IMTT'S COO Shaun Revere Joins to Discuss the current Terminal Landscape

SPS Audio is supported by advertising. Starting a new life in Australia isn't easy. Another of companies have rejected me. From top I feel like, oh, I'm going to quit. I've given up. Working progress is a podcast to help scale migrants, rebuild their careers in a new country. You'll hear inspiring real-life stories, expert advice and valuable tips to help you find a job and advance. Your career, working progress, listen now wherever you get your podcasts. Coming up, Apple's Tim Cook steps down, inflation expectations rise, and the markets on hold details next. Hi, everyone. Welcome to the SPS on the Money podcast. For this Tuesday, the 21st of April, 2026. It's a day where the Australian share market pretty much finished where it started. We'll have the details with Michael Wayne from a Dalian financial group. If you're new to the podcast, welcome. We're going to more detail up the top consumer finance and market news stories covered during on the money on SPS World News. But first, Tim Cook is stepping down as a CEO of Apple. After 15 years in charge of the tech company, he launched products like the Apple Watch, airpod in that time, along with some streaming services and payment technologies. Under his tenure, Apple share price skyrocketed nearly 2000%. Outperforming the NASDAQ, which tracks the top 100 tech companies in the US and the broader S&P 500. Its future, though, may be tied to how the company manages artificial intelligence, which will be a job for incoming CEO, John Turnus, a 25-year veteran at Apple, and currently senior vice president of hardware engineering. So for more about where to next for the company and his take on Tim Cook's leadership, Stephanie Usiff spoke with Dan Ives, the global head of tech research at WEDBUSH Securities in the US. So Dan, what legacy does Tim Cook leave behind? Well, Tim Cook's a hall fame CEO. I mean, we're talking about Rushmore of CEO's, not just in tech by saying corporate America over the last 50 years. And he took over for Steve Jobs. And I think Apple would not be where it is today, if it's not for Tim Cook. He's going to be huge shoes to fill in terms of going forward, just giving the legacy he's created. So why now does the timing surprise you? Well, I think the timings are surprised. To some extent, the AI strategy's been flux and queries hand in the baton at a time that he feels comfortable that this ultimate will be a successful time for Apple. But look, for Cook leaving at this point, I think it's definitely a surprise from a timing perspective. It's a bit of a shock to the system for investors. And I think investors have to digest. And even though you have a company veteran taking over his CEO, you don't replace Tim Cook. So he's being replaced by John Ternis. What do we know about him? How is he likely to lead the company? And what does the future of Apple onto his leadership look like? Ternis is a hardware veteran, Ben Apple, who was 25 years, a key part of all the hardware innovations from iPhone to everything that they've come out with, from AirPods, everything else. But look, it all comes down to the AI strategy. And even though this is doubling down the hardware, it really is in Ternis' hands to be successful on AI. That will be his legacy. And then Cook's weaving it at a good time. But that's the opportunity and the challenge going forward. Make sure Apple is not on the outside looking in when it comes to AI. So how will investors view this? Look, I think investors are going to view it mixed because Cook, there's a Cook premium. I mean, when Cook's flying the point, you feel pretty comfortable sitting in 2A, watching Netflix. And that's going to be a challenge taking over. Now, on the other hand, investors would feel that the fact that he's leaving at this point feels very comfortable about earnings, feels very comfortable about the AI strategies, specifically at the next developer conference, WWDC. And maybe change could be good. So I think that mixture investors will kind of have a latency approach. That's definitely use of their speaking with Dan Ives, the global head of tech research at Web security in the US. Let's go to the Australian share market now. And for a third session in a row, the ASX 200 barely moved down just 0.04 percent or 3.9 points as investors wait for Donald Trump's Thursday morning ceasefire deadline. Consumer staples did best today while tech stocks also rose. McQuire Group hit a 52 week high and energy fell for more. I spoke with Michael Wayne, he's a managing director at Medallion Financial Group. So Michael, after quite a bit of volatility on the local market shares have been relatively unmoved both yesterday and today are investors taking a bit of a breather or is this the calm before the storm? It's difficult to say. I mean, the calm before the storm comment is somewhat something that has played out in recent years. We sort of see just before we really the COVID selling started to come into full force markets for very calm, likewise with tariffs this time last year. There was a lot of talk about tariffs the markets were initially willing to brush it off only for things to fall away very quickly. So that is certainly potential. We're reaching the Wednesday deadline for the truce. So if the negotiations don't wrench an outcome, things would certainly ramp up pretty quickly and markets could be off very quickly. Similar to what we saw a few weeks ago with falls in the magnitude of 5 to 10 percent over a few days. What do you make of the way investors here and overseas have reacted to the war in general terms because there's a lot of uncertainty out there Wednesdays a big point there yet shares in the US at records. Korea today hit a record high and the Australian share market isn't that far or farther. Look, understandably markets are very anxious with where things are at but at the same time they are reacting rationally when presented with the historical context. And history suggests that these disruptions prove to be fairly temporary. You don't have to cast your mind back to 2022 when the Russia Ukraine conflict emerged. There was a very similar reaction in the oil price. Markets reacted in a similar manner but as the weeks passed the markets seem to become a lot more comfortable with where things are at and we're seeing the same thing really play out this time around. So as long as the oil price remains fairly stable and doesn't start to take off higher again I think the markets are pretty confident that this will pass at some point. Of the view I think at this point in time that Trump has the midterm elections to worry about later in the year. So the sense is that we're going to reach the end destination regardless of how we get there kind of thing at the moment. So yeah the markets are certainly very very confident that a resolution will come to be and that has proven to be the reality if you look at the conflicts going back to the the 70s. You get this initial run up in the oil price, things start to moderate and then markets can focus on the long term. So as long as this isn't a permanent supply shop I think the markets will continue to look through it. Even if we do get an imminent resolution there's still going to be an economic tailwind in terms of higher prices being passed on into the future right. How are companies broadly managing these higher costs from the war and do you expect there to be revision in earnings? Today we heard from Rio Tinto however it maintained its fully production guidance across its operations despite what it says is higher diesel prices so it seems it at least is coping. Yeah it's just mixed really we've seen a lot of large companies globally come to the markets with updates whether it's perilley you know the tire company they've come out and passed on price increases. You've had the big fashion brand Hermes come to the market and update the market with some like flagging sales primarily due to lack of traffic in airports. They suggested Costco Pepsi these kind of businesses have all been pretty active in getting the news out into the market as to the impacts on their businesses. But companies will will adjust depending on their industry and depending on their market position some will pass costs through selectively others will you know sit tight for now look to absorb the costs and maybe incur some hits to margins with the hope that this is more transitory than a long-term impact but there's no doubt that the longer that this persists the impact on corporations will be significant and they won't be able to massage things around the edges to try and delay and play for time. But we've already seen you know some instances with the likes of Pepsi of of ship stream inflation optimising the product mix so So these kind of tricks the companies can play, which keeps their head above water in the short term, but over the long term, if we continue to see this prolonged conflict, then it's very difficult to hide. In the meantime though, inflation expectations of rising, the ANZ Roy Morgan weekly inflation expectations index had its third highest result in the history of its research. What's the market then thinking this will all mean for interest rates? Perhaps the Australian dollar given we're seeing the US weekening? Yeah, it's very interesting at the moment because obviously on one hand you've got rising all prices, which is very inflationary. And there's no doubt that Australia should own the next couple of quarters at least will enter a sag-flationary period, a period of where you have rising inflation and slowing growth. But on the other hand, you've got a situation where higher oil prices and higher petrol prices are in effect, a rate rise for consumers. So at some point, that will curve the demand side of inflation, which is a big driver of it. And obviously, then you've got the supply shot, but where that all lands remains to be seen. There's a very good chance that the RBA, I think it's almost priced in, that the RBA will raise rates at their next meeting for the third straight time. And that will reverse all the cuts that came through in 2025. The question is from here what happens. And unlike in the US, our economy is very, very tight at the moment, which means that the RBA is very, very reluctant to let things run too hard. I'm in the US now, they've got very weak consumer demand and that's naturally putting a ceiling on things where there's a slightly different set up in Australia at the moment with really no spare capacity in the economy at all. So our view is probably that at some point you get a situation where the economy weakens to the point where you can't just keep raising rates into that environment because you'll curve demand too much. But you've definitely seen a divergence in the 10-year Treasury yield in Australia compared to the 10-year Treasury yield in the US. And the fact that our bond yields are significantly higher now than the R in the US puts up with pressure on the Aussie dollar. And that's obviously a symptom of the fact that interest rate policies are the very different juncture compared to the US. And so with all that in mind, what are you telling your clients right now and where do you see the opportunities for investors? Yeah, I mean, at the moment, we're looking at a couple of parts of the market. We're trying to sort of identify those areas of the market that have been harshly treated in recent months, partly as a result of the Iranian conflict, but also potentially due to the big sassopocalypse that was playing out in the months before the Iran conflict overtook the headlines. And if we look back to sort of 2022 and in the recovery year of 2023, many of the sectors that got beaten up the most in that downturn with things like technology, consumer discretionary, they suffered before bouncing back very strongly. So we see some value of the technology space and the growth space more broadly. We feel as though small caps are almost the cheapest they've ever been relative to large caps on the Australian market. And by small caps, I don't mean tiny, speculative microcaptus, the Saziza companies that sit with inside the ASX 300, but from the ASX 100 to the ASX 300. So there's some good value and offer in that part of the market in our view, as well as the fact that we think the gold price is a pretty attractive space to be as well. That's obviously moderated a little bit, but it has historically done very well in the years proceeding a conflict such as what we're seeing at the moment. That's Michael Wayne there, managing director at Medallion Financial Group. And you wraps up the podcast for this Tuesday. Give it a like or a review and subscribe if you enjoy it. And don't forget you can watch on the money during the 630 weekday edition of SBS World News on SBS. The podcast returns tomorrow it drops after the market closes every weekday and I'll catch you then. This SBS on the money podcast is provided for informational purposes only and should not be understood as constituting advice or a recommendation. It is not personal advice and it does not consider your personal circumstances or objectives. You should contact a licensed professional before making any financial decisions. Tom Tom I feel like oh I'm gonna quit. I've given up. Working progress is a podcast to help scale migrants rebuild their careers in a new country. You'll hear inspiring real life stories, expert advice and valuable tips to help you find a job in advance your career. Working progress, listen now wherever you get your podcasts.