1 00:00:03,560 --> 00:00:06,160 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,240 --> 00:00:08,880 Speaker 1: for Thursday, the twoth of December twenty twenty four. I'm 3 00:00:08,920 --> 00:00:11,680 Speaker 1: Sean Elmer. Every afternoon, We've got the five stories have 4 00:00:11,760 --> 00:00:13,880 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:13,920 --> 00:00:17,360 Speaker 1: The unemployment rate felt a three point nine percent last month, 6 00:00:17,680 --> 00:00:20,439 Speaker 1: much lower than expected and enough for financial markets to 7 00:00:20,520 --> 00:00:23,239 Speaker 1: discount any chance of a rate cut in February. A 8 00:00:23,320 --> 00:00:25,439 Speaker 1: surge in full time jobs last month has kept the 9 00:00:25,520 --> 00:00:28,440 Speaker 1: labor market strong. The result immediately triggered a rise in 10 00:00:28,440 --> 00:00:30,880 Speaker 1: the Aussie dollar, but a fall in the local share market. 11 00:00:30,920 --> 00:00:33,720 Speaker 1: By the close, the SMPA six two hundred was down 12 00:00:33,880 --> 00:00:36,840 Speaker 1: zero point three percent to eighty three hundred and thirty 13 00:00:36,880 --> 00:00:39,240 Speaker 1: one points. The banks will mostly fat, the big miners 14 00:00:39,240 --> 00:00:41,920 Speaker 1: were mixed. Some of the techtocs did well, including Promedicus 15 00:00:41,920 --> 00:00:45,760 Speaker 1: and Zero, though are EA dropped Story number two. One 16 00:00:45,920 --> 00:00:49,159 Speaker 1: country where a rate cut is likely is the United States, 17 00:00:49,360 --> 00:00:53,760 Speaker 1: that follows a positive inflation reading overnight. The USCPI rose 18 00:00:53,800 --> 00:00:56,440 Speaker 1: by zero point three percent in November and two point 19 00:00:56,520 --> 00:00:58,760 Speaker 1: seven percent for the year, and markets have now priced 20 00:00:58,800 --> 00:01:01,560 Speaker 1: in a ninety five percent chance of a twenty five 21 00:01:01,600 --> 00:01:05,440 Speaker 1: basis point cut next week when the Federal Reserve meets. 22 00:01:05,640 --> 00:01:08,640 Speaker 1: The Bank of Canada and European central banks are also 23 00:01:08,680 --> 00:01:11,400 Speaker 1: cutting rates. Australia's just looking a little bit lonely at 24 00:01:11,400 --> 00:01:14,040 Speaker 1: the moment. The inflation figures in the US helped Wall Street, 25 00:01:14,080 --> 00:01:16,720 Speaker 1: with the tech heavy NASDAK pushing beyond to twenty thousand 26 00:01:16,720 --> 00:01:19,479 Speaker 1: points for the first time ever. The NASDAK has almost 27 00:01:19,520 --> 00:01:22,559 Speaker 1: doubled over the past two years as the Magnificent seven 28 00:01:22,760 --> 00:01:27,080 Speaker 1: tech stocks Apple and Vidia, Microsoft, Alphabet, Amazon, Tesla, and 29 00:01:27,200 --> 00:01:31,360 Speaker 1: Meta have pushed Wall Street higher and higher. The single 30 00:01:31,400 --> 00:01:34,840 Speaker 1: biggest question for investors on Wall Street can the Magnificent 31 00:01:34,880 --> 00:01:38,240 Speaker 1: seven keep running straight? Number three? Childcare is set to 32 00:01:38,280 --> 00:01:41,080 Speaker 1: be front end center and the upcoming federal election campaign 33 00:01:41,160 --> 00:01:44,680 Speaker 1: after the Coalition today said it won't support government plans 34 00:01:44,680 --> 00:01:48,280 Speaker 1: to change the rules around accessing financial support. Yesterday, Prime 35 00:01:48,280 --> 00:01:50,880 Speaker 1: Minister Anthony Albernize he said the activity test for child 36 00:01:50,880 --> 00:01:53,760 Speaker 1: care payments would be removed now that test requires parents 37 00:01:53,760 --> 00:01:56,040 Speaker 1: to have a job, to be looking for work or 38 00:01:56,120 --> 00:01:59,600 Speaker 1: studying to receive subsidies. The Prime Minister also announced a 39 00:01:59,640 --> 00:02:02,880 Speaker 1: one billion dollar early education fund to help build or 40 00:02:02,920 --> 00:02:06,040 Speaker 1: expand one hundred and sixty child care facilities in what 41 00:02:06,160 --> 00:02:09,200 Speaker 1: they're calling child care deserts, places where there's high demand 42 00:02:09,240 --> 00:02:13,120 Speaker 1: and few facilities. The opposition said it won't support the changes, 43 00:02:13,160 --> 00:02:16,160 Speaker 1: though notwithstanding many in the business community, including the Business 44 00:02:16,240 --> 00:02:19,400 Speaker 1: Council of Australia, do support the changes. The governments also 45 00:02:19,440 --> 00:02:22,320 Speaker 1: considering a scheme whereby families would pay a flat fee 46 00:02:22,360 --> 00:02:24,640 Speaker 1: of ten dollars or twenty dollars a day for childcare 47 00:02:24,840 --> 00:02:27,760 Speaker 1: with no activity test. Storying number four. The share price 48 00:02:27,800 --> 00:02:31,760 Speaker 1: of Infrastructure Services Provide a Venture tumbled today on news 49 00:02:31,760 --> 00:02:34,920 Speaker 1: that the Australian Competition and Consumer Commission has started proceedings 50 00:02:34,919 --> 00:02:39,519 Speaker 1: against it and Spotless for alleged historical price fixing. Spotless 51 00:02:39,560 --> 00:02:42,720 Speaker 1: is nowadays owned by Downer Eedi, and its share price 52 00:02:42,760 --> 00:02:45,480 Speaker 1: fell as well. The case relates to a multi billion 53 00:02:45,520 --> 00:02:48,639 Speaker 1: dollar contract with the Federal Defense Department to provide maintenance 54 00:02:48,680 --> 00:02:52,480 Speaker 1: and operational services to two hundred bases around the country. 55 00:02:52,760 --> 00:02:55,560 Speaker 1: Spotless currently has a four billion dollar contract with Defense. 56 00:02:55,639 --> 00:02:58,639 Speaker 1: Venture has a five point eight billion dollar contract. They're 57 00:02:58,639 --> 00:03:01,440 Speaker 1: both due to expireing mid twenty twenty five. According to 58 00:03:01,480 --> 00:03:04,519 Speaker 1: the finn Review. The HBLEC alleges that executives from the 59 00:03:04,560 --> 00:03:08,040 Speaker 1: two companies made or tried to make arrangements to fix 60 00:03:08,200 --> 00:03:11,600 Speaker 1: the prices at which Spotless, Ventia and a third group, 61 00:03:11,680 --> 00:03:16,600 Speaker 1: Canadian owned BGIS, supplied services to Defense between April twenty 62 00:03:16,720 --> 00:03:21,280 Speaker 1: nineteen and August twenty twenty two. HABLEC chair Gena Cascott 63 00:03:21,320 --> 00:03:25,520 Speaker 1: Leeb said the alleged conduct caused direct harm to taxpayers. 64 00:03:25,760 --> 00:03:29,080 Speaker 1: Down has denied the allegations. Ventia said it's reviewing details 65 00:03:29,200 --> 00:03:32,520 Speaker 1: of the allegations before commenting and story number five. The 66 00:03:32,600 --> 00:03:38,320 Speaker 1: UN General Assembly overnight overwhelmingly approved resolutions demanding an immediate 67 00:03:38,360 --> 00:03:43,320 Speaker 1: ceasefire in Gaza and backing the UN Agency for Palestinian Refugees, 68 00:03:43,400 --> 00:03:46,560 Speaker 1: which Israel once banned. There were one hundred and fifty 69 00:03:46,560 --> 00:03:49,640 Speaker 1: eight votes in favor of both motions, including Australia's votes. 70 00:03:49,920 --> 00:03:52,560 Speaker 1: Israel and the US were in the small minority, speaking 71 00:03:52,640 --> 00:03:56,880 Speaker 1: and voting against the resolutions. General Assembly resolutions are not 72 00:03:57,320 --> 00:04:00,800 Speaker 1: legally binding, but broadly they reflect world opinion. There are 73 00:04:00,800 --> 00:04:03,400 Speaker 1: no vetayls in the Assembly. The vote occurred after the 74 00:04:03,520 --> 00:04:07,120 Speaker 1: US vetoed a Security Council resolution last month demanding an 75 00:04:07,120 --> 00:04:10,840 Speaker 1: immediate Guaza ceasefire. That's it for the Afternoon report for Thursday, 76 00:04:10,880 --> 00:04:13,360 Speaker 1: the twurth of December twenty twenty four, make sure you 77 00:04:13,400 --> 00:04:15,200 Speaker 1: hit follow on the podcast. We'll be back to ourrow 78 00:04:15,240 --> 00:04:17,680 Speaker 1: morning with a Friday edition of Here in Greek Business News. 79 00:04:17,920 --> 00:04:19,960 Speaker 1: I'm Sean Elma. Enjoy your evening.