While economic growth slowed in the three months to June, don’t expect any move from the Reserve Bank to cut interest rates, despite what the odd urger might call for or suggest through a tame mouthpiece in the media or business.

A bad night for commodities on world markets, thanks to stronger economic news from the US which drove the value of the US dollar higher.

No excitement yesterday from the Reserve Bank’s monthly board meeting – interest rates were left on hold for another month, with no sign of a change in stance from the central bank.

Ahead of today’s release of June quarter economic growth figures, we had confirmation yesterday that the economy slowed sharply in the three months to June, with a big turnaround in the country’s trade performance hitting hard.

The Reserve Bank board meets today and won’t change interest rates, even though some urgers in the markets are starting to call for a rate cut!

Certainly while the two Chinese reports showed manufacturing slowing, they still indicated modest expansion continued in the country’s economy last month.

Yesterday saw the dregs of the 2013-14 June 30 full and half year reporting season released on the ASX.

Last week ended up like the month of August for most markets – a bit of weakness, some grudging gains, and a bit of a flourish towards the end that left most investors better off overall. 

The June 30 profit reporting season is now over and while weaker quality result appeared in the final week last week (Qantas and Virgin Australia), overall it was solid.

Despite a bad start to the month, global shares had a strong August rising 2%. In Australia though, the ASX200 fell 0.1% to 5625.9.

Interest rates and economic growth figures, plus retail sales, building approvals and trade, and car sales – it’s a packed to the brim start to a new month and week for Australian markets and investors.

Contrary to expectations that private investment in the June quarter would be weak, especially after the surprise 1.1% fall in the value of construction work done in the quarter, the investment data yesterday from the Australian Bureau of Statistics (ABS) showed a surprise rise.

So what was the most important market milestone reached overnight for the local market today?

It’s the final week for the June 30 profit reporting companies after good, results, higher dividends and the odd buyback, helped boost the Australian share market last week to a post GFC high.

So will the S&P 500, the key global index of stockmarket confidence, hit the 2,000 point mark for the first time this week after going close last week?

While the Australian June 30 earnings season comes to an end this week, the lead up to the June quarter GDP figures steps up with the release of key data on construction and investment.