Real world economy gets bumpy as Wall Street is on vacation

<p>Kia ora, </p><p>Welcome to Monday's Economy Watch where we follow the economic events and trends that affect New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news northern hemisphere markets may in holiday mode with very thin trading (and bouncing around as a consequence) but in the real world there are some big things happening (and not just in Kabul).</p><p>Global supply chains are facing fresh challenges from the pandemic as the delta variant spreads. It is a world-wide threat, particularly tough in south east Asia but exemplified in China.</p><p>Workers at a major part of the world's third-largest container port just south of Shanghai have tested positive and <a href="https://www.scmp.com/economy/china-economy/article/3144830/china-coronavirus-infection-closes-shipping-terminal-massive" target="_blank"><strong>some services have been shut down</strong></a>. This closure cuts a quarter of the overall port capacity, and will likely disrupt supply chains significantly - and add to problems shifting goods ahead of the key Christmas shopping season. <a href="http://www.interest.co.nz/sites/default/files/embedded_images/0813%20Terminal%20Operations%20Suspended%20at%20Ningbo.docx" target="_blank"><strong>More here</strong></a>.</p><p>China has <a href="http://www.nea.gov.cn/2021-08/12/c_1310122831.htm" target="_blank"><strong>reported</strong></a> that electricity consumption hit a new record high of 775.8 billion kWh in July, rising +13% from a year earlier and growing +16% from the same month in 2019.</p><p>Much of that electricity is being generated by coal, and <a href="https://tradingeconomics.com/commodity/coal" target="_blank"><strong>coal prices</strong></a> are rising fast in China, up +20% in the past two weeks alone. China seems to have abandoned its carbon promises just a few months after it made them.</p><p>China <a href="https://www.globaltimes.cn/page/202108/1231410.shtml" target="_blank"><strong>reported</strong></a> its July