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Gold surged to all-time highs above $US1,200 an ounce yesterday and overnight after the fears about risk and the collapse of Dubai faded and the US dollar dropped sharply.

The rebound in private home construction continued in October, according to figures from the Australian Bureau of Statistics yesterday.

Now we can see the strength of Asia’s recovery.

There’s nothing from the October credit figures to force the Reserve Bank to lift interest rates today.

United Arab Emirate shares fell sharply overnight as the market reopened for the first time since Dubai called for a delay in repaying $US59 billion in debt last Wednesday.

More conflicting economic data from Japan, so much so that the government has revealed plans for what could be yet another stimulus spending package.

David Jones chief executive Mark McInnes says the upmarket department store group is well positioned to leverage the next upturn in the economic cycle.

More good news from China and Asia for the Australian economy.

Amid the hysteria over Dubai’s little shock late last week there was some good and bad news from Tokyo.

A further statement is expected later today from the Dubai government on its shock statement last Wednesday that called for a standstill on up to $US59 billion in debt from a key government business, Dubai World.

In the week ahead in Australia, the focus will be on the Reserve Bank’s interest rate decision tomorrow, while overseas, the panic over Dubai will ease, but not go away, and questions over the health of the US economy will return on Friday night with the November jobless figures.

For the first time in months no US banks went broke last week.

The AMP’s chief economist, Dr Shane Oliver says no matter how much economic and investment issues change, there will always be a cycle. In other words history may not repeat but it does rhyme.

World share markets have slumped on fears a possible default by Dubai will cause other highly indebted countries to follow suit.

After the flood of figures this week, including the Fed’s board minutes, two things can be said with confidence about the US economic recovery.

We had a surprisingly optimistic economic forecast from the second most senior official in the Reserve Bank.

And Mr Battellino’s point was underlined yesterday with the Australian Bureau of Statistics revealing a sharp, across the board rise in the value of construction work done in the 3rd quarter, the first significant quarterly output survey to be released ahead of the national accounts.

More good news from Asia, with Japan’s October exports falling by less than forecast as it continued to be dragged upwards by China.

Gold demand fell 34% in the third quarter from a year ago, thanks to the very high demand in the 2008 period.

Australia’s chocolate treat, Tim Tams are to appear regularly in US shops for a few months of every year following a decision by the Campbell Soup Co.

The London-based metal consultancy, GFMS, says it can see a case for silver to top the $US20 an ounce level "in the short term" amid a continued surge in investment. It says the "recovery in fabrication demand should support prices in 2010 even as investor interest eventually moderates".

It’s another positive for the Australian economy, albeit with a bit of an assist from taxpayers.

The Malaysian and Thai economies have produced improved third quarter growth figures, suggesting that recovery is spreading through the region.