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

US markets cracked sharply last Friday, and experts are aiming to discover what happened. 

Job market slumps, economic uncertainty and growing tariff tensions have been highlighted as key factors behind the drop.

Harbour Asset Management's Shane Solly explained further.

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Episode Transcript

Speaker 1 (00:09):
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Speaker 2 (00:17):
Ala Jane Solly Harbor Asset Management is with Behayshane. Hello, Hey,
what happened to the US markets on Friday night?

Speaker 3 (00:24):
Yeah, it's a bit of a week night on Friday.
US market down, shar market down one point six percent,
a bit of a combo heather week, jobs week, lead
indicators on the economy, higher tariffs, lower than expectings, geopolitical teacher,
you name it. It all got thrown in really pushed
the market around. The big one was the strop in
US jobs and that became a seventy three thousand there

(00:47):
was below expectations. But what really hit the market was
the numbers were really revised down from May and June.
And what it means is, instead of growing at the
extent that some politicians in the US might like you
to believe, the last three months only thirty five thousand
jobs added. That's pretty weak. So they'd certainly pushed the
chances of a cut in official rates from the US
Federal Reserve. So the market saw bond yours go down,

(01:10):
which is good for the cost of Borron, but unfortunately
the shear market went down with it.

Speaker 2 (01:15):
And Donald Trump has some strong views about the labor
data and the US FED Reserve.

Speaker 3 (01:20):
He sued that he actually called the data fake and
he's directed at the Commissioner of the Bureau of Labor
Statistics to be fired. This poor lady's been trumped. He
didn't continue to lay into she'd Reserve chair Jerome Powell
continue to call on my moron. He did get one
step closer to getting a bit more control over the FED.
A lady called Adrianna Klugler, who's a governor, and the

(01:42):
said reserve she resigned. That means the White House can
actually point somebody else to go win and that is
probably going to be the next FED cheer.

Speaker 2 (01:51):
How did the local market respond to that volatility in
the US?

Speaker 3 (01:53):
Yeah, pretty pretty quiet, to be honest. We hit the
tenure government. Barnes fell five basis points to four point
four eight percent, which is helpful. On Sharmaker only down
about zero point three five percent. Our market's pretty defensive.
We're not as sensitive to some of that US market stuff.

Speaker 2 (02:09):
What did you make of Brisco's profit update.

Speaker 3 (02:12):
Yeah, look, Brisco's Great retailer came out with a slightly
lower number than they indicated earlier, in near twenty ze
million for the half. This half, there's the thirty three
earlier on Look what they said importantly here there was Yeah,
this half was below expectations, but the second quarter is better.
And what they're actually pointing to is next the second
the next half they're expecting a bit of a pickup.

(02:33):
So kind of a mixed message, but getting better rather
than worse. As I say, these guys are the top
in their game. Share price flat on the day at
six o one.

Speaker 2 (02:43):
Yeah, hey, good stuff. And what about tourism holdings and
what's the grounds for rejecting this takeover offer?

Speaker 1 (02:48):
Yeah?

Speaker 3 (02:48):
Yeah, really important one here so THHL that this is
the recreational vehicle, the rental band operator. They were offered
a bid by Begh two dollars thirty. The boards connects,
so that's opportunistic. You're picking the bottom of the market,
and we think, based on our analysis, the stock is
worth more than three dollars. Importantly, they've come out with

(03:09):
a strategy to actually lift the returns, a growth roadmap,
as they're calling it, targeting one hundred mill of profit
and they've laid out some pretty meaningful changes the business.
So yeah, they opened the board that opened to negotiating
with BIGH or any other potential bidders. So the SHEP
price pretty flat, up half a percent to six.

Speaker 2 (03:29):
Shane, Good to talk to you, thanks mate, Shane, Sally
Harbor Asset Management.

Speaker 1 (03:33):
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