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Retailing had one of the best months of the year in July, led by solid sales for the still growing cafe and eateries sector, plus a solid rebound by department stores.

The slowdown in the economy has been expected for a while and the it’s something the Reserve Bank has been right on top of, as Governor Glenn Stevens said last month, “Data for the June quarter suggest a ‘payback’ of lower exports, and also a period of more subdued consumer demand. There are relatively few readings for the September quarter as yet, though at least some suggest that there may have been a reasonable start to the quarter."

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.

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

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

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!

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.