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The Australian share market sank to session lows to close almost 1 per cent down over the day but higher over the week. Positive leads failed to boost the local bourse today which fell at open and steadily declined. Shaving off yesterday’s buoyant rally most sectors reversed direction and closed lower but the gold sub-index gained almost 4 per cent. In the week ahead Australia will have a light economic calendar and the focus will first turn to China’s HSBC Flash Manufacturing PMI on Monday.FiguresThe S&P/ASX 200 index retreated 49 points today, trimming the weekly gain of 14 points to finish at 5,419.5.The value of trades was $4.94 billion on volume of 970 million shares at the close of trade.The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and ANZ Banking Group (ASX:ANZ).On the futures market the SPI is 46 points lower.Wall StreetUS indexes have stayed strong over the four trading days this week: The Dow Jones Industrial Average has gained 187 points. The S&P 500 Index has gained 29 points. The NASDAQ has gained 62 points. The 100 Index has gained 37 points.Economic newsEconomy-wide spending lifted at the slowest rate in 10 months in May. The Commonwealth Bank of Australia’s (ASX:CBA) business sales indicator shows spending grew 0.3 per cent in the month. The report attributed the decline to the Federal Budget and warm autumn weather which it says caused a softening of consumer and business spending.Company newsWestfield Group's (ASX:WDC) proposed $70 billion restructure is set to go through after Westfield Retail Trust (ASX:WRT) backed the deal today. Frank Lowy’s empire will now be restructured following the resumed meeting of Westfield Retail Trust investors who voted in favour of the plan by a narrow margin. Westfield chairman Frank Lowy says the victory represents the will of the overwhelming majority of investors. The approval clears the way for the creation of two new independent companies including Australian and New Zealand focussed Scentre Group and internationally focussed Westfield Corporation. Shares in Westfield Retail Trust closed steady at $3.21 while shares in Westfield Group gained 0.09 per cent to close the week at $10.82.The owner of Peppers and BreakFree chain of hotels and resorts Mantra Group Limited (ASX:MTR) fell 3.8 per cent on its first day of trade on the Australian Securities Exchange. Australia's second largest hotel and resort operator manages 113 hotels, resorts and serviced apartments across Australia, New Zealand, and Indonesia. Mantra generated profit of $24.6 million fiscal 2013 and forecasts a profit of $27.4 million in the current 2014 financial year. Mantra Group listed with an issue price of $1.80, opened at $1.85 and a closed at $1.78.Sydney Airport Holdings Limited’s (ASX:SYD) CEO Kerrie Mather has attributed rising Chinese passenger growth for a strong international traffic performance in May. The company posted 5.6 per cent international passanger growth and 3.1 per cent total growth in the month, also aided by the International Rotary Convention in Sydney. Shares in Sydney Airport Holdings dropped 0.46 per cent today to end the week at $4.36.Austin Engineering Limited (ASX:ANG) has scored two major Chilean contracts which are expected to generate revenue of between $15 million to $18 million over the initial periods. The contracts are expected to start in August and come just one month after Austin won an $11.6 million Chilean contract. Shares in Austin Engineering gained 8.7 per cent today to end the week at $1.75.Best and worst performersThe best performing sector was real estate investment trusts, adding 1.5 points to close at 1,081.The worst performing sector was consumer staples, losing 111 points to close at 9,712 points.The best performing stock in the S&P/ASX 200 was Newcrest Mining Limited (ASX:NCM), rising 4.04 per cent to close at $10.81. Shares in Seven West Media Limited (ASX:SWM) and Resolute Mining Limited (ASX:RSG) also closed higher.The worst performing stock was Ten Network Holdings Limited (ASX:TEN), dropping 9.26 per cent to close at $0.24. Shares in Paladin Energy Limited (ASX:PDN) and JB Hi-Fi Limited (ASX:JBH) also closed lower.CommoditiesThe price of gold jumped more than 3 per cent overnight and is currently trading at $US1,312.50 an ounce, having climbed $41.13 over the week.Light crude is $0.46 higher at $US106.43 a barrel.CurrenciesThe Australian dollar is buying $0.9405, slightly lower over the week.
