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Talking points this morning: Data and shipping (2/2)

UK
  • Last week's story did not really make the news. The story this morning focuses on the fact that Felixstowe Port is now so full that Maersk has had to start diverting some deliveries away from the port, and with little capacity at the other large UK ports, has had to unload some containers into mainland Europe before diverting them to smaller UK ports (which can't handle such large cargo ships).
  • This process is leading to more delays in shipping (and more costs), which will not help an already stretched supply chain in the UK.
  • The increase in cost of shipping and further delays to the supply chain are likely to add to inflationary pressures but weigh on growth.
  • In the short-term the market is likely to focus more on the inflationary side as the sounds out of the MPC at present are that they want to contain inflation before it starts to impact inflation expectations/wages (rather than be concerned about the growth impacts). However, as we note above there is a high bar to markets moving on hawkish developments at present.
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