Shipping and freight rates. Trade volume and cost in real time.
What to watch: Baltic Dry; container rates; Red Sea and canal disruptions. It arrives daily, and the effect typically lasts weeks.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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