Will the six month Iran deal trigger a restructuring of the global oil industry, especially the oil rich US fracking sector by driving global prices down under $US80 a barrel?

Wall Street’s record finish on Friday was a bit of chimera – it gave the wrong impression of a lift in sentiment in markets after some indifferent days earlier in the week.

Commodities were definitely weaker than shares last week, and the US dollar’s strength (and no real change in key US interest rates on Friday) left the week looking underwhelming, and the outlook for the coming week decidedly mixed.

The run up to our third quarter GDP data announcement starts this week with updates on construction and private investment expected to confirm the growing downturn in resource investment – and perhaps a glimmer of hope about the strength of the housing upturn.

Another tough day on the local market yesterday – the fourth fall in a row and coming despite a growing queue of companies that want investor cash.

Reserve Bank Governor, Glenn Stevens last night ruled out, for the time being, intervening to sell the dollar to help drive the currency’s value lower.

With the US Federal Reserve looking as though it will keep its $US85 billion a month in bond buying going, commodities have been given a bit of a reprieve from a further shake out.

And the commentary on commodity prices applies equally to equities – watch the Fed, it’s the single biggest influence and will be well into 2014 and possibly beyond.

No really big attention-grabbing events anywhere around the world to completely dominate markets in the coming week.

Silver is gold’s ‘wingman’ following its golden older brother everywhere – down, up, sideways.

Poor news for gold’s prospects from the World Gold Council (WGC) which revealed a noticeable fall in third quarter demand for the metal.

That flighty, post-Federal election boost to business confidence has gone, evaporating over the past month as realism about the economy overtook the optimism.

On the face of it the building industry is showing signs of rebounding to the satisfaction of the Reserve Bank and the banks – even if there are some early signs of overheating in the Sydney market.

The economic data for China for October shouldn’t worry markets – it was solid without being spectacular – there were few surprises (but we will come to those shortly) and there’s nothing that will worry local investors.