Earth shifts beneath the two leading economies

Changes in roles of US, China raise friction in global financial markets

The two biggest tectonic plates of the world economy are shifting, setting off friction that is increasingly evident in financial markets and global capitals.

The United States is accelerating and China is cooling, a reversal of trends that followed the 2009 global financial crisis. As a result, oil is slumping as US supply rises and Chinese demand falls; capital is fleeing emerging markets; the dollar is surging and the influence of the big emerging markets is on the wane.