Morning Report (05:10 AEST)
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.
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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