It’s not often a corporate deal hits markets around the world but that’s what Amazon’s $US13.7 billion deal to buy organic supermarket chain, Whole Foods which not only rocked listed US retail stocks – including giants like Wal-Mart and Target – but was also felt in Europe.

Oil prices bounced Friday a day after hitting their lowest settlement price of 2017, but but still notched up their fourth weekly loss in a row—the longest losing streak in nearly two years.

On Friday, global retailing’s pain just got worse when Amazon swooped on one of America’s biggest grocery chains in a near $US14 billion dollar deal that saw a sell-off in the sector around the world.

Normally the third week of every month (outside the various profit reporting seasons) is a slow period in most major economies for data.

Now the impact from comes to Australia where investors have been made more nervous this year by a series of alarmist reports from investment banks about the threat from which Amazon which shocked Wall Street on Friday with plans to buy the giant organic food supermarket chain, Whole Foods Market for $US13.7 billion ($A18 billion), or $US42 a share in cash.

The New Zealand economy grew at a slightly slower pace than forecast in the first three months of this year, but still easily outperformed Australia’s GDP growth rate for the same period.

More evidence yesterday that the economy is in better shape than some figures suggest, and certainly healthier than the moaners in retailing, some unions, analysts and economists believe.

As expected the US Federal Reserve has ignored more weak inflation figures and lifted its key interest rate for a second time this year (and 4th in the current cycle) and revealed plans for reducing the size of its balance sheet later this year.

On the face of it, China’s core economic figures – industrial production, investment and retail sales showed no significant change in May – which is good news for supplier countries such as Australia.

A record number of big global and regional fund managers think global shares are over-valued, according to the Bank of America Merrill Lynch (BAML) monthly investment manager survey, with internet stocks experiencing the most stretched valuations.

Once again there’s a gaping difference between the picture of the economy and business conditions painted in the monthly survey from the NAB, and anecdotal reporting by media and business groups – and by the picture of a weak economy painted in the March quarter National Accounts.

The sell off in Wall Street tech stocks continued Monday, although the fall wasn’t as dramatic as Friday’s 1.8% side in the Nasdaq.

There’s little in the way of encouraging news for global oil prices as traders recognise that OPEC should have boosted the size of its production cut at last month’s meeting and extended it for a year or more.

Central bank week with what’s left of it for Australian markets from today with the US Federal Reserve, the Bank of Japan and the Bank of England leading a group of bankers to reveal monetary policy intentions – with the Fed widely expected to announce its 4th rate rise of the current cycle early Thursday morning, Sydney time.

Financial markets are facing a period of instability after a dramatic night on both sides of the Atlantic overnight with former FBI head, James Comey testifying about his sacking and accusing President trump of telling lies, while in the UK Prime Minister Theresa May’s snap election seems to have backfired badly.

As expected the trade surplus has plunged as a result of the impact of Cyclone Debbie on coal exports from Queensland in April, underlining the warning that second quarter GDP growth will take a whack from weak exports volumes.

The gloss went off Japan’s ostensibly solid economic rebound with the final estimate of first quarter GDP more than halved as statisticians slashed their previous figures for the strength of domestic demand and business inventories.

China’s exports grew more than expected last month and imports jumped sharply, surprising economists who had been looking for a softer performance.

China’s imports of crude oil, copper, iron ore and soybeans all rose in May from a month earlier on a volume basis, suggesting domestic and export demand are a bit stronger than many foreign analysts believe.

Global bank shares and markets survived the news last night that Banco Popular, a big Spanish bank has had to be rescued by a rival to stop a collapse that could have triggered a financial crisis in the country and throughout the eurozone.

The Australian economy withstood negative contributions from exports and home building to grow by 0.3% in the three months to March, which is a bit better than many forecasts had predicted.

Local gold stocks will take another run today as the global gold futures hit their highest levels since the US election on November 8.

Good news and bad from yesterday’s final batch of data that feeds into the March quarter National Accounts and GDP report to be released later this morning.

The Reserve Bank keeps the growth faith and has looked through short term sluggishness to the uplands of 2019-20 and stronger growth.