My OpEd for @euractiv.com 8 months into the US-Iran war: oil shock splitting in two. West gets tighter money: euro area inflation at 3.3%, US 10y at 5.3% Bund highest since 2011. China absorbs it through weak demand: 10y at 1.67% with bank margins near record lows
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The Gulf conflict's tale of two cities | Rapporteur
Weak demand in China will push more surplus capacity onto world markets just as European industry pays more for both energy and capital