No change at the Fed, or RBNZ, but watch Greece, it’s new government and some of its odd ideas are worrying markets.

Predictably, Australian inflation slowed sharply in the three months to December, thanks to falling oil and petrol prices, while underlying cost pressures (which the Reserve Bank looks at) remained solid, but well inside its 2% to 3% target range.

A miserable day yesterday for most commodity stocks, despite the rise in the wider market.

After the second worst day of trading this year when safe utility stocks proved to be the only area of interest for investors made nervous by the growing trend of weak earnings results in the US and offshore, Apple proved that it was still capable of surprising on the upside when it reported after hours that its December quarter earnings jumped 38% to a new high.

Once again the monthly survey of business conditions and confidence from the National Australia Bank has produced a mixed report – further emphasising that the surprise surge in the survey last October was a one off.

The Australian economic debate recommences this week after a few mild skirmishes over early January about the impact of lower oil and petrol prices.

Inflation in Australia, US 4th quarter and 2014 economic growth and the vital first meeting for 2015 of the US Federal Reserve will dominate markets here and offshore in this short week (for Australia).

Global markets survived the initial impact of the win in Sunday’s Greek election by the leftwing anti bailout Syriza party, and its alliance in government with its rightwing counterpart.

It’s the start of a full reporting week for oil companies large and small from the sharp fall in prices.

Shares rose and currencies wobbled as the European Central Bank followed the US Fed and the Bank of Japan in heading down the quantitative easing route.

There is a very real chance that China’s crude steel production – one of the vital indicators that Australian economists, governments and investors, not to mention iron ore producers need to watch closely – could stall and fall this year.

Hard on the heels of China reporting its weakest economic growth in 24 years, the International Monetary Fund has forecast a further slide in GDP this year and in 2016 for Australia’s biggest trading partner.

On the eve of China revealing is worst quarterly GDP growth figures in 24 years later today, the country’s sharemarket has sold off heavily after regulators cracked down on the popular margin trading activities of some of the countries major brokers.

It’s been a tough Christmas New Year period for the oil and gas sector – following on from the tough past year for miners.

The local sharemarket is looking at a 1% plus jump at the opening this morning after Wall Street ended last week on an up note.

A slightly calmer ending to the week for commodities with oil showing signs of steadying, gold and sliver were stronger overall, copper gained and other metals were supported by investors.

The next few weeks will see an outbreak of ‘earnings honesty’ as companies large and small try to soften the blow to investor confidence from lower revenue growth, weak or lower earnings and lower or stalled dividends, as well as big asset impairments in the energy and mining sectors, and in other sectors, such as the broadcast and print media and perhaps retailing.

As our banks head into 2015, they have a new cost investors might not be aware of – more than $400 million a year for what’s effectively an insurance premium charged by the Reserve Bank as part of a unique liquidity backstop for the banks and the financial system in the event of a repeat of funding freeze seen in the GFC in the last quarter of 2008.

The Janet Yellen-inspired Santa Rally on world stockmarkets continues. Remember how markets, led by Wall Street swooned and fretted at every mention of the US Federal Reserve slowing its huge easing program – Taper Tantrums was the description given by nervy investors, frightened the central bank would be taking the punch bowl away.

The most important indicators from the sluggish Chinese economy, so far as the Reserve Bank is concerned, are the monthly reports on house price movements and house sales.

Watch for a big pop in the ASX 200 this morning after the US Fed meeting changed its outlook on interest rates to bring forward a rise into mid-2015.