US markets have thrown up a negative lead after concerns of Greece weighed on the market and sent European stocks sharply lower. Officials from Greece have been in lockdown talks with creditors over the weekend in a bid to reach a deal before the June 5 payment deadline.
It’s a busy week on the economic front with US jobs data due on Friday, the same day OPEC ministers meet in Vienna.
US economic news
The Commerce Department has revised its GDP estimate downwards, the economy shrank 0.7 per cent in the first quarter, far below the initial estimation of 0.2 per cent growth made in April.
Chicago PMI fell unexpectedly, down to 46.2 in May from 52.3 in April.
Consumer sentiment was also down, the reading of 90.7 in May coming in well below Aprils read of 95.9.
Markets
Wall Street closed down on Friday: The Dow Jones Industrial Average lost 0.6 per cent to close at 18,011, the S&P 500 lost 0.6 per cent to close at 2,107 and the NASDAQ lost 0.6 per cent to 5,070..
European markets closed lower: London’s FTSE shed 0.8 per cent, Paris lost 2.5 per cent and Frankfurt retreated 2.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng slipped 0.1 per cent, and China’s Shanghai Composite lost 0.2 per cent.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 64 points up to finish at 5,777 advancing 113 on the week. On the futures market the SPI is 17 points down.
Turning to currencies and the Australian Dollar at 7:20AM was buying 76.41 US cents, 49.99 Pence Sterling, 94.84 Yen and 69.60 Euro cents.
Australian economic news
Due today : performance of manufacturing, monthly home prices, the monthly inflation read and building approvals for April.
Company news Axiom Mining Limited
(ASX:AVQ) have reported a net loss of $4.5 million for the six months to 31 March 2015. The sum is nearly half of the $8.6 million net loss for the previous first half. Axiom is also just days away from finding out if it will receive US$4 million in costs relating to a Solomon Islands court case with an appeal due for judgement on 5th of June. Shares in Axiom Mining Limited ended 1.21 per cent higher at $0.42 on Friday.
Energy World Corporation Limited
(ASX:EWC) have advised the ASX that they have withdrawn the proposed pro rata rights issue of partly paid convertible notes outlined in a prospectus dated 15th May. The company had hoped to raise $75 million. No reason was given for the withdrawal. Shares in Energy World Corporation closed 1.35 per cent stronger at $0.375 ahead of the weekend.
Ex-Dividends Three companies are going ex-dividend today: Sunland Group Limited
(ASX:SDG) will pay two cents fully franked, Sandon Capital Limited
(ASX:SNC) will also pay two cents fully franked and Technology One will pay 2.15 cents with full franking credits.
Commodities
Gold added $1.00 to $US1,190 an ounce for the August contract on Comex. Silver has gained 3 cents to $16.70 for July. Copper has slipped 3 cents to $2.73 a pound. Oil is up $2.62 to US$60.30 a barrel for July light crude in New York.
