There are a couple small silver linings for established media such as print and TV in the latest ad spending forecast from Zenith (owned by the French ad and marketing giant, Publicis).

It was a ghoulish way the US Justice Department went about ‘celebrating’ the 8th anniversary of the eruption of the full blown GFC on September 15, 2008. It chose an unlikely target to make its point – the struggling Deutsche Bank of Germany.

On the face of it it was a combination of a gloomy outlook for oil, and continuing worries about an interest rate rise from the Fed that kicked the chocks from under markets yesterday and overnight, culminating in the second nasty fall on Wall Street in three days.

The boom-like conditions in the Chinese steel industry continued in August, with production up 3% year on year, which is good news for the Australian iron ore and coal industries and economy generally.

A speech yesterday from a senior Reserve Bank official should change the tenor of the economic debate to a more positive, and in doing so, end the prospects of any further interest rate cuts.

More good news from China after last week’s better than expected import data and a further weakening in the deflationary pressures gripping the country’s huge manufacturing sector.

So what will Warren Buffett do now that his biggest listed investment, Well Fargo is in the s*5t – very deep in the stuff, actually?

The ASX will be looking for a 80 point plus surge this morning after trading on global markets overnight reversed.

US stocks jumped overnight, partially reversing Friday’s brutal sell-off and shrugging off early losses after Federal Reserve Governor Lael Brainard called for prudence in raising interest rates.

The bulls bolted for the hills late last week as sharemarkets around the world fell the most since June on Friday.

A quiet week for data here and offshore (except for our August jobs data on Thursday).

Oil and gold futures settled lower on Friday, as the US dollar rose on the back of the rise in bond yields.

Markets finally cracked on Friday and are now in full tantrum mode as they start to believe the chances are rising that US interest rates will rise this year – and could do so as early as next week.

Chinese imports rose a surprising 1.5% in August (after sliding more than 12% in July) for the first increase in 22 months.

For China bulls there was a pleasant surprise in yesterday’s August trade figures – they were better than expected.

Australian economic growth remained safely on track in the three months to June, despite a slowing from the export-driven hectic first three months of the year.

Coal prices are soaring, iron ore prices remain firm and shipments have just hit new highs to China, according to data from the Pilbara Ports authority.

Here’a a tale of two a stocks, and what excites shareholder interest these days on US markets.

As expected the Reserve Bank kept its cash rate on hold at an all-time low of 1.5% in the final board meeting presided over by Governor Glenn Stevens yesterday (his 110th).

Watch for the prices of some major miners today in Australia, there could be some big gains, especially for coal exporters.

The June quarter and financial year GDP data will be out later this morning in the National Accounts and there’s growing indications they will be a bit stronger than expected.

World shares had their biggest jump in over a month in limited trading Monday on news of an agreement between Saudi Arabia and Russia sent oil prices surging and investors continued to readjust their thinking on the path of US interest rates after the weak jobs data for August.

With the Reserve Bank meeting later today for Glenn Stevens swan song as governor, don’t expect it or its fellow regulator, APRA to try a bit of Kiwi macro-prudential controls to whip the local property market into shape and end the thrills and spills in Sydney, Melbourne, and lately Brisbane and Canberra.

The Australian market will be looking to reverse the late week sell off on Thursday and Friday when trading resumes on the ASX this morning after solid gains in Europe and the US overnight Friday.

Globally the big event this week will be the release of the new Apple iPhone midweek, but in Australia it will be one of those weeks where the Reserve Bank’s latest meeting coincides with the release of the latest GDP figures – and both will sort of cancel each other out.

Gold futures rose Friday night, our time, erasing a loss for the week, but oil fell last week, despite gains on Friday.

So no ‘Fed rate rise looms’ for the US until December thanks to the weaker jobs report for August.