Latest / Best of Business / Shane Solly: Harbour Asset Management spokesperson on what happened to the US share market last week

Transcript

Shane Solly: Harbour Asset Management spokesperson on what happened to the US share market last week · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News talks'd be follow
• 0:12
  Speaker 1: this and our wide range of podcasts now on iHeartRadio.
• 0:17
  Speaker 1: Heller due for see.
• 0:17
  Speaker 2: Ala Jane Solly Harbor Asset Management is with Behayshane. Hello, Hey,
• 0:21
  Speaker 2: what happened to the US markets on Friday night?
• 0:24
  Speaker 3: Yeah, it's a bit of a week night on Friday.
• 0:28
  Speaker 3: US market down, shar market down one point six percent,
• 0:30
  Speaker 3: a bit of a combo heather week, jobs week, lead
• 0:32
  Speaker 3: indicators on the economy, higher tariffs, lower than expectings, geopolitical teacher,
• 0:38
  Speaker 3: you name it. It all got thrown in really pushed
• 0:41
  Speaker 3: the market around. The big one was the strop in
• 0:44
  Speaker 3: US jobs and that became a seventy three thousand there
• 0:47
  Speaker 3: was below expectations. But what really hit the market was
• 0:49
  Speaker 3: the numbers were really revised down from May and June.
• 0:52
  Speaker 3: And what it means is, instead of growing at the
• 0:55
  Speaker 3: extent that some politicians in the US might like you
• 0:57
  Speaker 3: to believe, the last three months only thirty five thousand
• 1:00
  Speaker 3: jobs added. That's pretty weak. So they'd certainly pushed the
• 1:04
  Speaker 3: chances of a cut in official rates from the US
• 1:06
  Speaker 3: Federal Reserve. So the market saw bond yours go down,
• 1:10
  Speaker 3: which is good for the cost of Borron, but unfortunately
• 1:14
  Speaker 3: the shear market went down with it.
• 1:15
  Speaker 2: And Donald Trump has some strong views about the labor
• 1:18
  Speaker 2: data and the US FED Reserve.
• 1:20
  Speaker 3: He sued that he actually called the data fake and
• 1:23
  Speaker 3: he's directed at the Commissioner of the Bureau of Labor
• 1:25
  Speaker 3: Statistics to be fired. This poor lady's been trumped. He
• 1:30
  Speaker 3: didn't continue to lay into she'd Reserve chair Jerome Powell
• 1:34
  Speaker 3: continue to call on my moron. He did get one
• 1:37
  Speaker 3: step closer to getting a bit more control over the FED.
• 1:40
  Speaker 3: A lady called Adrianna Klugler, who's a governor, and the
• 1:42
  Speaker 3: said reserve she resigned. That means the White House can
• 1:45
  Speaker 3: actually point somebody else to go win and that is
• 1:48
  Speaker 3: probably going to be the next FED cheer.
• 1:51
  Speaker 2: How did the local market respond to that volatility in
• 1:53
  Speaker 2: the US?
• 1:53
  Speaker 3: Yeah, pretty pretty quiet, to be honest. We hit the
• 1:56
  Speaker 3: tenure government. Barnes fell five basis points to four point
• 1:59
  Speaker 3: four eight percent, which is helpful. On Sharmaker only down
• 2:03
  Speaker 3: about zero point three five percent. Our market's pretty defensive.
• 2:06
  Speaker 3: We're not as sensitive to some of that US market stuff.
• 2:09
  Speaker 2: What did you make of Brisco's profit update.
• 2:12
  Speaker 3: Yeah, look, Brisco's Great retailer came out with a slightly
• 2:15
  Speaker 3: lower number than they indicated earlier, in near twenty ze
• 2:18
  Speaker 3: million for the half. This half, there's the thirty three
• 2:21
  Speaker 3: earlier on Look what they said importantly here there was Yeah,
• 2:25
  Speaker 3: this half was below expectations, but the second quarter is better.
• 2:28
  Speaker 3: And what they're actually pointing to is next the second
• 2:31
  Speaker 3: the next half they're expecting a bit of a pickup.
• 2:33
  Speaker 3: So kind of a mixed message, but getting better rather
• 2:37
  Speaker 3: than worse. As I say, these guys are the top
• 2:39
  Speaker 3: in their game. Share price flat on the day at
• 2:42
  Speaker 3: six o one.
• 2:43
  Speaker 2: Yeah, hey, good stuff. And what about tourism holdings and
• 2:45
  Speaker 2: what's the grounds for rejecting this takeover offer?
• 2:48
  Speaker 1: Yeah?
• 2:48
  Speaker 3: Yeah, really important one here so THHL that this is
• 2:51
  Speaker 3: the recreational vehicle, the rental band operator. They were offered
• 2:57
  Speaker 3: a bid by Begh two dollars thirty. The boards connects,
• 3:02
  Speaker 3: so that's opportunistic. You're picking the bottom of the market,
• 3:04
  Speaker 3: and we think, based on our analysis, the stock is
• 3:06
  Speaker 3: worth more than three dollars. Importantly, they've come out with
• 3:09
  Speaker 3: a strategy to actually lift the returns, a growth roadmap,
• 3:13
  Speaker 3: as they're calling it, targeting one hundred mill of profit
• 3:16
  Speaker 3: and they've laid out some pretty meaningful changes the business.
• 3:19
  Speaker 3: So yeah, they opened the board that opened to negotiating
• 3:23
  Speaker 3: with BIGH or any other potential bidders. So the SHEP
• 3:25
  Speaker 3: price pretty flat, up half a percent to six.
• 3:29
  Speaker 2: Shane, Good to talk to you, thanks mate, Shane, Sally
• 3:31
  Speaker 2: Harbor Asset Management.
• 3:33
  Speaker 1: For more from News Talks b listen live on air
• 3:36
  Speaker 1: or online, and keep our shows with you wherever you
• 3:39
  Speaker 1: go with our podcasts on iHeartRadio