US markets closed mixed ahead of the weekend with the Google spurring the Nasdaq to another record high. The tech company posted the biggest one day gain in history surging more than 16 per cent on the back of strong reporting results.
The local market looks set to open steady following last week’s gains as investors await the quarterly State of the States report from Commsec.
US economic news
The June consumer price index rose 0.3 per cent in line with analyst expectations. It is the fifth straight month of gains. After removing the more volatile food and energy costs, core CPI rose 0.2 per cent following a 0.1 per cent rise in May, keeping the Fed on track for an interest rate rise later this year.
Markets
Wall Street closed mixed yesterday: The Dow Jones Industrial Average slipped 0.2 per cent to close at 18,086, the S&P 500 added 0.1 per cent to close at 2,127 and the NASDAQ advanced 0.9 per cent to close at 5,210.
European markets closed lower: London’s FTSE shed 0.3 per cent, Paris was flat and Frankfurt retreated 0.4 per cent.
Asian markets closed higher: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng was up by 1 per cent, and China’s Shanghai Composite advanced 3.5 per cent.
The Australian share market closed flat on Friday The S&P/ASX 200 Index closed 0.5 point up to finish at 5,670 adding 178 points over the trading week. On the futures market the SPI is 1 point down.
Currencies
The Australian Dollar at 7:30AM was buying 73.81 US cents, 47.33 Pence Sterling, 91.58 Yen and 68.13 Euro cents.
Company news
The 360 Capital Industrial Fund
(ASX:TIX) offer for Australian Industrial Reit
(ASX:ANI) has been extended once more until 28th September. However an independent board committee off Fife Capital Funds, the responsible entity of ANI is still recommending the offer be rejected. Shares in 360 Capital Industrial Fund last traded 1.62 per cent lower at $2.43.
Axiom Mining Limited
(ASX:AVQ) says it has been invited by the Solomon Islands government to apply for a mining lease application for the Isabel Nickel project. However Axiom has been in a long-running legal dispute over the project with Japanese mining company Sumitomo which remains in the court of appeal and Sumitomo have lodged an objection pending the outcome of that appeal. Axiom has agreed to wait until final judgement.
Shares in Axiom last traded steady at $0.43.
Commodities
Gold has slipped $12.00 to $1132 an ounce for the August contract on Comex. Silver has shed 15 cents to $14.83 for September. Copper has lost 3 cents to $2.49 a pound. Oil is down 3 cents to $US51.21 a barrel for August light crude in New York
