Besides China’s record oil imports in March, iron ore also stood out with the second highest figure on record announced last week – as global prices fell to their lowest level for more than five months.

The Reserve Bank has sent investors a powerful message that Australian banks will face further pressure on revenue, profits and dividends from higher capital needs in coming years to make them ‘stronger for longer’.

China’s economy remains buoyant according to first quarter growth figures released yesterday, but there were still signs of a slowing in the pace of activity.

After China’s March quarter GDP and production, investment and retail sales data yesterday, the coming week will be concentrating on the growing unease on Wall Street about the health of the US economy.

Investors woke up to the iron ore price plunge overnight, sending the prices of BHP Billiton (BHP) and Rio Tinto (RIO) shares sharply lower in London and New York.

Warren Buffett has effectively turned his back on an investment in a bank in Wells Fargo that for years was one of his big four cornerstone holdings (IBM, Coca Cola and American Express are the three others).

As expected Chinese cars sales slowed sharply, consumer costs picked up a bit and producer price inflation eased in March.

At last Warren Buffett has moved to make a serious statement on the fake accounts scandal at Wells Fargo, America’s second biggest bank.

The US second quarter earnings season kicks off this week without its usual lead company in Alcoa, which is now two companies with different reporting dates and not as important an indicator for US and global manufacturing (and commodities).

The Australian economy is travelling pretty well according to the widely regarded National Australia Bank monthly survey for March which showed a sharp improvement in business conditions to their highest level in eight years – in fact since the GFC.

Iron ore prices have slipped into a bear market – will Australian investors notice as they punt on the latest cack-handed suggestion to BHP?

Wells Fargo, Warren Buffett’s favourite bank has shown all banks the way to investigate themselves, sort of.

A short week in some countries (Australia, NZ, much of Europe, parts of Asia and the UK and US and Canada because of the start of Easter), so a lot of data and reports will be compressed into four days instead of five.

US bank Wells Fargo not only releases its March quarter results on Thursday, but it is also due to produce a report tonight our time on last year’s scandal which saw the bank hit hard by senior executives forcing low level staffers to sign up millions of customers without their knowledge.

A flat finish to most global markets on Saturday morning after a week that was quite eventful at the end.

On the face of it commodities should have ended last week with a bang – the weak US March jobs report, worries about President Trump and then the uncertainty in the wake of the surprise American attack on Syria were all factors that should have seen a weak dollar, weak equities and higher safe haven assets – and a dip in bond yields in Japan and the US.

Analysts at UBS have trimmed their 2017 for gold, despite futures prices having regained most of their losses since the election.

It must have been a case of deja vu all over again for Peabody Energy Corporation as it quietly exited bankruptcy this week and re-listed on the New York Stock Exchange.

Bank investors have just been warned that their cherished dividend machines face further pressures from regulators which could curtail the ability of these giants to deliver steady dividend rises in coming years.

Most comment claims that Payless Shoes, the Australian budget footwear retailer, went belly up last December, was due entirely to the malaise in the local retail market. And while there is some merit in that explanation, what then do we make of the news this week that its US parent, Payless ShoeSource has just had a similar experience. But the US arm will survive because America has much more flexible (for debtors and creditors) bankruptcy laws.

Do market economists really understand what is going on in the Australian economy? After all they are paid to do just that and yet time after time we see them focusing on the narrow picture rather than standing back to assess the wider story.