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Investors are back driving the home loan market as they seek to capitalise on the six rate rises from the Reserve Bank.

The iron ore boom powered by China is cooling, holding out the prospect that if it continues, Australia’s current boom will take a hit in coming months.

China’s trade surplus jumped sharply in June, a development that will get all the American loudmouths yapping again about an undervalued currency.

Global stocks rose on Friday, recording their best week in nearly a year, as risk aversion eased.

Commodity prices may have had a good run last week, but that improved tone may not last with news that China’s imports of some key commodities fell sharply in June.

Growth in Asia will dominate the coming week, with China and Singapore revealing second quarter growth estimates.

Up to Thursday, gold had lost 4.7% since settling at the record high of $US1,258.30 an ounce on June 18.

Good news for Australian coal exporters, China, the world’s biggest producer and consumer, is facing an increasing shortfall as demand outstrips supply.

We saw more jobs than expected in June; 45,900 new ones were created, according to the ABS.

As expected, no rate rise from the Reserve Bank yesterday and indeed, rates could be on hold for an indeterminate time if international worries about economic growth and financial stability continue.

The other side of the current economic paradox, referred to in yesterday’s story on car sales, was shown in the May trade figures, which were, in short, sensational.

It was hardly the most ringing endorsement for the outlook for the Australian sharemarket.

If you looked at yesterday’s ANZ job ads figures for June, there’s only one conclusion: the analogue world of newspapers, such as those owned by News Ltd, Fairfax Media, APN and West Australian Newspapers, is well and truly dead insofar as job advertising and associated classified ads are concerned. 

Once again the core paradox on the consumption side of the Australian economy has been underlined.

Forget the argument over the resource tax, the debate over company tax cuts and the higher superannuation contributions, the most important policy change from the current Labour Government in Canberra could be what it does with the recommendation of the so-called Cooper Review, which examined Australia’s system of providing superannuation and found it wanting.

The US, Europe, China and Japan might be slowing, but India is booming, too much so it seems after Friday’s unexpected interest rate rise.

A nasty week that hopefully is not going to be a precursor of more to come.

One day’s fall doesn’t usually mean much, but last Thursday’s $US40 plunge in gold prices has worried a lot of people.

Friday’s close on the sharemarket was probably the best immediate reaction to the new mining tax deal announced earlier in the day.

The Reserve Bank won’t touch rates tomorrow.

Mixed messages from May’s retail sales and building approvals.

Dave Rosenberg is one of North America’s better known economists. He works for the Canadian wealth management firm. Gluskin Sheff and Associates and writes an entertaining daily email.

The June quarter has made a complete mess of market returns here and offshore.