Meanwhile news out of the US Treasury suggests the world’s largest economy is continuing its recovery with its budget deficit shrinking further last month, to $436 billion in the eight months to May.

 

Data from the International Monetary Fund suggests that Australian homes are amongst the most expensive in the world. When judged on a measure of house price-to-income and price-to-rent, Australian homes came in second most expensive, behind Belgium. The report showed Australian house prices are well above their historic averages.

 

Global figures

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 102 points to close at 16,844, the S&P 500 lost 7 points to close at 1,944 and the NASDAQ lost 6 points to close at 4,332.

 

European markets closed lower : London’s FTSE lost 35 points, Paris lost 40 points and Frankfurt lost 79 points.

 

Asian markets closed mixed: Tokyo’s Nikkei added 75 points, Hong Kong’s Hang Seng lost 58 points, and China’s Shanghai Composite added 2 points.

 

The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 16 points down to finish at 5,454. On the futures market the SPI is 17 points down. 

 

Turning to currencies and the Australian Dollar at 7:20AM was buying $US0.9386 cents, 55.91 Pence Sterling, 95.73 Yen and 69.37 Euro cents.

 

Economic news

Due out today from the Australian Bureau of Statistics is labour force data for May.

 

Company news

 

Crown Resorts Limited (ASX:CWN) has reached a settlement with a group of lenders who brought action to the Fontainbleau Las Vegas project. 

 

Pulse Health Limited (ASX:PHG) will take on the operations of the North Mackay Private Hospital in a $3 million acquisition. 

 

Commodities

Gold is up $1.10 to $US1,261 an ounce for the August contract on Comex.
Silver is up $0.004 to $19.17 for July.
Copper is down $0.01 at $3.04 a pound.
Oil is up $0.05 at US$104.40 a barrel for July light crude in New York.