Daily FNArena News - FYI

It was a return to August-style trading last night as the Dow pulled back from the brink to post a 45 point gain. A bounce in the US dollar saw commodities heavily sold.

BCA Research suggests assets managed by sovereign wealth funds will grow from US$3 trillion to US$13 trillion in a decade.

The IMF is rapidly losing all sense of credibility and the G7 finance ministers failed to even mention the US dollar in their statement following last weekend’s meeting.

The RBA will meet on Cup day to decide upon what many feel will be a rate rise. The clincher will be the CPI data released on Wednesday this week.

On the 20th anniversary of the crash of 1987, the Dow celebrated with a 367 point fall.

Stock markets again closed little changed last night as poor employment data sent the US dollar south.

The IMF has downgraded its forecast for 2008 global GDP growth, but not by much.

According to the Commonwealth Bank housing prices provide a good indicator for interest rate movements as increases mean increased wealth, which spurs consumer spending.

There’s only one way to describe Wall Street last night – all over the shop.

Weekly musings from your editor. It’s iron ore we look into this week as the market craze seems to have matured.