00:00Coles sold $44 billion worth of groceries and booze in the year to June and made a $4
00:08billion cash margin, which was up a bit from last year. Investors thought that was great
00:13and bid the shares up 8.5%. They weren't selling Woolworths to do it either. Its shares went
00:18up too. But the market fell because miners lost half of yesterday's big gains and banks
00:23fell a bit too. The US market fell last night amid a flurry of Donald Trump action. He told
00:29one of the Federal Reserve governors, Lisa Cook, that she's fired for alleged mortgage
00:34fraud. Now, she's not going quietly, so it'll end up in the courts and then the Supreme Court
00:38to decide whether he actually can do that. He threatened punitive tariffs on countries that
00:44impose digital taxes on US tech companies. And he said China has to give the United States
00:49magnets or we'll have to charge them 200% tariffs or something. China quietly developed a stranglehold
00:56on the world's supply of magnets and the rare earths that are used to make them. 70% of
01:01mine production, 88% of refined rare earths and 90% of magnets, which are needed in modern
01:07technology and AI. Iron ore and oil rose on commodity markets and on foreign exchange markets.
01:14The US dollar fell when Trump said he was going to fire Lisa Cook and then recovered again, so
01:18the Aussie dollar ended flat. The Reserve Bank released the minutes of its last meeting today,
01:23and they confirmed that the board has shifted from mostly worrying about inflation to worrying
01:28about unemployment. Futures market punters are now betting there will be two more rate
01:33cuts. And that's finance.
