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Speaker 1: Dupe to see y Solly Harbor Asset management is with

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Speaker 1: us high Shane, Mate, how have the markets reacted to this?

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Speaker 2: It's the dinner roller case. We're early on we saw

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Speaker 2: a risk of move, so people were unwilling to take

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Speaker 2: it on risk in reaction to what's happen over the weekend.

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Speaker 2: Then around two o'clock New Zion time, we had a

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Speaker 2: rumor that our own security for Lauren Journey is reported

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Speaker 2: to announced that around was seeking nuclear talks with viewers.

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Speaker 2: President Trump said that's nice. We're open to being pragmatic

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Speaker 2: with or any in sanctions. And then about five o'clock

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Speaker 2: Yon time, Laren Janey said, no, that's wrong. Before they wrong,

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Speaker 2: our own is not heading exactly. Yeah, we sort of

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Speaker 2: rollercase the oil price. That probably the key one. The

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Speaker 2: Brent crude price up for dollars fifty, which is about

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Speaker 2: six percent up to seventy seven dollars fifty a barrel

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Speaker 2: that can BEUS with its twelve month average has been

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Speaker 2: around sixty six sixty seven, five year average eighty bucks.

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Speaker 2: So you know, we have seen a bit of a

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Speaker 2: price increase. The Opic plus of come out and said

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Speaker 2: they're going to pump to helpfully get gold ris up

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Speaker 2: one point three percent sixty eight bucks to five three

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Speaker 2: four sevens forty seven ounce. Were people them for safety?

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Speaker 2: Interesting one whither is the US shear market. It's obviously

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Speaker 2: open open tonight, so it's not open yet, but the

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Speaker 2: futures are picking the market will be down around zero

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Speaker 2: point nine er percent, just under one percent. Market was

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Speaker 2: pretty weak last week on the basis people worry about

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Speaker 2: AI risk, credit risks and then potential Iranian military conflicts.

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Speaker 2: So maybe some of the people you were just talking

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Speaker 2: about earlier on and certainly locally, we've seen our interest

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Speaker 2: rates rather the stable and designed dollar a little bit

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Speaker 2: down to fifty nine to thirty four against the US

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Speaker 2: there marker down half a percent, but a weakness and

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Speaker 2: earboss main frack contact. So yet, roll of case.

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Speaker 1: Do you think the capital markets will remain volatile?

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Speaker 2: Look, the debate for capital markets very much sends on

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Speaker 2: whether it's a short, swift campaign about bringing Iran to

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Speaker 2: Nego sitting table and landing on a long term nuclear deal,

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Speaker 2: or on more sustained camp pain to bring about regime change.

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Speaker 2: We can only really look back at what we've seen

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Speaker 2: in previous similar events. The Gulf War, arap War, Russians

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Speaker 2: of a Ukraine, the recent Israel around twelve of their war.

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Speaker 2: Across all four episodes, we saw the worst case scenarios

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Speaker 2: priced them pretty quickly. The markets, particularly in oil, and

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Speaker 2: then that's generally been unwound. Is that geopolitical risk premium

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Speaker 2: once we understand the scope and duration of the conflict.

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Speaker 2: We know this is different. They're all different, but human

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Speaker 2: behavior is not different, and markets tend to reflect the same.

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Speaker 2: So you tend to see the worst reactionly on and

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Speaker 2: over time, you know, week or two we might see

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Speaker 2: some of the spike and our headlines on wine.

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Speaker 1: Now on the reporting season, we saw that wind up

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Speaker 1: on Friday. What are your key takeaways from this?

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Speaker 2: Yeah, Look, the New Zealand company reporting season was actually

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Speaker 2: pretty good. We had more results beats versus consensus expectations,

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Speaker 2: the misses that we've seen, more upgrades than downgrades. It

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Speaker 2: saw some great results from companies like Fishing and Pipe

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Speaker 2: with healthcare A two the Ouissy Bank sayings in Whispect

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Speaker 2: that are dual listed. Day Will performed pretty well. We've

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Speaker 2: sort a little bit of weakness and Fletcher's eboss Vulcan

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Speaker 2: spark chorus. But you know we have we are seeing

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Speaker 2: a bit of trend and these trends are being driven

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Speaker 2: by cost control. You know, it's not quite company specific

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Speaker 2: strategies to try and and proved profitably rather than a

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Speaker 2: strong economic tale when your companies were quite saying that

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Speaker 2: mixed in New Zealand economy, it's not consistent and quite

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Speaker 2: a few companies talking about continue with costs out program

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Speaker 2: so earnings result. It's a good economy. It's still a

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Speaker 2: bit next.

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Speaker 1: Good stuff, Jan thanks for running us through. Appreciate it,

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Speaker 1: Mat Shane Sally Harbor Resset Management.

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