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The world economy has absorbed six months of disrupted energy supply with far less damage than it could have. The reasons why are arguably narrower than they look.
In our charts this week:
- Delivery times lengthening, freight rates climbing
- Growth upgrades went almost entirely to the chip exporters
- Record drawdown in global oil stocks
- Three commodity shocks, three unrelated causes
- US labour demand steady, UK still falling
- France now trades wider than Italy
