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The US Federal Reserve meets next week for two days and already there’s a very confident expectation that there will be no change in interest rates or in its current indefinite timeline for leaving rates where they now are.

BP has attempted to free itself from the mess it caused with the Gulf of Mexico oil well explosion and leak on April 20.

Japan’s central bank is to set up a new fund to lend around $US33 billion (3 trillion yen) to companies for up to four years to finance new business and expansion.

The minutes of the June Reserve Bank board meeting confirm that interest rates will not move any time soon; not at until some major change in the economy forces it, such as a sharp rise in inflation, or a settling of the unease over Europe and the euro.

America’s key economic policymakers seem to be readying themselves for the possibility that the problems in Europe, plus a weakening level of demand in the domestic economy, might push growth back towards zero in coming months.

A new credit crisis is emerging in Spain with the country’s banking system and major companies facing lock-out by other European banks.

There was a lot of comment on china’s May economic report, but the one thing we in Australia can take away from the various reports is that the country isn’t collapsing as many American and European economists and analysts are forecasting.

The Australian dollar has risen by more than 4% in the past week, shaking off the downward pressure of May and early this month.

Anyone wondering why the outbreak of fear and loathing in financial markets about Europe won’t go away, the latest quarterly report from the Bank of International Settlements has the explanation.

Data from the US dominates the news flow this week.

Judging by the strength of the labour market, the Australian economy is not as sluggish as other figures would have us believe.

At last a small hint that the moves by the Chinese government to control property prices are having an impact, with the news that prices rose 12.4% in the year to May in the country’s 70 largest cities.

New Zealand exporters and business now face the prospect of a high currency holding back the tentative recovery for them.

Earnings updates, many on the downside, continue to appear as listed companies condition investors on what to expect for the June 30 year or half year financial reporting period.

The combination of high private and public sector debt levels in developed countries, extreme swings in monetary policy and greater government involvement in the economy likely mean we have entered a more volatile macro economic environment.

Reserve Bank Governor, Glenn Stevens, thinks it’s a good time for Australian households to be saving more and borrowing less.

The release of housing finance and consumer confidence figures yesterday warmed us up nicely for yesterday’s speech from Reserve Bank Governor, Glenn Stevens.

China’s exports in May grew about 50%, according to leaks in Beijing, news that sparked a surge on the local stockmarket.

While Japanese annual first quarter economic growth is expected to be cut to around 4%-4.2% (around 0.9%-1% quarter on quarter) when the government releases its latest estimate later today, early figures for April suggest the economy remains basically on course.

The iron ore and coal price boom continues with strong demand from Asian mills driving quarterly prices higher.

Business confidence fell sharply in May, as expected, thanks to the mixed flow of news and events in the past month.

Although the local sharemarket and dollar fell sharply yesterday, the economy is still in good shape.

A very weak start for markets in Asia today after Wall Street and European shares fell heavily Friday night following the release of very poor jobs numbers for May for America.

Oil, wheat, corn and metals took a hammering Friday night in Europe and the US after the weak American jobs figures for May and the outbreak of more concerns about the financial health of Europe.