Outlook: ASX likely to drop on open

Market Reports

by Jessica Ellerm

Following mixed leads, the Australian share market looks set to open lower. After what was a stellar week on global markets, events in Nice and political unrest in Turkey late on Friday left investors wary at the close of trade. Today many will be looking to gauge what impact rising global uncertainty will have on market sentiment, i . On the bright side, official US data continues to point to growing consumer confidence in the US economy.
US economic news

Retail sales increased for the month of June, advancing 0.6 percent on May’s data. Consumer prices also lifted, with the US Consumer Price Index posting a 0.2 percent increase for June. 

Wall Street closed mixed on Friday: The Dow Jones Industrial Average gained 0.05 per cent to close at 18,517, the S&P 500 lost 0.09 per cent to close at 2,162 and the NASDAQ lost 0.09 per cent to close at 5,030.
European markets closed mixed: London’s FTSE gained 0.22 per cent, Paris lost 0.30 per cent and Frankfurt fell 0.01 per cent.
Asian markets closed up: Tokyo’s Nikkei added 0.68 per cent, Hong Kong’s Hang Seng lifted 0.46 per cent, and China’s Shanghai Composite rose 0.01 per cent.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 18 points up to finish at 5,430. On the week the market was up 199 points. On the futures market the SPI is 11 points down. 

The Australian Dollar at 7:20AM was buying $US75.99 cents, 57.59 Pence Sterling, 80.14 Yen and 68.78 Euro cents.
Company news
Terramin Australia Limited (ASX:TZN) has announced a drilling program underway at its Bird-in-Hand Gold Project has affirmed the presence of high-grade gold mineralisation at the deposit. The company has also reevaluated other samples from additional drillholes using a more accurate screen fire assay method, resulting in an increase in gold grades previously assessed. 
Shares in Terramin Australia Limited closed flat on Friday at $0.14.
Pacific Current Group (ASX:PAC) has announced it is contemplating the sale of several assets within its portfolio which it considers will not make a material contribution in the future. The company has also indicated its results will be impacted by approximately $58 million due to an impairment charge related to losses incurred at fund manager Seizert Capital Partners.
Shares in Pacific Current Group closed 1.33 per cent lower on Friday at $5.18.  
1 company is going ex-dividend today. Alternative Investment Trust will pay 1.5 cents unfranked.

Gold has dropped $4.80 to $US1,327 an ounce for the August contract on Comex.
Silver has lost $0.16 to $20.16 for September.
Copper has fallen $0.01 to $2.23 a pound for September.
Oil has gained $0.23 to $US46.65 a barrel for August light crude in New York.

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