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Speaker 1: We've got to look at the markets right now we

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Speaker 1: go Jeremy Hatton from milfind Acid Management with US. Hello, Jeremy, Hi,

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Speaker 1: Andrew Trump is back. The S and P was strangely

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Speaker 1: unmoved over. They must have factored it in. What about

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Speaker 1: inz X.

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Speaker 2: Yeah, Trump is back and there are a whole bunch

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Speaker 2: of potential impacts on INZX listed companies and the New

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Speaker 2: Zealand economy as a whole. I'll start with Fisher and

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Speaker 2: Pikell Healthcare. So they're our largest listed company and they're

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Speaker 2: exposed through two different limbs. So firstly, around fifty percent

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Speaker 2: of their medical devices are sold in the US, so

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Speaker 2: perhaps there will be some impact here on demand if

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Speaker 2: tariffs are put in place. But also Fisher and Pikel

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Speaker 2: has a substantial manufacturing base in Mexico. Around sixty percent

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Speaker 2: of their manufacturing product is based there, and Mexico does

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Speaker 2: seem to be in Trump's sites a lot more. Now,

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Speaker 2: Fisher and Pikel does have manufacturing in New Zealand as well,

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Speaker 2: and of course that can be sent across to the U,

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Speaker 2: but that does depend a little bit on the cost

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Speaker 2: and the tariff differential between US and Mexico. But perhaps

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Speaker 2: at the very least you could see an increase in

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Speaker 2: freight cost for Fisher and Pycal Healthcare and perhaps a

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Speaker 2: small profit hit as well.

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Speaker 1: Okay, so no immediate impact, but watch the space it

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Speaker 1: could be coming. What about renewable energy and wind? Could

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Speaker 1: that be impacted?

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Speaker 2: Yeah? Trump does have renewable energy and the subsidies for

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Speaker 2: those in the sites in particular so Biden's Inflation and

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Speaker 2: Reduction Act. There had been a huge boom of onshore

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Speaker 2: and offshore wind developments and also some solar projects too

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Speaker 2: in the US. And we have a business also listed

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Speaker 2: on the INSIDEX Infratil and they have a portfolio company

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Speaker 2: called Long Road Energy and they are a large developer

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Speaker 2: of renewable energy in the US. So Long Road is

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Speaker 2: about fourteen percent of Infantool's value. So it will be

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Speaker 2: impactful and has been talked about in the market as

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Speaker 2: having a bit of Trump risk, But there are a

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Speaker 2: few comments encountered to this risk. Most of Long Road's

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Speaker 2: development pipeline is solar in batteries. Only six percent of

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Speaker 2: the pipeline is wind, and Trump does seem a lot

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Speaker 2: more fixated on wind and the killing of the birds.

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Speaker 2: From this wind and then finally a lot more sorry,

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Speaker 2: and a lot of these long road solo projects are

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Speaker 2: in red states, mainly Texas and Arizona, and he might

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Speaker 2: get some pushback from fellow Republicans, particularly if it starts

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Speaker 2: to impact jobs in these states.

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Speaker 1: Pretty good stuff, Jeremy Haddon from Helfred AC Management, I

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Speaker 1: thank you so much for your time today. For more

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Speaker 1: from Heather Duplessy Allen Drive, listen live to news talks

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