The collapse in global iron ore prices continues to have fallout with ratings group Standard & Poor’s yesterday, putting the major iron ore producers on a warning of a possible downgrade, and the state of Western Australia as well.

China’s trade position worsened considerably in March, with exports in renminbi terms down 14.6% from a year ago in March, against a forecast rise of 8.2%. But perhaps the news wasn’t as shocking as the market reaction indicated.

Just before the weak March trade figures from China were issued yesterday, The World Bank lowered its forecasts for economic growth in East Asia, thanks to the slowdown in China which the bank warned could offset the benefits of lower oil prices and improving activity in developed economies in Europe and the US.

More pressures this week on global oil prices with the International Energy Agency (IEA) and the Organisation of the Petroleum Exporting Countries (OPEC) to publish their latest monthly assessment of oil markets.

Last month a consortium of finance groups agreed to buy General Electric Capital’s consumer finance business in Australia and New Zealand at an enterprise value of $A8.2 billion (including debt).

Global sharemarkets ended the week on Saturday morning, our time, on a strong note, with the S&P 500 back within striking distance of its record high on Wall Street, European shares at 15 year peaks and the Nikkei 225 in Tokyo briefly climbing back above 20,000 for the first time since 2000.

A big week for Australian confidence and market direction with the March jobs data on Thursday and a succession of data releases in China which could damage or bolster investor views about the health of the world’s second biggest economy and our largest export market.

It was “steady as she goes” for central banks in Asia this week with no move on key interests rates in Australia, India, Japan and South Korea, four of the biggest economies in the region.

Hours after Shell clinched its massive $A91 billion bid for BG Group, there’s a second, much smaller deal, also involving Australia.

Royal Dutch Shell has agreed to buy BG Group for 47 billion pounds, (more than $A91 billion) in cash and shares, in what will be the energy industry’s biggest takeover for years.

Is this the deal that triggers the long forecast rationalisation in the global oil and gas business?

While economists now see May as the best bet for an interest rate cut from the Reserve Bank, don’t bank on it.

Its a busy week here and offshore with economic data and central bank decisions, plus the start of US March quarter earnings season. But only one event will matter for local markets – today’s Reserve Bank board meeting and post meeting statement from Governor Glenn Stevens at 2.30pm.

The sell off in iron ore continued over the Easter break with the price losing nearly 5% in the past four days. Overnight Monday the global spot price (according to the Steel Index) fell to $US46.70 a tonne, down 4.9% per cent from its previous close.

The next major test for global sharemarkets is the US March quarter earnings season starting tomorrow (Wednesday) night, our time, with aluminium giant Alcoa due to report.

It was a mixed news day from Asia and from the Australian economy yesterday, although there was one certainty – the Sydney property market is going gangbusters, but the rest of the country is cooling.

Iron ore has plunged below the $US50 per tonne mark as a supply glut and lingering concerns over the health of China’s economy threatens to inflict more pain on junior miners and the Australian budget.

The monthly and quarterly data drop on activity in Asia’s biggest economies kicked off yesterday, with the tenor of the reports matching early releases for Japan and South Korea earlier in the week.

The Australian stockmarket will start the new month and quarter on a down note after another slide in global iron ore prices and a further falls on Wall Street and in Europe on the last trading day of the March quarter.

More weak economic data from two of Asia’s major economies (and major Australian export markets) in Japan and South Korea. The news adds to the sense that with China, the engines of Asia have started 2015 on a decidedly weaker note, with no sign of any improvement on the horizon.

So will another fall in the global iron ore spot price under $US53 for the first time be enough to offset the very positive lead from Wall Street and European markets overnight which was totally at odds with yesterday’s nervy 1.3% slide in the local market?