Most major share markets around the world fell last week, except for China and Australia.

A busy week globally ahead with central bank meetings in Australia and the Eurozone, the start of month surveys of manufacturing and services, topped off by the biggie – the US jobs report for June later in the week.

If you have thought that times can’t get any tougher in the resources sector, then 2014-15 holds out the prospect of an intensification of the pressures on costs and operations, especially in the huge iron ore sector.

As we head towards the new financial year, Australian retailers have joined in the great global sell off of retail shares in the first half of 2014.

Wall Street had its biggest fall for four weeks overnight – but why?

There’s nothing like a bit of good news from China to get the blood racing among punters on the ASX. Yesterday was no exception with the better than expected flash report on the heath of Chinese manufacturing a good example of how sentiment changes with a few tenths of a point behind a decimal place.

Big global investors are rediscovering their appetite for riskier investments, according to the latest monthly survey of asset managers from Bank of America Merrill Lynch.

In just over two weeks, the US second quarter earnings circus roars into town again, with the first quarter reports for the S&P 500 only having ended last week with the solid results from American supermarket giant, Kroger.

Gold futures have held on to their surprise gains from last week, while oil prices ended at nine month highs in New York.

Relatively quiet in Australia this week, but globally its PMI ‘flash’ report week, starting today with the early reports on the health of manufacturing.

Global share markets are poised to go on rising this week in the wake of the dovish US Fed stance on interest rates, and despite the tensions in Iraq.

Out of the blue gold futures prices soared more than 3% overnight to a two month high in New York, and then kept rising in after hours trading.

Despite cutting its forecasts for the rest of the year, the US Federal Reserve thinks the American economy is over the first quarter big freeze and trending nicely higher, along with the labour market.

Once again investors and traders in local financial markets have gotten all excited about the prospect of official interest rates remaining at their current record low levels for longer than expected.

The paradox that is the Chinese economy has again been underlined in the May production data, especially for steel, and the price of iron ore and property.

Thanks to events in Iraq last week, global financial markets are now facing increased volatility, while economies from Japan through Europe to the USA and Australia face a rising threat from inflation generated by higher energy prices and a negative impact on the already weak levels of demand.

The US Federal Reserve’s two day meeting this week dominates all markets around the world.

All eyes will be on events in Iraq, and on the US Federal Reserve this week, but Iraq will be the big concern.

Britain has suddenly moved to the front row of developed economies looking to lift interest rates. Its behind New Zealand where the country’s central bank lifted rates a third time on Thursday to a five year high, but Britain, piloted by the newish jockey in Bank of England Governor, Mark Carney made a swift dive through on the rails on Thursday night to be just behind the Kiwis.