1
00:00:00,160 --> 00:00:02,680
Speaker 1: From Devin Funds Management at Greg Smith is with us

2
00:00:02,680 --> 00:00:03,720
Speaker 1: this Monday, Monding Morning.

3
00:00:03,560 --> 00:00:05,040
Speaker 2: Mate, Morning, Mike.

4
00:00:05,160 --> 00:00:07,680
Speaker 1: Now, food inflation. I like those numbers. It's almost like

5
00:00:07,680 --> 00:00:08,200
Speaker 1: at used to.

6
00:00:09,400 --> 00:00:12,240
Speaker 2: Exactly got some good news. So yes, that's usually report

7
00:00:12,320 --> 00:00:14,720
Speaker 2: that food prices increased justo point two percent in the

8
00:00:15,200 --> 00:00:17,759
Speaker 2: twelve months to May. It's actually the smallest increase in

9
00:00:18,120 --> 00:00:20,880
Speaker 2: ten twenty eight. And see quite right that increases a

10
00:00:20,960 --> 00:00:23,280
Speaker 2: quarter of that scene in April due to cheaper prices

11
00:00:23,280 --> 00:00:26,600
Speaker 2: of fruit and vengies of down eleven percent meat, poultry, fish,

12
00:00:27,360 --> 00:00:29,840
Speaker 2: she recorded their an annual decrease for the first time

13
00:00:29,880 --> 00:00:32,519
Speaker 2: in over three years, and may have groups of high

14
00:00:32,560 --> 00:00:34,600
Speaker 2: in price but just less so. Restaurant meals and ready

15
00:00:34,600 --> 00:00:37,879
Speaker 2: to eat food prices almost five percent are still pretty high,

16
00:00:37,920 --> 00:00:40,920
Speaker 2: but growthy prices are coming down increases just one point

17
00:00:40,960 --> 00:00:43,920
Speaker 2: three percent. Good news for cheese lovers, Mike. Prices are

18
00:00:43,960 --> 00:00:45,960
Speaker 2: at five year low, so you get it one kg

19
00:00:46,080 --> 00:00:49,480
Speaker 2: block for just over ten bucks down to thirteen bucks

20
00:00:49,520 --> 00:00:52,519
Speaker 2: sixteen May twenty twenty three. Look at a monthly basis,

21
00:00:52,520 --> 00:00:56,200
Speaker 2: most items have also fallen overll food prices down point

22
00:00:56,320 --> 00:01:00,840
Speaker 2: two percent in May. On April, cheaper yogurt crisps that

23
00:01:01,000 --> 00:01:03,440
Speaker 2: up drive grocery prices and also fruit and vegi's. We've

24
00:01:03,440 --> 00:01:06,720
Speaker 2: got prices of mandarins, potatoes and apples. And it's not

25
00:01:06,920 --> 00:01:09,920
Speaker 2: only food prices that are coming down, Mike, Petrol prices

26
00:01:09,959 --> 00:01:11,880
Speaker 2: they also fell in makes that petre and diesel we

27
00:01:12,000 --> 00:01:14,920
Speaker 2: both down around three percent. Still, get before we get

28
00:01:14,959 --> 00:01:17,720
Speaker 2: too happy. They ever still when they were a year ago,

29
00:01:17,800 --> 00:01:21,360
Speaker 2: and Petchuan diesels fifty percent more expensive than free covid

30
00:01:22,360 --> 00:01:24,880
Speaker 2: or these are age more, petrols fifty percent more, but

31
00:01:25,040 --> 00:01:27,520
Speaker 2: not on less. Good news and inflation, Mike and and

32
00:01:27,680 --> 00:01:29,720
Speaker 2: Easy have cost of living pressures, something that the Advent

33
00:01:29,760 --> 00:01:32,840
Speaker 2: did should pay attention to. We'll see about that and

34
00:01:32,880 --> 00:01:34,680
Speaker 2: maybe do get that rate count in a few months time.

35
00:01:34,920 --> 00:01:37,600
Speaker 1: Of all this talk about Taylor Swift, I've heard the

36
00:01:37,640 --> 00:01:41,280
Speaker 1: fact that it could have such an impact that the

37
00:01:41,319 --> 00:01:45,040
Speaker 1: Bank of England might delight is the most astonishing thing

38
00:01:45,080 --> 00:01:46,399
Speaker 1: I've heard yet.

39
00:01:46,720 --> 00:01:49,200
Speaker 2: I did see amazing that. So, yeah, we're talking swift

40
00:01:49,240 --> 00:01:52,320
Speaker 2: flation here, good news and inflation here, but yeah, potential

41
00:01:52,360 --> 00:01:54,400
Speaker 2: setback in the UK. So the Big even to Meet

42
00:01:54,520 --> 00:01:57,240
Speaker 2: meets this week. No change is expected, but there's been

43
00:01:57,320 --> 00:02:00,720
Speaker 2: speculation about whether her areas tools actually going to push

44
00:02:00,760 --> 00:02:03,760
Speaker 2: out the timeline for a September raker, So she's hitting

45
00:02:03,800 --> 00:02:07,200
Speaker 2: in London August, but she's always been already been elsewhere hotels, flights,

46
00:02:07,280 --> 00:02:11,240
Speaker 2: restaurants seeing a spike and spinning around her performances. Edinburgh,

47
00:02:11,600 --> 00:02:14,360
Speaker 2: where she began the league earlier this month, said that

48
00:02:14,400 --> 00:02:18,000
Speaker 2: the concert edit up to around eighty million pounds and

49
00:02:18,040 --> 00:02:23,239
Speaker 2: spending their Barclays. They've got their Swifflation report out and

50
00:02:23,240 --> 00:02:26,600
Speaker 2: they say the UK talk n and estimated one billion

51
00:02:26,720 --> 00:02:29,160
Speaker 2: sterling to the British economy at one point two million

52
00:02:29,400 --> 00:02:32,360
Speaker 2: fans are spending like it's going out of fashion. Fifteen

53
00:02:32,400 --> 00:02:34,639
Speaker 2: tour days are spending around eight hundred and fifty quid

54
00:02:34,680 --> 00:02:38,239
Speaker 2: all that's about two thousand Kiwi dollars each on various

55
00:02:38,280 --> 00:02:42,079
Speaker 2: things including merch for the combination and the like. And

56
00:02:42,520 --> 00:02:46,080
Speaker 2: it shows that the spending on her tour ticket holders

57
00:02:46,360 --> 00:02:48,679
Speaker 2: is more than twelve times there which costs the UK

58
00:02:48,800 --> 00:02:50,560
Speaker 2: nine out. And then when they actually brought out the

59
00:02:50,560 --> 00:02:53,840
Speaker 2: tickets last year like that actually caused a sixteen percent

60
00:02:53,960 --> 00:02:56,760
Speaker 2: year on year increase in the UK spending. So the

61
00:02:56,800 --> 00:02:59,040
Speaker 2: swift das are out in force. The banking and they

62
00:02:59,040 --> 00:03:00,440
Speaker 2: were as for a comment they see they look at

63
00:03:00,440 --> 00:03:03,240
Speaker 2: a range of indicators, not just what Taylor Swift's doing,

64
00:03:03,320 --> 00:03:05,519
Speaker 2: but hey, I just thought about it. What a legions

65
00:03:05,520 --> 00:03:07,520
Speaker 2: of sifties were upsets You didn't come here at least

66
00:03:07,520 --> 00:03:09,919
Speaker 2: it's one complication in the up n Z didn't have

67
00:03:10,000 --> 00:03:10,480
Speaker 2: to worry about it.

68
00:03:10,720 --> 00:03:12,760
Speaker 1: That's true. And then we got some good news from Adobe.

69
00:03:13,320 --> 00:03:16,200
Speaker 2: Yes, this is our US earning so Adobe facial maker

70
00:03:16,280 --> 00:03:18,880
Speaker 2: these years sawed fifteen percent on Friday. That was the

71
00:03:18,880 --> 00:03:21,880
Speaker 2: biggest one day really since March twenty twenty. No prizes

72
00:03:21,919 --> 00:03:24,200
Speaker 2: for using the key driver, Mike, Yes, that's right. It's

73
00:03:24,240 --> 00:03:27,760
Speaker 2: AI revenues up ten percent from a year earlier to

74
00:03:27,800 --> 00:03:30,520
Speaker 2: five point three billions for the quarter. They've got their

75
00:03:30,560 --> 00:03:33,720
Speaker 2: Firefly AI functionality that's going pretty well. They've got a

76
00:03:33,760 --> 00:03:36,920
Speaker 2: dozen new genets of AI tools are going to partnership Microsoft.

77
00:03:36,960 --> 00:03:39,240
Speaker 2: That's providing a bit of a boost. They lifted four

78
00:03:39,320 --> 00:03:42,080
Speaker 2: year guides to twenty one point four to twenty point

79
00:03:42,080 --> 00:03:44,760
Speaker 2: five billion. And yeah, no signs of the slow down there.

80
00:03:44,760 --> 00:03:46,200
Speaker 2: And it's actually a bit of a contrast to what

81
00:03:46,240 --> 00:03:48,440
Speaker 2: we've seen saw from likes of Salesforce. See she has

82
00:03:48,480 --> 00:03:52,400
Speaker 2: plunged on weekend and expected results, so yes and positive news.

83
00:03:52,440 --> 00:03:55,040
Speaker 2: Last week no Adobe, but also Oracle was high on

84
00:03:55,160 --> 00:03:58,480
Speaker 2: its results. She pries up for Adobe still down around

85
00:03:58,480 --> 00:04:02,040
Speaker 2: at twelve percent for the year. Numbers please so in

86
00:04:02,040 --> 00:04:03,960
Speaker 2: the s and P five hundred was plenty pretty flat

87
00:04:04,000 --> 00:04:05,640
Speaker 2: on Friday five four three one that now I was

88
00:04:05,640 --> 00:04:08,320
Speaker 2: down point one five percent, thirty eight five eight nine,

89
00:04:08,400 --> 00:04:11,440
Speaker 2: Naars deck up point one percent, seventeen six eight eight.

90
00:04:11,600 --> 00:04:14,640
Speaker 2: There is a record closed video that was up almost

91
00:04:14,720 --> 00:04:18,680
Speaker 2: two percent. So yes, idal and continue to lead things there.

92
00:04:18,720 --> 00:04:21,680
Speaker 2: Foot Sea down point two percent, Nickel up point two percent.

93
00:04:21,960 --> 00:04:24,479
Speaker 2: Bank of Japan held rates A six two hundred down

94
00:04:24,480 --> 00:04:27,239
Speaker 2: point three percent. In the fifty we were fairly flat,

95
00:04:27,279 --> 00:04:29,840
Speaker 2: down seven points eleven eight sixty five, Gold up twenty

96
00:04:29,880 --> 00:04:33,080
Speaker 2: nine dollars two thousand, three hundred and thirty three ounce.

97
00:04:33,480 --> 00:04:36,080
Speaker 2: Oil down seventeen cent, seventy eight spot forty five years

98
00:04:36,320 --> 00:04:39,440
Speaker 2: for WTI Currency Market's key we weeker across the board

99
00:04:39,440 --> 00:04:41,600
Speaker 2: with sixty one point four against the US, ninety two

100
00:04:41,600 --> 00:04:45,279
Speaker 2: point eight against Ozzie, forty eight point nine against Stirling.

101
00:04:45,640 --> 00:04:47,240
Speaker 2: This week we've got the Bank of England as mentioned,

102
00:04:47,240 --> 00:04:48,680
Speaker 2: we got the RBA as well as should also be

103
00:04:48,760 --> 00:04:52,839
Speaker 2: on hold and back to US March GDP. Thing is

104
00:04:53,200 --> 00:04:54,880
Speaker 2: are we going to be out of recession? Looks like

105
00:04:54,880 --> 00:04:56,719
Speaker 2: a bit of a coin toss, by the way, many

106
00:04:56,760 --> 00:04:57,120
Speaker 2: are doing it.

107
00:04:57,160 --> 00:04:59,560
Speaker 1: Tough ketch up, so I appreciate it very much. Greg Smith,

108
00:04:59,560 --> 00:05:00,960
Speaker 1: Devins Funds Management.

109
00:05:01,480 --> 00:05:04,400
Speaker 2: For more from The Mic Asking Breakfast, listen live to

110
00:05:04,480 --> 00:05:07,559
Speaker 2: News Talks at B from six am weekdays, or follow

111
00:05:07,600 --> 00:05:09,160
Speaker 2: the podcast on iHeartRadio.