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 (00:00):
Heller duple see la Shane solely harbor asset management is
with Behy Shane. Hello, Hey, what happened to the US
markets on Friday night?

Speaker 2 (00:08):
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 head week, jobs week, lead
indicators on the economy, higher tariffs, lower than expecting doings,
geopolitical teach, you name it, it all got thrown in
really pushed the market around. The big one was the
drop in US jobs that became a seventy three thousand

(00:30):
There 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 in 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,

(00:54):
which is good for the cost of borrowing, but unfortunately
she market went down with it.

Speaker 1 (00:59):
And Donald Trump has some strong views about the labor
data and the US FED Reserve.

Speaker 2 (01:04):
He sure 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 Trump he
didn't continued to lay into FED 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

(01:26):
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 1 (01:34):
How did the local market respond to that volatility in
the US?

Speaker 2 (01:37):
Yeah, pretty pretty quiet, to be honest. We hit the
tenure goavernment bynes fell five basis points to four point
four eight percent, which is helpful. She marker only down
about ero point three five percent. Our market's pretty defensive.
We're not as sensitive to some of the US market stuff.

Speaker 1 (01:52):
What did you make of Brisco's profit update.

Speaker 2 (01:56):
Yeah, Look, Brisco's Great Retailer came up with a slightly
lower number than they indicated earlier, in near twenty nine
million for the half. This half there's a 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.

(02:17):
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 1 (02:26):
Yeah, hey, good stuff. And what about tourism holdings and
what's the grounds for rejecting this takeover offer?

Speaker 2 (02:31):
Yeah, 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 communs.
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

(02:52):
a strategy to actually lift the returns, a gross roadmap
as they're calling it, targeting one hundred milli of profit,
and they've laid out some pretty meaningful changes the business.
So yeah, they opened the board that you're opened to
negotiating with Bigh or any other potential biddess, so the
SHEP price is pretty flat, up half a percent.

Speaker 1 (03:11):
To six Shane. Good to talk to you, Thanks mate, Shane,
Solly Harbor Asset Management.

Speaker 2 (03:16):
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