Market News

Summer 2024 was hot! It was hot from a climate perspective with global temperature records. Elsewhere in the world, tensions have continued to escalate: a new front has opened in Russia around Kursk. (the emblematic site of the largest tank battle of World War II); the war in Gaza continues, with failed ceasefire talks and Israeli strikes in Tehran and Lebanon; election manipulation in Venezuela and power consolidation by Maduro; tensions between China and the Philippines over a few islets; an assassination attempt on Donald Trump, Joe Biden’s withdrawal, and the dramatic rise of the Democratic ticket Harris/Walz; the fall of the Prime Minister in Bangladesh; and still, the ongoing war in Sudan (the worst humanitarian disaster of this century) and the chronic instability of the Sahel region. The façade of Olympic fraternity didn’t last long (but has it ever been otherwise?).
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Middle East, the big picture: there are few regions as pivotal to global trade as the Middle East, and a Trade Data Monitor analysis of recent import and export statistics shows that the region faces challenges but still has the opportunity to develop and maintain healthy trade ties.
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After the cocoa around Easter, the month of May – quite cool and damp in Europe – was marked by some craziness in the copper market, a record for orange juice, another for gold, and a fluttering of wheat prices.
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Voilà la fin de l’hiver ! Une nouvelle fois, il a été plutôt clément dans l’hémisphère nord et en particulier en Europe qui, par exemple, le termine avec un niveau de stock de gaz record (58,72 %). C’est peut-être là l’une des seules conséquences positives du changement climatique que de rendre la transition moins douloureuse en donnant un avantage financier au gaz naturel qui reste, à notre sens, le maillon nécessaire entre le temps des fossiles et celui des renouvelables.
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