Outlook: Wall Street dips despite GDP growth

Market Reports

As tensions re-ignite in the Ukraine all the major markets were in the red and the local bourse looks set to be impacted by the pessimism. 
 
Losses on Wall Street came despite solid US GDP figures, for the second quarter, which beat expectations with growth of 4.2 per cent. The positive read shows further signs of a recovery in the world’s biggest economy but it’s clear that geopolitical tensions are increasingly destabilising. 
 
Reporting season continues and today we’re expecting results from Woolworths, Virgin Australia and Horizon Oil.
 
Figures 

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.3 per cent to close at 17,080, the S&P 500 lost 0.2 per cent to close at 1,997 and the NASDAQ lost 0.3 per cent to close at 4,558.
 
European markets closed lower : London’s FTSE lost 0.4 per cent, Paris lost 0.7 per cent and Frankfurt lost 1.1 per cent.
 
Asian markets closed lower : Tokyo’s Nikkei lost 0.5 per cent, Hong Kong’s Hang Seng lost 0.7 per cent, and China’s Shanghai Composite is down 0.6 per cent.
 
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 27 points down to finish at 5,624. On the futures market the SPI is 5 points down. 
 
Turning to currencies and the Australian Dollar at 7:30AM was buying $US0.9358 cents, 56.43 Pence Sterling, 97.07 Yen and 70.99 Euro cents.
 
Economic news

Due out today from the Reserve Bank of Australia are the financial aggregates for July.
 
Company news:
 
Atlas Iron Limited (ASX:AGO) has swung to a net profit of $14 million in the 2014 financial year. The iron ore miner has reported record shipments of ore which countered falling prices for the steel making commodity. A final dividend of $0.02 per share has been declared. The result came in below expectations which saw shares in Atlas Iron closed 7.32 per cent lower yesterday at $0.57
 
Pacific Equity Partners has sold down a major portion of its shareholding in credit data company Veda Group Limited (ASX:VED)Veda Group reported a net profit of $22.7 million on its first full year result and as its shares came out of escrow PEP sold half of its shareholding at $2.15 per share. Shares in Veda group had surged on the strong result which was the first annual report after the company’s IPO. Shares in Veda Group closed 0.45 per cent up yesterday at $2.21
 
Commodities

Gold is up $7.00 to $US1,290 an ounce for the December contract on Comex.
Silver is up $0.13 to $19.53 for September.
Copper is down $0.05 at $3.13 a pound.
Oil is up $0.67 at US$94.55 a barrel for October light crude in New York.
 
Ex-dividends:
 
Australian Governance Mstr Idx Fnd Ltd (ASX:AQF) 3c fully franked
Asian Masters Fund Limited (ASX:AUF) 1c unfranked
Aurizon Holdings Limited (ASX:AZJ) 8.5c unfranked
Challenger Limited (ASX:CGF) 13.5c 40 per cent franked
Carlton Investments Limited (ASX:CIN) 63c fully franked
Cover-More Group Limited (ASX:CVO) 7.2c fully franked
INGENIA STAPLED (ASX:INA) 0.65c unfranked
SAI Global Limited (ASX:SAI) 8.5c 44.71 per cent franked
Salmat Limited (ASX:SLM) 7.5c fully franked
Wesfarmers Limited (ASX:WES) $1.15 fully franked