New figures released by China's National Bureau of Statistics report GDP growth of just 0.2% in Q3 (July to September) – the weakest quarterly growth since records began in China.
At the heart of the issue is a power shortage. China has had to renege on its green energy pursuit in the short-term to keep the lights on, switching back to coal power at a rapid pace to keep the nation powered following a spate of blackouts.
US markets suffered yesterday following a seven-year high in oil prices. Crude might have fallen back slightly today, but inflation is still hurting the working class across the world, and energy and fuel are key to these price rises.
J.P. Morgan's latest "Global Data Watch" report points to a back-and-forth pattern of inflation/deflation where energy and tech take turns dominating the markets, and blames the Fed for overheating the economy with so much economic stimulus.
Russian president Vladimir Putin eased market tensions yesterday with a promise to increase gas supplies across Europe, with prices rocketing at present thanks to the supply chain issues hindering the transit of fuel, as well as other resources.
UK gas prices surged to an all-time record of almost 400 pence per therm yesterday, before settling back at 287p and then dropping to 267p following Russia's offer of assistance.
