More good news on the economy from the latest business conditions and confidence survey from the National Australia Bank, even if there was a sign of a cooling.

A summit, three meetings of the world’s most powerful central banks, some key data, especially Australian jobs figures for May and more on the trade war with China – yet another big week for the global economy to contend with.

Sharemarket boomlet back on?

Turning to imports and it was good news for Australia.

A surge in China’s trade and moderate inflation data has given extra evidence that the country’s economy was solid in May, underlining the readings from the two start of the month manufacturing surveys.

There’s a timely warning for investors, especially those interest in retail, from the March National Accounts and GDP figures – its a simple one – tougher times lie ahead, as consumers feel the continuing of a weakened outlook and finances.

Now for the first round in the Murdoch family’s big media battle of 2018 – its reach for control of its 39% owned UK-based satellite Pay TV business, Sky, which will see it up against the US group Comcast, which also wants to crash the $US66 billion Fox deal with Disney.

Australia’s economy expanded 1.0% in the March quarter (The fastest rate in a year) and 3.1% in the year to March thanks mostly to higher corporate profits, rising mining production and exports (especially of LNG) and a solid rise in non-mining investment.

No rate rise from the Reserve Bank yesterday for the 22nd month in a row – a new record ahead of the first quarter national accounts and GDP report later today (Wednesday).

With most of corporate Australia about to rule off their 2017-18 full year or first half (for calendar year balancing companies) on June 30, ASIC has published its annual areas it will be concentrating on in the flood of results expected to start flowing from late July – at the top of the hit list will be the impact of a spate of major accounting changes on results.

OPEC speculation, rising production and transport bottlenecks are combining to put a lid on US oil prices.

Australian shares started June with a down day here on Friday, but should that will change today after a solid rebound in offshore markets.

Gold futures fell back under $US1,300 an ounce on Friday, as the solid US employment data for May and settlement of political issues in Spain and Italy (and the move for North Korea and the US to continue the June 12 leaders meeting) pushed the greenback higher and crimped some commodity prices.

Global financial markets start the week with many of the headaches of the past few weeks having been removed on Friday – all that is except the US trade war with China, the EU, Canada and Mexico.

A big week for the Australian economy lies ahead with the monthly Reserve Bank board meeting, current account, business profits and wages, government finance details and the March quarter GDP numbers, as well as retail sales and trade data for April.

For investors of all types, May was not a month to boast about. The ASX 200 added 0.5% on Thursday to end the month at 6011.9. That was a loss of around half a per cent.

Despite Thursday’s last day of May fall, the month was still positive for US markets.

The International Monetary Fund (IMF) has maintained its 2018 forecast for China’s economic growth at 6.6% in its latest assessment of the world’s second biggest economy.

The dwelling construction pipeline remains solid, especially for private homes.