Global iron ore prices are approaching $US70 a tonne for the first time in six months – despite the prices of other commodities such as metals led by copper sliding.

The Reserve Bank has kept the official interest rate on hold at a record low of 1.50% for a 24th month – two years exactly since it cut the cash rate to its present level.

So where to for Wall Street after Apple Week last week?

The ASX is looking for a bright start later this morning despite ending a downbeat series of trading session last week that saw the ASX 200 close 1% lower.

No sign of any buyback and no announcement of one by Warren Buffett’s Berkshire Hathaway in a June quarter financial report that revealed a 67% surge in profit thanks in part to new accounting rules and better returns from its insurance, rail, car dealerships and industrial operations.

A big week for the Australian and New Zealand economies with their central banks due to hand down monetary policy decisions – but don’t expect any moves.

The Australian June half earnings reports will move into second gear this week with 15 major companies reporting – the most important by far (and for the entire season, perhaps) being the Commonwealth Bank on Wednesday.

What message are copper prices sending – down more than 19% in the past two months since the four and a half year high on June 7?

Apple has become the first company to reach a trillion-dollar market capitalisation overnight, beating rivals Microsoft, Amazon and Alphabet to the milestone which in all truth is just that and nothing more.

The gold market remained soft in the three months to June with global demand again falling in the first six month of the year to its lowest level for nine years, according to the World Gold Council (WGC).

So Apple became the first trillion US dollar company (ignoring PetroChina which some claim reached that level based on securities traded only inside China in 2008 and not on its listed shares in Hong Kong) overnight Thursday.

Rate rise looms – in the US. The US Federal Reserve sat on interest rates overnight Wednesday, pushing the next rate rise from the central bank out to the September 25 and 26 meeting.

House prices have fallen over the past year after a drop in July – the 9th month in a row prices have dipped according to the latest Corelogic Hedonic Home Value Index shows.

The Bank of Japan held interest rates steady on Tuesday but moved to add more flexibility to the policy framework for its stimulus programme – moves which saw global bonds rally after 10 days of uncertainty on speculation the central bank would tighten its massive easing program.

So will Apple and its iPhone save the market?

Not the strongest of July’s to start a new financial year with the ASX 200 up just over 1.1%. That was a third of the 3.4% jump in June.

And now it’s all down to Apple after the big sell-off in US tech stocks continued for a third session on Monday as investor concern about the sustainability of the megatechs to sustain their momentum.

A 55 point rise on Friday saved the Australian sharemarket from a nasty little loss last week, but a slide on Wall Street on Friday night in the wake of weak reports from Facebook, Twitter and Exxon Mobil has opened the way for the ASX to open down more than 20 points this morning.