Welcome to the Fearing Greed Business News Afternoon Report for Tuesday, the eleventh of December twenty twenty four. I'm Sean Elmer. Every afternoon, we've got the five stories that happened today that you need to know about. Storm one. The Reserve Bank of Australia has kept the official cash rate on hold at four point three five percent, but Governor Michelle Bullock hinted the Central Bank Board would start thinking about rate cuts if inflation continues to moderate, and she expects it will do that. Markets reacted immediately. Bond traders have now ascribed a fifty percent chance of a rate cut in February next year and one hundred percent by April. The Ausie dollar, which was trading above sixty four US cents, dropped back below that mark. Short term Aussie dollar movements depends on rate expectations. If rates were expected to be lower than the Aussie dollar falls story number two. The Australian Stock Exchange had been trading quite a bit lower today, but it jumped after the Reserve banks two thirty pm announcement. By the close, it was down less than half percent to eighty three hundred and ninety three points The tech sector tumbled, most in part thanks to a big sell off in pro Medicus, which ended down eight and a half percent. It's run very hard. Maybe there was some profit taking going on. Certainly the company didn't release any new news today. Other tech stocks to fall included wise Tech, Global, Zero, and Area. The banks were lower, with National Australian Bank and Westpac off more than two percent each. The big winners, though, were the miners, on the back of more upbeat news out of Beijing China wants to run more lax monitory and fiscal policies next year, good news for the minus Fortescu Metals jumped six and a half percent, Rare was up five percent, THEHP more than three percent. Treasury wine Er States said it has bought the Stone and Moon Winery in northeastern China for a just oy of twenty seven million dollars. Its share price jumped four percent. Platinum Asset Management fell another three percent today after yesterday's news that SUSA Regal Partners is walking away from a deal with it and Meyer held its annual general meeting today. The chair Olivia Worth, said Black Friday sales were encouraging despite a challenging start. To the retail year, share price ended up more than one percent. Story number three. In politics, there's the furor over the use of the Australian flag after Opposition leader Peter Dutton said if elected, he'd only stand in front of the Ossie flag and not the Indigenous flag. Now Prime Minister Anthony Alberanezi regularly holds press conferences and general conferences in front of both flags. Peter Dutton told Sky News that Australia should be united under one flag and he would never address the nation with both the Australian and the Indigenous flags behind him. Later, Shadow Home Affairs Minister James Patterson said Australian needs to have a unifying flag, referring to the current Australian flag. Story number four. Things aren't getting any better at Willworth's, with the New Zealand Competition Regulator filing charges against the retailer and its Keywi rival, Pack and Save, claiming both are misleading shoppers on promotional prices and specials. Sounds very familiar, doesn't it. The Commerce Commission's Deputy chair and Callanan said the regulator was not satisfied that specials really are special. She said supermarkets in New Zealand have been on notice for a long time about having clear pricing and accurate labeling of specials. Willis has been in New Zealand for almost twenty years. It has almost two hundred stores there, though earnings have disappointed recently, of course, in Australia, along with Cole's Wilworths's fighting action launched by the Australian Competition and Consumer Commission that alleges promotional prices on hundreds of products were actually higher than a few weeks earlier. And finally, story number five, a big, big one for ad Land. Omnicon Group has agreed to buy into Public Group for thirteen billion US dollars. It's about twenty one billion Aussie. It will create the world's largest advertising company into Public shareholders will receive Omnicom shares as part of the deal. It's expected to be done in the second half of next year. Been a tough time for ad agencies, with big tech companies hovering up the marketing dollar and generative AI creeping into the work of creative agencies. The benefit of the tie up of the two giants, in in part at least, is cost savings. The deal will create a company with combined and your revenues of about twenty five billion US dollars, well ahead of London based WPP, which has turned over about nineteen billion US dollars and set for the Authnoon Report for Tuesday, the eleventh of December twenty twenty four. Make sure you hit follow on the podcast. We'll be back tomorrow morning with the Tuesday edition of the Fast Five Business Views by Fear and Greed. I'm Sean Elmer. Enjoy your evening

Welcome to the Fearing Greed Business News Afternoon Report for Tuesday, the eleventh of December twenty twenty four. I'm Sean Elmer. Every afternoon, we've got the five stories that happened today that you need to know about. Storm one. The Reserve Bank of Australia has kept the official cash rate on hold at four point three five percent, but Governor Michelle Bullock hinted the Central Bank Board would start thinking about rate cuts if inflation continues to moderate, and she expects it will do that. Markets reacted immediately. Bond traders have now ascribed a fifty percent chance of a rate cut in February next year and one hundred percent by April. The Ausie dollar, which was trading above sixty four US cents, dropped back below that mark. Short term Aussie dollar movements depends on rate expectations. If rates were expected to be lower than the Aussie dollar falls story number two. The Australian Stock Exchange had been trading quite a bit lower today, but it jumped after the Reserve banks two thirty pm announcement. By the close, it was down less than half percent to eighty three hundred and ninety three points The tech sector tumbled, most in part thanks to a big sell off in pro Medicus, which ended down eight and a half percent. It's run very hard. Maybe there was some profit taking going on. Certainly the company didn't release any new news today. Other tech stocks to fall included wise Tech, Global, Zero, and Area. The banks were lower, with National Australian Bank and Westpac off more than two percent each. The big winners, though, were the miners, on the back of more upbeat news out of Beijing China wants to run more lax monitory and fiscal policies next year, good news for the minus Fortescu Metals jumped six and a half percent, Rare was up five percent, THEHP more than three percent. Treasury wine Er States said it has bought the Stone and Moon Winery in northeastern China for a just oy of twenty seven million dollars. Its share price jumped four percent. Platinum Asset Management fell another three percent today after yesterday's news that SUSA Regal Partners is walking away from a deal with it and Meyer held its annual general meeting today. The chair Olivia Worth, said Black Friday sales were encouraging despite a challenging start. To the retail year, share price ended up more than one percent. Story number three. In politics, there's the furor over the use of the Australian flag after Opposition leader Peter Dutton said if elected, he'd only stand in front of the Ossie flag and not the Indigenous flag. Now Prime Minister Anthony Alberanezi regularly holds press conferences and general conferences in front of both flags. Peter Dutton told Sky News that Australia should be united under one flag and he would never address the nation with both the Australian and the Indigenous flags behind him. Later, Shadow Home Affairs Minister James Patterson said Australian needs to have a unifying flag, referring to the current Australian flag. Story number four. Things aren't getting any better at Willworth's, with the New Zealand Competition Regulator filing charges against the retailer and its Keywi rival, Pack and Save, claiming both are misleading shoppers on promotional prices and specials. Sounds very familiar, doesn't it. The Commerce Commission's Deputy chair and Callanan said the regulator was not satisfied that specials really are special. She said supermarkets in New Zealand have been on notice for a long time about having clear pricing and accurate labeling of specials. Willis has been in New Zealand for almost twenty years. It has almost two hundred stores there, though earnings have disappointed recently, of course, in Australia, along with Cole's Wilworths's fighting action launched by the Australian Competition and Consumer Commission that alleges promotional prices on hundreds of products were actually higher than a few weeks earlier. And finally, story number five, a big, big one for ad Land. Omnicon Group has agreed to buy into Public Group for thirteen billion US dollars. It's about twenty one billion Aussie. It will create the world's largest advertising company into Public shareholders will receive Omnicom shares as part of the deal. It's expected to be done in the second half of next year. Been a tough time for ad agencies, with big tech companies hovering up the marketing dollar and generative AI creeping into the work of creative agencies. The benefit of the tie up of the two giants, in in part at least, is cost savings. The deal will create a company with combined and your revenues of about twenty five billion US dollars, well ahead of London based WPP, which has turned over about nineteen billion US dollars and set for the Authnoon Report for Tuesday, the eleventh of December twenty twenty four. Make sure you hit follow on the podcast. We'll be back tomorrow morning with the Tuesday edition of the Fast Five Business Views by Fear and Greed. I'm Sean Elmer. Enjoy your evening