Weekend briefing: Markets ignore resumption of Hormuz hot conflict
Global economic indicators show a mix of trends, including the closure of the Hormuz Strait, rising US jobless claims, and a major IPO by South Korean chipmaker SK Hynix. Meanwhile, agricultural commodity prices are expected to rise due to poor weather, and the Chinese automotive market shows signs of cooling.
Why it matters
These diverse economic signals provide a snapshot of global supply chain vulnerabilities and shifting market conditions that impact international trade.
Here's our summary of key economic events over Matariki that affect New Zealand, with news the Hormuz Strait is effectively shut again with little-prospect of it allowing vessels through, perhaps other than Iranian-linked ones.
Elsewhere, US initial jobless claims rose by +224,500 and about what seasonal factors can account for. There are now 1.767 mln people on these benefits, less than year-ago levels.
After the good May rebound, existing home sales in the US fell back to average levels, and to levels lower than a year ago. The median price is up only +1.8% from a year ago. That modest rise is less than income growth, so overall affordability is getting a chance to recover there.
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