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Speaker 1: From Devon Funds Management, Greg Smith, Morning to you, Morning

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Speaker 1: to you, Mike. How about those jobs, jobs, jobs everywhere.

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Speaker 2: Yeah, good, good news for the US economy. Complicates picture

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Speaker 2: for the FED though, So yeah, the US economy added

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Speaker 2: two hundred and seventy two thousand jobs, and mate, it

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Speaker 2: was well above the estimates one hundred and ninety thousand. Also,

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Speaker 2: Aples revised one hundred and sixty five thousand gains, So yeah,

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Speaker 2: arguably counters affairs of a slow on the labor market,

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Speaker 2: but also reduces the need for the FED to lower rates.

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Speaker 2: So you look at the job gains, healthcare, government, leision, hospitality,

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Speaker 2: that's all consisted of recent trends. In fact, those set

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Speaker 2: three sectors more than half of gains. Also Fed, we

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Speaker 2: won't really want to see this wage growth continue to

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Speaker 2: push up, so up zero point four percent on the month,

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Speaker 2: four point one percent from a year ago. Though interesting

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Speaker 2: though that despite all that, sexual unemployment rate ticked up

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Speaker 2: to four percent, So Mike hasn't been there since January

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Speaker 2: twenty twenty two, so it does seen a bit of

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Speaker 2: a mixed message. A labor full participation rate that was

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Speaker 2: down slightly. Number of people report holding jobs fell by

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Speaker 2: over four hundred thousand. You have full time work as

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Speaker 2: they were down by six hundred and twenty five thousand

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Speaker 2: that you had part time workers showed up almost three

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Speaker 2: undred thousand, so you were seeing plenty of new jobs

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Speaker 2: might but some of the old ones are going. So

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Speaker 2: I suppose some industries are cutting back as the economy softens.

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Speaker 2: Ordered it a dial emma for the feed. They meet

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Speaker 2: this week, so we'll hear what JPOW has to say

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Speaker 2: on the matter and also get that feed dot plot.

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Speaker 2: But market's currently pricing in fifty five percent chance at

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Speaker 2: a rate cunt and September, and that's down from seventy

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Speaker 2: percent before the reports, so it's looking more like a

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Speaker 2: coin flip. What's it gonna be interesting to see? I

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Speaker 2: think what the feed makes of the central banks are doing.

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Speaker 2: So you've got Sweden, sort's another already ease, and last

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Speaker 2: week we had a Bank of Canada ECB they cut

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Speaker 2: rates for the first time in years. So there's implications

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Speaker 2: on trade competitives, and if you look at it might

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Speaker 2: be surprising. Canada's almost seventeen percent of US exports, Europe's

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Speaker 2: around about twenty percent, so you know the US is

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Speaker 2: already running trade deficits. These could get worse affections by

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Speaker 2: the central banks to value their currency as well. The

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Speaker 2: feed remains on hold, so yeah, it's all plenty for

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Speaker 2: the fed.

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Speaker 1: Chewn tell me as a serious investor, why people look

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Speaker 1: at Roaring Kitty and pay any attention to this nonsense,

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Speaker 1: not only once but again when it comes around.

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Speaker 2: Yeah, it's all a bit weird. I mean, it's nothing

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Speaker 2: to do with fundamentals. So yeah, it's just about momentum

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Speaker 2: what people are posting on social media. And this is

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Speaker 2: Keith Girl who's known it is raw and Kitty, and

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Speaker 2: he's back. We haven't heard from him since the pandemic,

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Speaker 2: but he's been sort of posting screenshots of his brokerage

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Speaker 2: portfolio shows that you know, if he exercised all his courttions,

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Speaker 2: he's got a billion dollars worth of stock. And this

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Speaker 2: is really getting likes of GameStop in particular. Moving training

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Speaker 2: has sprung to life in recent weeks. He scheduled his

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Speaker 2: first live stream on YouTube for a much years, almost

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Speaker 2: four years of this day in gamestock that's sorted fifty percent.

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Speaker 2: On Thursday, he had his YouTube sort of spiel and

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Speaker 2: then people said always he shouldn't say that much, particularly new.

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Speaker 2: So she has went down forty percent. So he reveals

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Speaker 2: he's made fifty million bucks on paper during one trading session.

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Speaker 2: He's still got around about a half a billion, and

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Speaker 2: shears and it's not fundamentals, why ye, right, it's more

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Speaker 2: about his popularity on social media, interesting, whether he attacks attracts,

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Speaker 2: and the sort of regulatory scrutiny the SEC apparently even

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Speaker 2: looking to sort of get involved in and look at it.

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Speaker 2: He actually not told you when explicitly to buy GameStop shares,

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Speaker 2: just posted memes and give some short video clips, et cetera.

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Speaker 2: Some connection, you argue, is either Warren Buffett will probably

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Speaker 2: probably not probably vastly vastly different, vastly different. But I

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Speaker 2: suppose he's been seen as a modern day Robin Hood.

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Speaker 2: I mean, hedge Funds lost a fortune during the pandemic,

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Speaker 2: the wise that it was short likes of GameStop and others.

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Speaker 2: And yeah, if you got regulatory scrutiny, would people sort

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Speaker 2: of get behind him even more in terms of his followers.

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Speaker 2: For what it's worth, If we want to talk fundamentals,

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Speaker 2: might the video game retailer game stop they were porting

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Speaker 2: numbers on Friday. They made a quarterly loss of thirty

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Speaker 2: two million US dollars, but it was down from fifty

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Speaker 2: point five many a year ago quarterly sales they dipped

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Speaker 2: point nine billion, So yeah, visual game stop looks a

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Speaker 2: bit like jumping on the roulette table really at the casino,

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Speaker 2: certainly making for a while knuckle ride for those on board.

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Speaker 1: All right, give me some numbers.

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Speaker 2: Okay, so we've got the US mark's actually stepped back

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Speaker 2: from record levels but had a winning week. The dow

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Speaker 2: down point two percent, thirty eight to seven nine eight.

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Speaker 2: And there's that down point two percent, seventeen one to

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Speaker 2: three three is in P five hundred down point one percent,

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Speaker 2: five three four six forts one hundred and a half percent,

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Speaker 2: nicke down point five percent, A six two hundred up

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Speaker 2: point five percent, NZ fifty down one percent. Gentails obviously

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Speaker 2: provided a bit of momentum earlier in the week. Gold

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Speaker 2: down eighty two bucks twenty two and ninety four and

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Speaker 2: ounce oil that was pretty flat. Seventy five spot fifty three.

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Speaker 2: US currencies Q was weaker across the board, sixty one

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Speaker 2: point one against the US, ninety two points seven against

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Speaker 2: the A dollar also down one percent against Stirling forty

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Speaker 2: eight pence. We'll get there for a Kiwi dollar this

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Speaker 2: this week, Mike, We've got some use inflation numbers. We've

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Speaker 2: got that FED meeting. We've also got the Bank of

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Speaker 2: Japan back home card spending, business PMI and food inflation.

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Speaker 1: Now the busy wait. Appreciate your expertise. Greg Smith, Devon

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Speaker 1: Funds Management.

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