This week, the eyes of investors have been fixed on tumbling oil prices. Little wonder: with oil now costing as little as $30 a barrel, 15 per cent down since the start of the year, energy markets are signalling trouble ahead — particularly given the continuing turmoil in China.
For another sign of how the tectonic plates are shifting in the global economy, try looking at the Baltic Dry Index, which measures the cost of shipping raw materials such as coal, metal and fertilisers across the globe.
Normally, this does not attract much public attention; after all, in an era where investors are obsessed with capital flows — or the latest digital gadgets — it seems rather retro to focus on the humdrum details of harbours and containers.
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