The Australian market will start the week line ball after an inconclusive end to a volatile week early Saturday morning that left the ASX futures market basically flat.

Like all other financial markets, commodities trading in coming days will be dominated by the Brexit vote in Britain Thursday night, our time.

China’s housing rebound remains on track, even if there were hints of a slowing in China’s home price boomlet in May as the pace of price rises in some of the country’s biggest cities slowed.

The coming week in financial markets around the globe can be summed up in one word – Brexit.

Instability continued on global markets overnight with bond yields in the US and Europe dipping lower, then rising, while after slumping in early trading, US shares staged an afternoon rebound.

While the Australian labour market looked healthy in May, with the unemployment rate holding steady at 5.7%, there were again some worrying points buried in the detail that call into question the real strength of the pace of jobs growth.

The New Zealand economy slowed in the March quarter, but not by as much as feared as a still strong construction sector offset the negative impact from the slide in dairy prices.

Big Australian shareholders such as Perpetual and the Commonwealth bank will decide the fate of the $NZ3.4 billion merger between SKY TV and Vodafone New Zealand.

The US Federal Reserve has left interest rates unchanged and signalled rates will rise more slowly than previously thought after a two day meeting in Washington which ended early this morning.

There was another solid reading from the National Australia Bank’s monthly survey of business conditions which held steady at +10 in May and still above the long-run average.

With global bond yields continuing to fall the Australian bond yield could be below 2% in the next week or so. It was heading that way yesterday and overnight.

Keep a close eye on China’s stockmarkets today, there could be a sharp fall ahead today after global market measurer, MSCI delayed the inclusion of China’s mainland A class shares in its emerging markets index.

Our market is looking at an early sell off this morning after Wall Street saw losses accelerate going into the close this morning.

Ratings group, Moody’s has put Microsoft’s triple A credit rating on review for a possible downgrade after the software maker shocked investors with the agreed deal to buy LinkedIn for $US26.2 billion in cash.

Global focus this week will be on Thursday for a number of important decisions and releases.

China’s crude steel output edged up 1.8% to 70.5 million tonnes in May from a year ago, while electricity output was up 0.9% in a generally lacklustre production report for May.

The intense price deflation in China’s huge producing sector continues to ease, a sign that manufacturers and suppliers are feeling the benefit of the upturn in government spending, the surge in property investment and improved demand from offshore and internally.

Sometimes business trends can be found not in the annual reports and updates from listed companies and other in industry sectors, but in figures as arcane as employment trends – especially over a long period of time.

New Zealand’s Sky Television and UK-owned mobile phone company Vodafone plan to merge their New Zealand businesses to create the country’s biggest media company valued at $NZ 3.4 billion. The transaction is effectively a partial takeover of Sky TV by Britain’s Vodafone Group.

As expected the Reserve Bank of New Zealand has left its Official Cash Rate unchanged at 2.25%, and it again left the door open to further cuts if needed.

China’s imports of iron ore, crude oil, and oil products held up well in May as the economy seemed to steady.

China’s central bank maintained its forecast for the country’s economic growth at 6.8% for 2016, but it has raised its estimates for consumer inflation and fixed-asset investment growth as the May trade data suggested an improvement after the very weak April performance.

Oil prices have now doubled from their 2016 lows, with Brent crude today topping $US52 per barrel and US crude, $US51 a barrel, driven by falling US stocks, supply disruptions in Nigeria and solid import figures from China for May.

The slowdown in investor housing loan approvals continues, supporting the Reserve Bank’s belief that the May rate cut won’t spark a surge in housing activity.

As expected, the Reserve Bank kept its official cash rate on hold at a record low 1.75% at its June board meeting yesterday, but there was a hint that a further cut could happen if inflation looks like remaining lower than it should be.