Big global investors are rediscovering their appetite for riskier investments, according to the latest monthly survey of asset managers from Bank of America Merrill Lynch.

In just over two weeks, the US second quarter earnings circus roars into town again, with the first quarter reports for the S&P 500 only having ended last week with the solid results from American supermarket giant, Kroger.

Gold futures have held on to their surprise gains from last week, while oil prices ended at nine month highs in New York.

Relatively quiet in Australia this week, but globally its PMI ‘flash’ report week, starting today with the early reports on the health of manufacturing.

Global share markets are poised to go on rising this week in the wake of the dovish US Fed stance on interest rates, and despite the tensions in Iraq.

Out of the blue gold futures prices soared more than 3% overnight to a two month high in New York, and then kept rising in after hours trading.

Despite cutting its forecasts for the rest of the year, the US Federal Reserve thinks the American economy is over the first quarter big freeze and trending nicely higher, along with the labour market.

Once again investors and traders in local financial markets have gotten all excited about the prospect of official interest rates remaining at their current record low levels for longer than expected.

The paradox that is the Chinese economy has again been underlined in the May production data, especially for steel, and the price of iron ore and property.

Thanks to events in Iraq last week, global financial markets are now facing increased volatility, while economies from Japan through Europe to the USA and Australia face a rising threat from inflation generated by higher energy prices and a negative impact on the already weak levels of demand.

The US Federal Reserve’s two day meeting this week dominates all markets around the world.

All eyes will be on events in Iraq, and on the US Federal Reserve this week, but Iraq will be the big concern.

Britain has suddenly moved to the front row of developed economies looking to lift interest rates. Its behind New Zealand where the country’s central bank lifted rates a third time on Thursday to a five year high, but Britain, piloted by the newish jockey in Bank of England Governor, Mark Carney made a swift dive through on the rails on Thursday night to be just behind the Kiwis.

No real change in the jobs market in May with little sign the downturn in confidence among consumers after the federal budget has impacted jobs growth.

Wheat prices, already down sharply in 2014, are forecast to continue to fall over the rest of 2014, as rising global production offsets the early impact of drought in Australia and the US.

At last, some market volatility for all those moaning banks and brokers to trade off and make money.

New Zealand’s booming economy has forced the country’s central bank to lift its key interest rate for a third time this year.

Deflation might continue to stalk the Eurozone, but for China, May’s small rise in consumer prices means that for another month the weak economy isn’t in danger of dragging our biggest export market down the same path.

More evidence yesterday that the pace of activity in the economy is slowing after the strong March quarter.

After the holiday yesterday and the solid Chinese trade data, local markets this week will be focusing on the Australian jobs figures for May and a speech by Reserve Bank Governor Glenn Stevens in the US.

Chinese exports were solid in May, rising 7% from May 2013, but imports surprisingly dropped 1.6%, leading some analysts to suggest the economy was still weaker than thought.