July 17 (Reuters) - Every Friday, Reuters Open Interest

(ROI) distills the financial week into five key charts,

spotlighting the major trends, surprises and overlooked moves

that defined the past five days.

1. THIN BUFFERS

RON BOUSSO, ROI Energy Columnist: Renewed U.S. and Iranian

blockades of the Strait of Hormuz have sharply cut oil and gas

exports from the Middle East, adding pressure to global energy

markets that were forced to rapidly adapt earlier this year. But

unlike at the start of the war in late February, global oil

reserves are now heavily depleted, leaving the world with far

thinner buffers to absorb another supply shock.

2. HYPERSCALERS OUT, CHIPS IN

JAMIE MCGEEVER, ROI Markets Columnist: Hyperscalers'

trillion-dollar capex binge has drained their once-abundant cash

flows, which are now essentially being channeled to the

semiconductor firms providing the chips for the AI buildout.

The "generational transfer" is playing out in markets: the

S&P 500 software and services index is down 17% year

to date, while the Philadelphia Semiconductor Index is up

over 65%. The latter had a rough week, and is down almost 17%

for the month. But the long-term trend is the big story here.

3. CHINA SURPRISE

MIKE DOLAN, ROI Finance & Markets Columnist: China's exports

surged in June, buoyed ​by orders for chips to fuel the global

AI boom and by automobile shipments, which topped 1 million for

the ​first time. The stronger-than-expected trade performance

keeps China on track to post a surplus above $1 trillion for a

second straight year.

However, China also reported that its second-quarter GDP was the

slowest in over three years, coming in below target at 4.3%, as

concerns about domestic consumption and the housing market

continue to weigh on the economy.

4. SOFT LANDING

ANNA SZYMANSKI, ROI Editor in Charge: U.S. consumer inflation

slowed more than expected in June as energy prices retreated,

while core prices, which exclude food and energy, posted their

first monthly decline in more than six years. Core CPI slipped

0.02% month-over-month, which was rounded to zero in many

reports, weighed down by a surprisingly large drop in auto

insurance and declines in communications, healthcare and hotel

room prices.

While the report appeared to quash market speculation about a

Federal Reserve rate rise this month, a hike is still expected

later this year. Indeed, this inflation respite may prove to be

brief given that energy prices could rise again if the U.S.-Iran

strikes continue to escalate.

5. TAKING STOCK

RON BOUSSO, ROI Energy Columnist: China's response to the energy

supply shock - sharply cutting crude imports, restricting

exports of refined fuels and drawing on domestic inventories -

marked the culmination of a decades-long campaign to reduce its

heavy dependence on overseas energy supplies.

This may signal that China's role has changed. It's no longer

simply the biggest energy importer but a new independent, opaque

force that could reshape global energy markets for years to

come.

Opinions expressed are those of the authors. They do not reflect

the views of Reuters News, which, under the Trust Principles, is

committed to integrity, independence, and freedom from bias.

(By Anna Szymanski

Editing by Marguerita Choy)