The brief, four months of trade surplus late last year and in early 2014, sparked by higher iron ore prices and exports, as well as a fall in imports of capital goods, helped the Australian trade account rebound more than $14 billion, into surplus in the year to June 30.

As expected, the Reserve Bank has left its official interest cash rate steady on 2.5%, 12 months after cutting it to that record low.

Once again the Reserve Bank won’t be swayed by another set of promising economic figures. The central bank will again decide to continue sitting on interest rates for the time being at its August board meeting later today.

We are now approaching the season for markets to correct – the end of the northern summer and early autumn when share markets tend to take a breather and produce a sell-off.

In the US, where the sell-off is concentrated, the fretting about the ending of the Fed’s huge sending spree (and then rising interest rates) will continue to dominate investor sentiment from now until October – November.

Central banks in Australia, Europe, India, Japan and the UK will hold some of the attention this week for investors, although a large drop of key Australian figures, and at the end of the week, the monthly economic data from China, will also share the spotlight.

There’s more evidence that size no longer is the be all and end all for international companies, whether its in mining, retailing, manufacturing or even financial services.

It could have been the end of financial year loan boom for personal investors and business, or it could have been a real increase in demand for loans from more and more businesses and consumers, but whatever the reason the growth in private lending in the country hit a six year high in June.

For whatever reason – and there are quite a few – markets in Europe and the US turned lower and finished July in the red, leaving Asian markets out on a limb somewhat after their very strong month.

It was a losing month for many commodities, led by the old stagers in gold and oil, but assisted by the major grains and cotton.

Signs are growing that the Japanese economy, our second biggest export market, is weaker than thought, and that the impact of the radical economic policies of Prime Minister Shinzo Abe are fading.

No joy for the markets from the release of two key data releases in the US overnight.

A febrile time for financial markets this week. The conjunction of a number of key reports in the US this week, overlain by the possible default by Argentina on up to $US29 billion of its debt, could trigger another bout of fear and loathing on all financial markets in the coming week.

Gold futures edged higher on Friday night in US trading as traders picked up on the emergence of low level concerns about Argentina and corporate debt, and the continuing tensions in Ukraine and Gaza.

Good news and bad news from three of our major export markets yesterday.