EDITORS NOTE
The Covid-19 vaccine roll-out has boosted recovery hopes, fuelling a sharp rally in most commodity prices, but is this really the start of a new ‘super cycle’, and what are the specific implications for the sugar market?
Recovery, Pandemic, Sustainability, Agriculture, QE Gamestop, Central Banks, Commodities, ESG, Equities, Bitcoin, Gold, Rates, Sugar.
Welcome to the March 2021 edition of the Ghost In The Machine, which as ever looks at a broad spectrum of topical issues from ESG investing, cryptocurrencies and financial flash mobs to central bank policy challenges and commodity super cycle prospects.
The trend towards ESG investing has been accelerated by the pandemic, but is also facing an array of challenges about definitions, a rapidly evolving regulatory backdrop, with considerable divergence between the UK and EU.
As part of efforts towards a green economic recovery, Sustain’s Fringe Farming project is exploring ways to enable agroecological farming at the edge of cities, bringing food production closer to the urban consumer.
Markets have long embraced central banks’ QE backstops and liquidity provisions, but now appear to be questioning the wisdom of current forward policy guidance, perhaps fearing that central banks may fall into a trap of their own making. US equities continue to make new highs, but does the positive technical momentum fit with the fundamental backdrop? Speculative bubble rollercoaster moves in single stocks such as Gamestop driven by retail flows have captured the attention of markets’ chattering classes, the media and latterly regulators, we take a look at the underlying drivers of this ‘disruption’, and how this may signal a more fundamental shift in the way that markets operate.
Bitcoin and other cryptocurrencies have moved from being dismissed by sceptics as a speculative sideshow towards the realm of ‘acceptable investments’ for banks and funds, so does the comparison with gold have any merit?
THE GHOST IN THE MACHINE
EDITORS IN CHIEF Eddie Tofpik
E:
eddie.tofpik@
admisi.com Marc Ostwald
E:
marc.ostwald@admisi.com
PRODUCTION & CIRCULATION
CREATIVE DESIGN Simrat Kaur Sounthe
MARKETING Megan Hodgson
ADM CONTRIBUTORS Alan Bush
Eddie Tofpik
Howard Jenkins Lee Heyman Marc Ostwald Rohan Ziegelaar
EXTERNAL CONTRIBUTORS
Alberto Peixoto Dr Rob Logan
© 2021 COPYRIGHT ADM INVESTOR SERVICES INTERNATIONAL LIMITED - ALL RIGHTS RESERVED
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG. A subsidiary of Archer Daniels Midland Company. The information within this publication has been compiled for general purposes only. Although every attempt has been made to ensure the accuracy of the information, ADM Investor Services International Limited (ADMISI) assumes no responsibility for any errors or omissions and will not update it. The views in this publication reflect solely those of the authors and not necessarily those of ADMISI or its affiliated institutions. This publication and information herein should not be considered investment advice nor an offer to sell or an invitation to invest in any products mentioned by ADMISI. © 2021 ADM Investor Services International Limited.
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