 00:00:53,760 --> 00:00:56,600 Speaker 1: and Goodman Group both closed up more than one percent. Now. 19 00:00:56,600 --> 00:01:00,160 Speaker 1: In corporate news, Telix Pharmaceuticals share price dropped nearly three 20 00:01:00,240 --> 00:01:02,960 Speaker 1: percent in heavy trading after earlier in the day he'd 21 00:01:02,960 --> 00:01:06,479 Speaker 1: actually hit a record high. That's after it released strong 22 00:01:06,680 --> 00:01:10,720 Speaker 1: quarterly sales and upgraded earnings guidance and evolution Mining rows 23 00:01:10,800 --> 00:01:13,840 Speaker 1: nearly three percent after flagging a jump in gold production 24 00:01:13,959 --> 00:01:17,160 Speaker 1: during the last quarter. Straight number two. The economy added 25 00:01:17,200 --> 00:01:21,040 Speaker 1: fifty thousand new jobs last month, well above expectations, triggering 26 00:01:21,040 --> 00:01:24,080 Speaker 1: a few forecasts from an interest rate hike next month. 27 00:01:24,600 --> 00:01:28,440 Speaker 1: About fifty two hundred people found work last month, mostly 28 00:01:28,480 --> 00:01:31,360 Speaker 1: in full time jobs, according to the Australian Bureau Statistics, 29 00:01:31,720 --> 00:01:34,280 Speaker 1: but that didn't stop the unemployment rate rising to four 30 00:01:34,280 --> 00:01:37,160 Speaker 1: point one percent from four percent in May. With the 31 00:01:37,160 --> 00:01:40,520 Speaker 1: ongoing surge and foreign arrivals pushing more people into the 32 00:01:40,560 --> 00:01:44,039 Speaker 1: labor market, the participation rate, that's the proportion of people 33 00:01:44,120 --> 00:01:46,440 Speaker 1: working or looking for a job, jumped to a near 34 00:01:46,520 --> 00:01:49,840 Speaker 1: record high of sixty six point nine percent straight Number three. 35 00:01:49,920 --> 00:01:53,040 Speaker 1: Tech stocks globally are running into a few headwinds, with 36 00:01:53,120 --> 00:01:57,880 Speaker 1: the strongest being US China relations. The US has proposed 37 00:01:57,920 --> 00:02:03,120 Speaker 1: to increase trade restrictions on sales advanced semiconducted technology to China, 38 00:02:03,480 --> 00:02:06,120 Speaker 1: and that sent the nastack down leads three percent overnight. 39 00:02:06,400 --> 00:02:08,680 Speaker 1: Said big name tech stocks got caught up in the 40 00:02:08,720 --> 00:02:11,639 Speaker 1: selling and video's share price fell six point six percent. 41 00:02:11,960 --> 00:02:14,200 Speaker 1: Apple was down two and a half percent of Microsoft 42 00:02:14,240 --> 00:02:17,760 Speaker 1: was off one point three percent. Asian technology stocks also fell, 43 00:02:17,800 --> 00:02:21,400 Speaker 1: with a major Japanese chip maker, Tokyo Electron, off a 44 00:02:21,440 --> 00:02:25,080 Speaker 1: massive eleven percent. Away from equities, Brent Krude is fetching 45 00:02:25,160 --> 00:02:27,840 Speaker 1: just under eighty six US dollars a barrel, Gold is 46 00:02:27,880 --> 00:02:30,359 Speaker 1: creeping towards twenty five hundred US dollars an ounce, and 47 00:02:30,440 --> 00:02:33,760 Speaker 1: iron ore is steady. Bitcoin's trading just under sixty five 48 00:02:33,840 --> 00:02:36,240 Speaker 1: thousand US dollars a unit, and the Ausie dollar is 49 00:02:36,240 --> 00:02:39,720 Speaker 1: fetching sixty seven point four US cents. Story number four 50 00:02:39,840 --> 00:02:43,440 Speaker 1: retailer Accent Group said it will close seventeen Glue stores 51 00:02:43,520 --> 00:02:46,040 Speaker 1: due to a weak performance from the youth fashion brand. 52 00:02:46,400 --> 00:02:51,440 Speaker 1: Chief executive Daniel Agustinelli said trading conditions had improved across 53 00:02:51,440 --> 00:02:54,880 Speaker 1: the group, which includes thirty four brands and stores like Nude, Lucy, 54 00:02:54,960 --> 00:02:57,600 Speaker 1: The Athlete's Foot and Platypus. He said the decision to 55 00:02:57,639 --> 00:03:01,760 Speaker 1: exit seventeen underperforming stores, leading seventeen stores still open plus 56 00:03:01,840 --> 00:03:05,360 Speaker 1: the digital operations, will allow Glue management to focus on 57 00:03:05,440 --> 00:03:10,320 Speaker 1: profitable outlets and staying in retail. Candles and fragrances. Retailer 58 00:03:10,440 --> 00:03:13,680 Speaker 1: Dusk said its sales growth improved over the second half 59 00:03:13,680 --> 00:03:16,760 Speaker 1: thanks to more successful promotions and a better performance by 60 00:03:16,800 --> 00:03:20,000 Speaker 1: its online channel. However, for the full financial year, sales 61 00:03:20,040 --> 00:03:22,840 Speaker 1: are still expected to be down about eight percent, and 62 00:03:23,080 --> 00:03:25,640 Speaker 1: story number five Buy and Now Pay later group Zipco 63 00:03:25,800 --> 00:03:29,600 Speaker 1: wants to introduce a pay eight product to allow customers 64 00:03:29,600 --> 00:03:32,000 Speaker 1: to pay for more expensive items such as travel than 65 00:03:32,040 --> 00:03:34,720 Speaker 1: white goods. ZIP is pretty much focused on its three 66 00:03:34,720 --> 00:03:38,160 Speaker 1: point eight million American customers nowadays, and over recent days 67 00:03:38,160 --> 00:03:41,120 Speaker 1: it's raised money from investors to eliminate some of its debt. 68 00:03:41,560 --> 00:03:44,360 Speaker 1: The group, which is currently under investigation in the US 69 00:03:44,400 --> 00:03:48,320 Speaker 1: over whether it violated consumer protection laws, wants to accelerate 70 00:03:48,360 --> 00:03:50,839 Speaker 1: its growth in the world's biggest economy, and the new 71 00:03:50,880 --> 00:03:53,440 Speaker 1: plan of eight payments rather than four is part of 72 00:03:53,440 --> 00:03:56,720 Speaker 1: that strategy. According to media reports, ZIP is forecast to 73 00:03:56,760 --> 00:03:59,360 Speaker 1: announce core earnings for the last financial year of around 74 00:03:59,400 --> 00:04:02,480 Speaker 1: sixty eight millillion dollars. That's a turnaround from a loss 75 00:04:02,640 --> 00:04:05,440 Speaker 1: the previous financial lim. In Australia, it's got about two 76 00:04:05,440 --> 00:04:09,160 Speaker 1: point two million active customers, but last quarter of the 77 00:04:09,200 --> 00:04:12,520 Speaker 1: value of transactions were down eleven percent. That's it for 78 00:04:12,520 --> 00:04:15,520 Speaker 1: the afternoon report for Thursday, the eighteenth of July twenty 79 00:04:15,560 --> 00:04:17,760 Speaker 1: twenty four. Julian King and I will be back tomorrow 80 00:04:17,760 --> 00:04:20,640 Speaker 1: morning with the Friday edition I fear in Greek Business Viewnions, 81 00:04:20,680 --> 00:04:22,680 Speaker 1: I'm Sean I elma enjoy your evening.