Outlook: Aus shares eye Greek woes

Market Reports


US stocks ended mostly lower ahead of the weekend. The stand-off in negotiations between Greece and its debtors and its fast-approaching deadline are weighing heavily on global markets. The Dow Jones was propped higher by Nike which surged more than four per cent after delivering a strong earnings report. 
 
News overnight that Greek banks will remain shut on Monday to prevent a collapse of its financial system will also keep Australian investors subdued into the new trading week. 
 
US economic news

The University of Michigan reading of consumer sentiment climbed to 96.1 for the final June reading, above expectations and reversing a drop in May. 
 
Markets

Street closed mixed on Friday: The Dow Jones Industrial Average gained 0.3 per cent to close at 17,947, the S&P 500 ended virtually flat at 2101 and the NASDAQ lost 0.6 per cent to close at 5,081.
 
European markets closed mixed: London’s FTSE shed 0.8 per cent, Paris gained 0.4 per cent and Frankfurt advanced 0.2 per cent.
 
Asian markets closed lower: Tokyo’s Nikkei slipped 0.3 per cent, Hong Kong’s Hang Seng dipped 1.8 per cent, and China’s Shanghai Composite crashed over 7 per cent in its biggest one day loss in 5 months as increasingly nervous investors worry that the index’s bull run is over.  
 
The Australian share market closed sharply lower ahead of the weekend: The S&P/ASX 200 Index closed 87 points down to finish at 5,546 to be down 51 points on the week. On the futures market the SPI is ten points higher. 
 
Turning to currencies and the Australian Dollar at 7:20AM was buying 76.25 US cents, 48.58 Pence Sterling, 93.56 Yen and 69.30 Euro cents.
 
Company news
 
Sirius Resources N.L. (ASX:SIR) says it has drawn down the first $57 million of a $440 million syndicated debt facility and is on track with the development of its Nova nickel mine. Construction both underground and on the surface are progressing to schedule and a power generation contract is expected to be awarded shortly. Shares in Sirius Resources last traded 3.65 per cent lower at $3.43. 
 
360 Capital Industrial Fund (ASX:TIX) has extended its off-market takeover offer for Australian Industrial REIT (ASXÄNI) until the 28th September. The extension means the implied value of the offer now increases by 4.1 cents per ANI unit. Shares in 360 Capital Industrial Fund traded 0.79 per cent weaker at $2.42 ahead of the weekend. 

Commodities

Gold has climbed $1.40 to $US1,173 an ounce for the August contract on Comex. Silver has slipped 7c to $15.77 for July. Copper is up 2c to $2.64 a pound. Oil is down 7c to $US59.63 a barrel for August light crude in New York.

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