1 00:00:00,040 --> 00:00:03,000 Speaker 1: Shane Soley, harbor Asset Management is with us now, Hey Shane, 2 00:00:03,360 --> 00:00:07,440 Speaker 1: Hello Heather. Okay, So the US Fed governor has opened 3 00:00:07,440 --> 00:00:09,200 Speaker 1: the door to the rate cats did this on Friday. 4 00:00:09,240 --> 00:00:12,320 Speaker 1: How did the markets react? Well? He said he was 5 00:00:12,360 --> 00:00:16,520 Speaker 1: speaking at this big jam baroo for economists and politicians 6 00:00:16,520 --> 00:00:18,960 Speaker 1: called Jackson Hole. It was more dubbish. So he opened 7 00:00:18,960 --> 00:00:21,400 Speaker 1: the door up for cuts in September, but he's not 8 00:00:21,440 --> 00:00:24,840 Speaker 1: pre committing. The key change for markets was he's not 9 00:00:24,960 --> 00:00:27,040 Speaker 1: just first to keep focusing on inflation. He's also talking 10 00:00:27,080 --> 00:00:30,400 Speaker 1: about labor markets and there have been a week. He 11 00:00:30,480 --> 00:00:34,120 Speaker 1: also talked about terraces and suggested that maybe it's less 12 00:00:34,120 --> 00:00:36,479 Speaker 1: of an inflation rist than the previously talked about. But 13 00:00:37,000 --> 00:00:39,080 Speaker 1: he's going to wait for some data here that is 14 00:00:39,120 --> 00:00:41,560 Speaker 1: coming up this week on Friday and news on Time 15 00:00:42,159 --> 00:00:47,519 Speaker 1: what's called the Core Personal Expenditure measure that's out on Friday, 16 00:00:47,560 --> 00:00:50,520 Speaker 1: and then in August he's got the August unemployment data 17 00:00:50,520 --> 00:00:53,440 Speaker 1: out middle of the month next month. I should say 18 00:00:53,600 --> 00:00:57,400 Speaker 1: that'll be important to him pushing the button on go. 19 00:00:57,560 --> 00:01:00,440 Speaker 1: In September, markets liked it. We saw the uish market 20 00:01:00,520 --> 00:01:02,880 Speaker 1: up one and a half percent. UIs bond yields this 21 00:01:03,000 --> 00:01:06,520 Speaker 1: interest costs went down, UIs dollar went down as well. 22 00:01:06,959 --> 00:01:09,440 Speaker 1: Not much of a pass through here, we're our shearmaker 23 00:01:09,440 --> 00:01:12,600 Speaker 1: here today was about zero point three percent, but helpful. 24 00:01:12,760 --> 00:01:14,720 Speaker 1: So yeah, we've got an opening up of the taps. 25 00:01:15,000 --> 00:01:18,200 Speaker 1: Did you see that retail sales data out today? Yeah, 26 00:01:18,240 --> 00:01:20,600 Speaker 1: it was a surprise, you know, with the marketing been 27 00:01:20,680 --> 00:01:23,440 Speaker 1: expecting a negative number. It actually came out positive, up 28 00:01:23,640 --> 00:01:27,560 Speaker 1: zero point five percent for that quarter to June. And 29 00:01:27,720 --> 00:01:30,160 Speaker 1: even if if we take out automotive, which can be 30 00:01:30,240 --> 00:01:32,399 Speaker 1: quite lumpy, it was up zero point seven percent. So 31 00:01:32,440 --> 00:01:34,880 Speaker 1: we've got a bit of growth out there in retail. 32 00:01:34,959 --> 00:01:38,120 Speaker 1: But either we just sort of look make the observation 33 00:01:38,319 --> 00:01:40,399 Speaker 1: that retailers have been doing a lot of deals to 34 00:01:40,440 --> 00:01:43,840 Speaker 1: simulate activity. Everybody knows that qui's love a bargain and 35 00:01:43,840 --> 00:01:46,640 Speaker 1: retailers have been working hard to do that. So just 36 00:01:46,720 --> 00:01:49,160 Speaker 1: to pinch your salt there, But nonetheless, it does suggest 37 00:01:49,200 --> 00:01:51,280 Speaker 1: that we've seen the bottom of the New Zealand economy. Yeah, 38 00:01:51,320 --> 00:01:52,960 Speaker 1: how good please to hear that. Now, what did you 39 00:01:52,960 --> 00:01:57,680 Speaker 1: make of today's company results? Yeah? Actually pretty solid scales. 40 00:01:57,840 --> 00:02:00,680 Speaker 1: Was this is the New Zealand Horticulture and supply chain company. 41 00:02:01,000 --> 00:02:03,360 Speaker 1: There was the best result on the day. Shap price 42 00:02:03,400 --> 00:02:06,920 Speaker 1: is up three percent Courus. That obviously brings our broadband 43 00:02:06,960 --> 00:02:10,000 Speaker 1: into our many of our homes. Stock price up two percent, 44 00:02:10,280 --> 00:02:12,800 Speaker 1: mainly because it went into an Australian ar market index 45 00:02:13,800 --> 00:02:16,760 Speaker 1: lines company Victor These ship price up two percent up. 46 00:02:16,800 --> 00:02:19,320 Speaker 1: The company delivered a really good result and some positive 47 00:02:19,320 --> 00:02:22,000 Speaker 1: dividend guidance and that's your property owned a property for 48 00:02:22,000 --> 00:02:24,359 Speaker 1: industry A share prices up one and a half percent, 49 00:02:24,520 --> 00:02:28,440 Speaker 1: good solid result, talk about more development. Share price of 50 00:02:28,480 --> 00:02:31,120 Speaker 1: recreational vehicle. We're into company tourism holdings that was flat 51 00:02:31,160 --> 00:02:33,320 Speaker 1: on the day, even though the company management team we're 52 00:02:33,320 --> 00:02:35,280 Speaker 1: talking about, hey, I thinks are getting bit better out there. 53 00:02:35,320 --> 00:02:38,480 Speaker 1: We're seeing some improving rental demand. And finally steal on 54 00:02:38,520 --> 00:02:41,720 Speaker 1: Tube share price down just over four percent, a pretty 55 00:02:41,720 --> 00:02:44,440 Speaker 1: weak result from them really highlighting what's been a very 56 00:02:44,440 --> 00:02:46,640 Speaker 1: tough design economy. And so what do you make of 57 00:02:46,680 --> 00:02:48,799 Speaker 1: how things have gone in this reporting season so far 58 00:02:48,840 --> 00:02:52,320 Speaker 1: for us? Yeah, it's actually been better. We've actually seen 59 00:02:53,120 --> 00:02:55,760 Speaker 1: better in that there's less negatives. That's a bit of 60 00:02:55,760 --> 00:02:59,919 Speaker 1: a double many there, but we're seeing less negatives come 61 00:03:00,160 --> 00:03:03,440 Speaker 1: are heading expectations and a lot of that's about costs 62 00:03:03,440 --> 00:03:06,160 Speaker 1: come in better and expected revenue is still a bit choppy, 63 00:03:06,639 --> 00:03:09,120 Speaker 1: but costs are coming in, and then the outlook statements 64 00:03:09,120 --> 00:03:11,720 Speaker 1: they're pro It's still cautious, but not as cautious as 65 00:03:11,720 --> 00:03:14,200 Speaker 1: there have been so generally better. Good stuff. Hey, Shane, 66 00:03:14,240 --> 00:03:15,480 Speaker 1: always good to talk to you. Thanks, we'll talk to 67 00:03:15,480 --> 00:03:18,360 Speaker 1: you next week. That Shane solely harbor Asset Management. For 68 00:03:18,480 --> 00:03:22,080 Speaker 1: more from Heather Duplessy Allen Drive, listen live to news talks. 69 00:03:22,080 --> 00:03:25,280 Speaker 1: They'd be from four pm weekdays, or follow the podcast 70 00:03:25,400 --> 00:03:26,400 Speaker 1: on iHeartRadio.