The US economy grew at a 3.2pct annual pace in the December quarter, short of forecasts tipping 3.7pct growth. US consumer sentiment rose from 72.7 to 74.2 in January.

Global share markets fell on Friday and demand for safe-haven assets soared as protesters in Egypt pressed for an end to the 30-year rule of President Hosni Mubarak.

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European shares fell on Friday as unrest in Egypt caused investors to sell equities and seek safe-haven assets like government bonds and gold. US GDP data also fell short of forecasts. The FTSEurofirst index fell by 0.8pct, with the UK FTSE down 1.4pct and the German Dax lower by 0.7pct.

US sharemarkets fell on Friday. Unrest in the Middle East and slightly softer-than-expected GDP data prompted investors to take profits at the end of the week. At the close of trade, the Dow Jones index was down 166pts or 1.4pct with the S&P 500 down 1.8pct and the Nasdaq was lower by 68pts or 2.5pct. Over the week the Dow Jones fell for the first time in nine weeks, down 0.4pct. The S&P lost 0.6pct and Nasdaq fell by 0.1pct.

US treasuries rose on Friday (yields lower). Investors shifted from equities to safe-haven assets while there were also purchases of Treasuries ahead of month-end. US 2yr yields fell by 5pts to 0.546pct and US 10yr yields fell by 6pts to 3.329pct. Over the week US 2yr yields fell by 6pts and US 10yr yields fell by 8pts.

Major currencies were mixed against the US dollar over European and US trade on Friday. The Euro fell from highs near US$1.3745 to US$1.3580 before ending US trade near US$1.3605. The Aussie dollar rose from lows around US98.90c to US99.85c, but weakened in US trade to near US99.30c. The Aussie dollar has softened to US99c this morning. And the Japanese yen rose from 82.70 yen per US dollar to around JPY82.00, and closed US trade near JPY82.10.

US crude oil prices rose by over 4pct on Friday on fears that unrest in Egypt could affect oil supplies through the Suez Canal. And Brent crude lifted to 28-month highs. The Nymex crude oil contract rose by US$3.70 (4.3pct) to US$89.34 a barrel. And London Brent crude rose by US$2.03 to US$99.42 a barrel. Over the week Nymex crude rose by US23c while Brent rose by US$1.82.

Base metal prices posted solid gains on the London Metal Exchange on Friday. Metals rose 0.4-4.2pct with zinc doing best. Over the week metals rose between 0.3-2.8pct with aluminium doing best. And the gold price rose on Friday as unrest in Egypt lifted investor demand for safe-haven assets. The Comex gold futures price rose by US$22.30 an ounce to US$1,340.70. Gold fell just US30c an ounce over the week.

Ahead: In Australia, private sector credit data is released together with the TD Securities inflation gauge and RP Data-Rismark home price index. In the US, personal income/spending data is released together with the Chicago purchasing managers index.

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