Dick Smith shareholders and unsecured creditors are unlikely to get anything from the failed electronics chain, according to the creditors report from administrators McGrathNicol, released yesterday.

China’s June trade data was more of the same – weak and underwhelming with exports and imports (in dollar terms) down more than forecasts had predicted.

A mixed month and first half of 2016 for China’s commodity imports.

The guard changed slightly at the top of the American stockmarket on Monday – Amazon hit a record high and pushed its market value past that of Warren Buffett’s Berkshire Hathaway and into the top five of all US companies.

Shares surged for a second day, gold fell, as did silver, oil bounced back and bond yields rose as investors reacted positively to the news coming out of Japan, and the slide in the value of the yen.

The Japanese government will today halve its economic growth forecast for this year, and set in train a new round of stimulus from the newly expanded Abe administration, and/or the Bank of Japan.

Australian businesses continues to do well, according to the latest National Australian Bank monthly survey.

Oil has reminded us that what goes up can come down as the latest slide in global oil price futures continued overnight with new two month lows being reached at the close of trading.

Following a record night on Wall Street, Australian shares will start higher later this morning after ASX 20 futures trading rose 0.6% or 26 points (at 7am).

The figures highlight that while the price of iron ore has fallen sharply over the past year, production and exports of the commodity rose to record levels in the year to June.

Inflation in China continued to slow in June as the rapid rise in food prices – especially pork – eased. But the country’s trade minister was all doom and gloom about the outlook for trade and the global economy at a meeting of Group of 20 trade ministers (minus Australia) on Saturday.

Gold rose last week, oil dipped sharply, copper was weaker and long-dated US bond yields ended the week at all time lows. All more evidence of the confusion in financial markets at the moment.

Wariness returned to investment markets in the past week led in part by worries about Italian banks and Brexit, but this was reversed to some degree on Friday by the strong US jobs data.

A busy week ahead with trading to be dominated by China’s June quarter and monthly economic data, a possible rate cut in Britain amid the continuing post-Brexit strains in the markets, Australia’s June jobs report and the start of the US second quarter profit reporting season.

The US second quarter earnings season kicks off tonight and it is very likely investors will have to face a fourth consecutive quarter of weak or underwhelming profit reports.

In the wake of Standard & Poor’s downgrading the outlook for Australia’s credit rating to negative, the ratings of the big four banks have also been cut by the ratings group.

Australia’s big four banks face further restrictions on home lending in the lucrative NZ home loan market.

Four days after warning that it might place Australia’s credit rating on a negative footing, ratings group Standard & Poor’s did just that yesterday morning in a surprise move.

The Australian market will open up higher this morning after those so-called Brexit 2 fears in global financial markets eased.

It’s clear that risks in financial markets have taken a new turn for the worse and nearly three weeks after the shock Brexit vote on June 23, investors remain very nervous and lacking in confidence. That’s despite the recent rebound in share prices and the value of the pound – which vanished overnight.

As expected, the Reserve Bank of Australia left the cash rate on hold at 1.75% yesterday and Governor Glenn Stevens again hinted at cuts ahead if inflation remains low.

Today’s meeting of the Reserve Bank board has assumed greater importance because of the market instability in the wake of the shock Brexit vote in the UK and the way yields on government bonds – including those from Australia – continue to hit new all time lows.

Warren Buffett has been forced to make a rare declaration of intent about one of his key holdings – a small stake in America’s most successful bank, Wells Fargo.

So where to now for the Australian stockmarket and bond yields from today on as investors digest the inconclusive result of Saturday’s Federal poll?

Despite the rebound in equities and the continuing record bond rally, commodities were surprisingly strong last week when they might have sold off because of the uncertainty about the UK Brexit vote and what it might do to global growth.

Interest rates in Australia, jobs in the US and the continuing ripples from Brexit will dominate the week ahead here and offshore.