4-5 Howard Jenkins


Sugar’s Deja vu The biennial London sugar dinner is nearly upon us. As usual the global sugar industry descends on London for several days during the second week of October for meetings, networking and the chance to catch up with old friends. Unsurprisingly, one of the main topics of conversation will be the state of the market and expectations for the next few months.


6-7 Eddie Tofpik The Brazilian Presidential


14-15 Lauren Judd Is Britain’s economy fated


25


to fail? At the end of 2015, less than a year before the fateful date of 23rd June 2016, the OECD was projecting that the UK economy would overtake Europe’s largest, Germany, by 2032. This would make the UK the 4th largest in the world. Then the British public voted to leave the European Union and we experienced an event at first hand, about which much will be written in the history e-books for generations to come.


Election 2018...the final (?) ‘...It’s now become a touchstone and resonates with the fate of past Brazilian Presidents.’.


8-9 George Eddell Better Roads Lead


16-19 Rohan Ziegelaar LME Initial Margins,


The Ghost In The Machine Library


Macro/World interventions. The Sugar market is challenging to say the least. Low sugar prices benefits consumers but not producers. We see a strong push towards Food Manufacturers to change blends aiming to reduce sugar intake and many Governments are not asking nicely but implementing a “Sugar tax” to make sugar it gets done.


28-29


To Better Lives The noise around Brexit and Trump and its themes of fragmentation, protectionism, and self-interested politics; suggests a global paradigm that is disguising the world’s most ambitious and cooperative economic project yet.


10 Rakesh Ranchhoddas What is Structure Trade


time to review? The London Metal Exchange has made a reduction in trading fees permanent, after the unpopular fee increase in January 2015 to help recoup the costs of buying the exchange at a multiple of 180x earnings, not a bad sale for a business founded in 1877.


20-21 Andy Ash


Erik Norland Three Tell-Tale Signs


26-27 Alberto Peixoto The Sugar market vs.


of a Recession The nearly decade-long U.S. economic expansion may look a little long in the tooth, but it is not about to end due to old age. Economic expansions need a catalyst that triggers a downward spiral of consumer and business retrenchment.


Finance (STF)? Structure Trade Finance aims to create innovative financial solutions for banks and corporates in emerging countries leveraging on international trade flows. The structures used by STF provide alternative source of short term financing with more flexible denominators at a competitive rate. The idea is to have one face to trade finance market player, from banks to underwriters and other stakeholders.


12-13 Marc Ostwald IMO 2020:


Someone left the tap on... A few years back the phrase TINA (There Is No Alternative) was omnipotent. Every saver was trying to buy into yield of some sort, to temper the ill effects of zero interest rates. It was a logical time, driven by illogical circumstances. The central banks had left the world awash with cash and borrowing money had never been cheaper.


22-23


Alan Bush Welcome to the Longest Stock Index Futures Bull


30-33 Graham Pattle Have we lost the ability


to engage in debate? It is almost impossible to click onto a social media link relating to a current affairs issue, listen to a phone-in talk show on radio, or even just skim the first few pages of a national newspaper without observing the decline of rational debate.


34-35 Mark Bowman Inflation - No Longer


Just a ripple or a storm for


shipping and oil? There is no debate that since Donald Trump took over the presidency of the USA, he has ploughed a deep and disruptive furrow in respect of US trade relationships with the rest of the world, above all that with China.


Market in History The financial crisis of 2007-2009 stunned the country and the world. Stock markets plunged, shedding more than half their value, as companies battled for survival, and on March 9, 2009 the S&P 500 hit a measly low at 666.8.


24 About ADMISI


a Longshot Given that the last significant inflation period was decades ago, it is not surprising that the marketplace has become convinced that a return to inflationary conditions is extremely unlikely.


3 | ADMISI - The Ghost In The Machine | September/October 2018


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