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China has once again shown us why it’s the most important economy in the world.

The losses in commodities were more spectacular, their biggest one day loss in 18 months as those fears about China and Ireland saw investors sell and head for cover.

Australia faces a quiet week ahead.

At the end of a week when interest rates dominated the debate about the economy, the NAB’s business survey picked up on what it called a "significant" fall in business conditions in October and the Westpac consumer sentiment survey fell, the October jobs report has again painted a very different picture.

With a rush, financially-pressured Ireland is back to worry the markets after the cost of its debt jumped sharply and spreads over German bonds widened.

Australia is poised to overtake Norway to become the third largest gas producer among OECD nations by 2035, driven mainly by the booming liquefied natural gas (LNG) sector.

Suddenly, there’s a shudder or two passing through the global economy and financial systems.

Not surprisingly, consumer sentiment fell in November following the Reserve Bank of Australia’s surprise interest rate hike a week ago Tuesday.

China’s trade surplus surged to $US27 billion in October, adding to pressure on the country ahead of the two Group of 20 leaders conference starting in Seoul today.

The Federal Government remains confident that the stronger Australian dollar won’t force it to cut spending any more than it has already forecast.

A week after the Reserve Bank boosted its key interest rate, the National Australia Bank’s monthly business survey for October has revealed that business conditions in the domestic economy were weakening ahead of the rate rise.

According to media reports yesterday and this morning, today’s mid year review of the 2011 federal budget will see the federal government reveal cuts of up to $3- $4 billion over the next four years, mostly down to the impact of the stronger dollar.

Amid the euphoria caused by the Fed’s latest bout of spending and the good employment data for October, there were also several reminders of the realities of the slack American economy.

The Reserve Bank has expressed veiled concern that the US Federal Reserve’s second huge spending spree might damage the Australian economy by forcing the value of the Australian dollar significantly higher.

To some it was a case of the Fed throwing more petrol on a smoldering fire and seeing an explosion in financial markets on Thursday, and to lesser extent on Friday.

The Reserve Bank has expressed veiled concern that the US Federal Reserve’s second huge spending spree might damage the Australian economy by forcing the value of the Australian dollar significantly higher.

After last week’s excitement, the coming week will be far more sedate in comparison.

The September trade surplus fell and retail trade continued its run of less than vibrant results, according to the latest figures issued yesterday. 

The World Bank this week told China to lift interest rates again and upgraded its 2011 growth forecast a day after the country’s central bank hinted that a change in monetary policy was around the corner.

Hours before the US Federal Reserve kicked off its second round of easing in two years, the Organization for Economic Cooperation and Development cut its world economic forecasts for next year, saying the world economic recovery has slowed.

The US Federal Reserve has largely met market expectations for its second and historic round of spending.

So the Australian banks are doing wonderfully well, giant profits, analysts and media reckon the outlook is getting better, and using Tuesday’s RBA rate rise as a justification for the outbreak of optimism, and yet the profit rise has come from falling bad debt provisions.