Following negative leads, the Australian share market looks set to open flat. U.S. stocks closed lower on Friday, with uncertainty about this week’s Brexit vote continuing to contribute to a general mood of risk aversion across markets. At the close of trade on Friday Wall Street was down around 1 percent on the week, with Apple and Merck weathering some of the biggest losses.
US economic news
Housing starts fell 0.3 percent in May, mainly off the back of a decline in construction of multi-family dwellings. Building permits however rose 0.7 percent during the month, suggesting a potential rebound in construction later in the year.
Markets
Wall Street closed lower on Friday: The Dow Jones Industrial Average lost 0.3 per cent to close at 17,675, the S&P 500 lost 0.3 per cent to close at 2,071 and the NASDAQ fell 0.9 per cent to close at 4,800.
European markets closed up: London’s FTSE gained 1.2 per cent, Paris rose nearly 1 per cent and Frankfurt lifted 0.9 per cent.
Asian markets closed up: Tokyo’s Nikkei added 1.1 per cent, Hong Kong’s Hang Seng was up 0.7 per cent, and China’s Shanghai Composite gained 0.4 per cent.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 17 points up to finish at 5,163, 150 points down on the week. On the futures market the SPI is steady.
Currencies
The Australian Dollar at 7:20AM was buying $US74.38 cents, 51.35 Pence Sterling, 77.87 Yen and 65.67 Euro cents.
Company news
Brookfield Prime Property Fund
(ASX:BPA) has announced it has agreed to terms to refinance an existing bank debt facility with a new four year $340 million facility. The facility will be executed in two tranches with a margin of 190 basis points per annum over the Bank Bill Bid Swap Rate on drawn amounts.
Shares in Brookfield closed steady on Friday at $5.85.
Austal Limited
(ASX:ASB) has announced that the U.S. Navy has modified its Littoral Combat ship, increasing the value of Austal’s contract for the vessel increase by US$6.8 million. Austal’s 11-ship contract with the U.S. Navy is worth over $3.5 billion, with 1 further vessel due for delivery later this month and 6 currently under construction in Alabama.
Shares in Austal Limited closed 1.23 percent lower on Friday at $1.20.
Commodities
Gold has dropped $3.60 to $US1,295 an ounce for the August contract on Comex.
Silver has lost $0.20 to $17.41 for July.
Copper is steady at $2.05 a pound for July.
Oil is up $1.90 to $US48.56 a barrel for July light crude in New York.
