US financial markets were closed on Friday for Independence Day.
European shares were generally lower on Friday. Shares in Austrian Bank, Erste, fell by 16.4 per cent after it revealed it would record a loss in 2014 due to bad debts in Eastern Europe. Vienna's benchmark ATX share index fell by 3 per cent. The FTSEurofirst 300 index fell by 0.3 per cent and the German Dax lost 0.2 per cent while the UK FTSE rose by less than a point and therefore by less than 0.1 per cent. Australia's major miners finished mixed in London trade with shares in BHP Billiton up by 0.6 per cent while Rio Tinto fell by less than 0.3 per cent.
US sharemarkets were closed on Friday but over the week the Dow Jones rose by 1.3 per cent with the S&P 500 index up by 1.25 per cent and the Nasdaq up by 2 per cent.
The US government bond market was closed on Friday. Over the week US 2-year yields were up 5 points to 0.51 per cent while US 10-year yields lifted by 10 points to 2.64 per cent.
Major currencies were mixed against the US dollar in European and North American trade on Friday. The euro eased from near $US1.3605 to lows near $US1.3585, and closed US trade around $US1.3595. The Aussie dollar lifted from lows near US93.45c to highs near US93.65c and ended US trade around session highs. And the Japanese yen eased from JPY101.97 per US dollar to JPY102.10, ending North American trade near the weakest levels.
World oil prices fell modestly in thin trade on Friday. While firm global economic data points to stronger oil demand ahead, there is also the prospect of more oil supply flowing from Libya. Brent crude fell by US36c or 0.3 per cent to $US110.64 a barrel and the US Nymex price closed lower by US29c or 0.3 per cent to $US103.77 a barrel. Over the week Brent fell by $US2.66 a barrel or 2.3 per cent while Nymex fell by $US1.97 or 1.9 per cent.
Base metal prices fell by up to 2.4 per cent on the London Metal Exchange on Friday with nickel leading the declines. Over the week base metals rose up to 2.7 per cent with copper leading the way. The Comex gold futures price edged up by US50c an ounce or less than 0.1 per cent to $US1,321 per ounce. Over the week gold rose by $US1. Iron ore was unchanged on Friday at $US96.50 a tonne but over the week the price rose by $US1.60.
Ahead: In Australia, data on tourist arrivals and departures is released together with job advertisements. In the US, the employment trends report is released.
The local sharemarket is expected to open modestly higher, with the futures market indicating gains of 13 points at the start of trade. Gold was slightly higher on Friday, with iron ore flat. And while base metal prices were lower on Friday, the declines can largely be attributed to profit-taking after a week of solid gains. Investors are still looking at value, with interest rates poised to stay low for a number of months.