Breakfast briefing: Learning to live with less oil
The New Zealand economic briefing highlights a global shift in oil demand driven by China, alongside mixed US economic indicators including rising trade deficits and cooling payroll growth. Additionally, the report notes a major earthquake in Japan and ongoing volatility in US Treasury yields.
Here's our summary of key economic events overnight that affect New Zealand, with news China's clear need for less oil has pushed its price sharply lower even as both the Gulf of Hormuz and the Red Sea remain effectively shut. As other sources raise their output, global demand is being undermined, essentially by this Chinese transition.
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