Central banks in Australia, Europe, India, Japan and the UK will hold some of the attention this week for investors, although a large drop of key Australian figures, and at the end of the week, the monthly economic data from China, will also share the spotlight.

There’s more evidence that size no longer is the be all and end all for international companies, whether its in mining, retailing, manufacturing or even financial services.

It could have been the end of financial year loan boom for personal investors and business, or it could have been a real increase in demand for loans from more and more businesses and consumers, but whatever the reason the growth in private lending in the country hit a six year high in June.

For whatever reason – and there are quite a few – markets in Europe and the US turned lower and finished July in the red, leaving Asian markets out on a limb somewhat after their very strong month.

It was a losing month for many commodities, led by the old stagers in gold and oil, but assisted by the major grains and cotton.

Signs are growing that the Japanese economy, our second biggest export market, is weaker than thought, and that the impact of the radical economic policies of Prime Minister Shinzo Abe are fading.

No joy for the markets from the release of two key data releases in the US overnight.

A febrile time for financial markets this week. The conjunction of a number of key reports in the US this week, overlain by the possible default by Argentina on up to $US29 billion of its debt, could trigger another bout of fear and loathing on all financial markets in the coming week.

Gold futures edged higher on Friday night in US trading as traders picked up on the emergence of low level concerns about Argentina and corporate debt, and the continuing tensions in Ukraine and Gaza.

Good news and bad news from three of our major export markets yesterday.

The Reserve Bank of New Zealand has imposed another check to the possibility of an inflation break out across the Tasman with its fourth rate rise this year this morning.

Well, with the frothing and fretting about inflation after yesterday’s June quarter Consumer Price Index data, there’s one forecast that can be easily made about inflation – that one is that there will be a sharp fall in the next CPI for the current September quarter.

Don’t expect the Reserve Bank to be moved by the first significant June quarter Consumer Price Index due for release on Wednesday.

The June quarter and financial year inflation data will dominate local business and economic news this week, while offshore there’s the continuing tensions over the downing of MH17 and the invasion of Gaza by Israeli armed forces.