The Australian market will be looking for a small gain when trading resumes this morning after Wall Street faltered its way to a new high for the S&P 500.

So what will Australian stockmarket today after another mixed day’s trading here yesterday and on Wall Street overnight, especially with the US Federal Reserve ruling out a June rate rise?

So is Japan’s economy recovering more strongly than expected? At first glance the 2.4% annual growth rate revealed yesterday would tell us ‘yes’.

A rising US dollar hit commodity prices hard overnight. Iron ore, gold, copper, silver and oil prices all fell as the greenback jumped sharply.

According to Reserve Bank Deputy Governor Phil Lowe, the trend of companies returning more cash to shareholders through higher dividends and share buybacks could be self-defeating, leading investors and savers to a situation where their returns are lower because of the current global trend to low interest rates. His warning should have special resonance in Australia.

The slide in US oil and gas drilling seems to be coming to an end as the number of active rigs being taken out of work slows by the week.

Central bank minutes of recent meetings and a decision on an interest rate move will headline the week’s data flow and events around the world.

The Australian stockmarket is heading for a flat opening this morning and it wouldn’t surprise if the markets then edge lower after the less than cheery end to trading on Wall Street at the weekend.

For Warren Buffett and his investment managers at Berkshire Hathaway, it was more of the same in the three months to March, according to an investment report filed with the US Securities and Exchange Commission on Friday night, our time.

More evidence that the Chinese economy is slowing, leading to forecasts of either another rate cut (the 4th since November) or the third easing in bank reserve ratios, to boost money available for lending.

Sydney’s property boom is threatening the economy – right? Yep The Reserve Bank has said just that and in fact the central bank also says the property boom in Australia’s biggest city threatens to unbalance the wider economy and the financial system. Sydney’s property boom is being driven by investors, especially self-managed super funds and foreign buyers (predominantly from China).

Shares in companies with involvement in the rural sector will come under pressure in coming months after the Bureau of Meteorology yesterday declared the return of the complex weather system, the first since March, 2010.

Even though markets will start the day on the backfoot after weak finishes in most of Europe and across all US markets this morning, a surge in iron ore prices should make local investors think again.

The Reserve Bank and the National Australia Bank both agree on something about the economy – that it’s flat, business confidence is weak and conditions are weak as well, and drifting aimlessly.

Tuesday night’s Federal budget dominates the week ahead in Australia, while offshore the data flow will be slower and less important than last week, except for a meeting of eurozone finance ministers tonight, our time, which will discuss the situation in Greece.

US oil futures ran higher on Friday night to notch up yet another weekly gain, thanks to a combination of another fall in US oil-rig counts and the solid monthly US jobs report for April.

A surprise rate cut from China’s central bank late last night – a move that shouldn’t be so surprising given the weakness to the early economic data from China for April.

Watch for a solid day’s trading in local and other markets in Asia after a surprise rate cut from China last night.

The blizzard of leaks about Tuesday’s budget continued at the weekend – all the good news on child care policy and other voter friendly initiatives being released to soften up voters.