EDITORS NOTE
As inflation pressures mount, central banks are signalling a less accommodative policy stance, but how much will this undermine the strong inflows into equity markets that have been so evident in 2021.
Inflation, Pandemic, Hydrogen, Supply Chain Disruption, Drought, Shipping, Decarbonization, Central Banks, Sugar, Wheat, Fraud
Welcome to the December 2021 edition of the Ghost In The Machine, as yet another tumultuous year draws to a close, we take a look at a broad spectrum of topics from agricultural commodity outlooks through FX pricing, central bank policy impacts, hydrogen to shipping.
The drought and frosts in Brazil have helped to underpin sugar prices for much of the year, but what are the prospects for the coming season, and in other key producing countries? Wheat has many uses in the food and animal feed sectors, but has it been ‘the’ or just ‘a’ key driver of food price inflation? The FX market is by far the largest volume market, we take a closer look at how brokers and bank liquidity providers work together in price formation.
Shipping is the lifeblood of international trade as has been so evident during the pandemic, but what are the key aspects of the challenges and opportunities as the pressure to rapidly decarbonize the industry as part of efforts to meet climate change targets mount?
‘Vessel identity fraud’ is to shipping what ‘money laundering’ is to banking, and is becoming increasingly sophisticated as it seeks to avoid the gaze of industry watchdogs.
Hydrogen has moved rapidly into the centre of efforts to meet climate change targets, with what is for the layman a rather confusing array of colours, which have significantly different production costs and environment impacts.
Finally, we offer some perspectives on how the pandemic has exposed the fragilities of the global economic modus operandi, and what challenges these present to the recovery and climate change efforts.
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 Marc Ostwald
Patrick McBurney Ryan Easterbrook
EXTERNAL CONTRIBUTORS Alberto Peixoto
Voytek Chetkowski
© 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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