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Oil, oil and more oil will be the focus this week for local and international markets, especially in the US where there’s a strong feeling the economy is doing as badly as many consumers think, not as some of the official figures might suggest.

While the surge in oil prices set off a surge of concern around the world as prices jumped 16% last week, the US jobs figures for May have sent a chill through financial markets because they undermined the emerging suggestion in America that things economic were not as bad as all the forecasts were suggesting, especially those talking recession.

For the first time Australia has a very good chance of getting uniform business regulation from the Federal Government, with no involvement from the states, and rogue operators in the troubled debenture area being brought into the regulatory net.

Conditions are getting tougher in some of the world’s major economies.

Former Reserve Bank Governor, Bernie Fraser, has been the latest to question the way the Reserve Bank sets inflation targets and suggest they might have to be changed.

Oil down, then up; the US dollar up, new home sales up, house prices down, along with consumer confidence, production of so-called durable goods higher, US interest rates jump. Charting the course of the American economy gets harder by the day.