Australian Stock Market Report – Morning July 14, 2014
By Craig James, CommSec Chief Economist | July 14, 2014 9:08 AM EST
In US economic data the Federal Budget was in surplus by US$71 billion in June, below forecasts of an US$80 billion surplus. The weekly Economic Cycle Research Institute Leading index was up 4.4% on a year ago, up from 4.3% in the previous week.
People walk past an office of Portuguese bank Banco Espirito Santo in Lisbon June 20, 2014. The founding family of Banco Espirito Santo has accepted their patriarch Ricardo Espirito Santo Salgado must step down as chief executive of the bank, proposing chief financial officer Amilcar Morais Pires as his successor.REUTERS/Rafael Marchante (PORTUGAL - Tags: POLITICS BUSINESS)
European shares rose on Friday as investors became more confident that the woes at Portugal´s Espirito Santo Financial Group wouldn´t have broader implications for European banks. The FTSEurofirst 300 index rose by 0.2% with the German Dax higher by 0.1% while the UK FTSE gained 0.3%. Australia´s major miners were mixed in London trade with shares in BHP Billiton up by 0.5% while Rio Tinto lost 0.3%.
US sharemarkets posted modest gains on Friday. Worries about the health of Portugal´s banks eased while investors digested earnings from Wells Fargo. Shares in Wells Fargo fell by 0.6% after posting its earnings result. Shares in oil companies fell after a big drop in the oil price. The Dow Jones finished trade up by almost 29 points or 0.2% with the S&P 500 index also higher by 0.2% while the Nasdaq lifted 19 points or 0.4%. Over the week the Dow Jones eased by 0.7% while the S&P 500 lost 0.9% and the Nasdaq lost 1.6%.
US treasury prices rose slightly on Friday (yields lower). While sharemarkets lifted as concerns about European banks receded, lower oil prices indicated that inflation rates
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