Asia

There is a new powerhouse dominating the U.S. futures market for raw sugar contracts and it's creating a bit of confusion among the the more established trading houses of the world's most volatile commodity markets.  The firm is Wilmar International, a Singapore-based agribusiness whose major shareholders include the family of Malaysian billionaire Robert Kuok and Chicago-based Archer Daniels Midland.  Founded 26 years ago, Wilmar is one of the world's largest palm-oil producers but was essentially non-existent in the sugar market until just a couple of years ago.

By Chris at www.CapitalistExploits.at

I chatted with Mahdi Kazemzadeh who was recently introduced to me by a mutual friend.

Mahdi is the founder and managing director of Afraz Advisers, a firm providing analytical tools and data services on the Iranian oil and gas industry. Their clients are international companies navigating the Iranian oil and gas industry as well as institutional and private investment funds.

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World stocks pulled back from all time highs, and European bourses initially followed U.S. futures and Asian shares lower, however both European risk sentiment as well as E-Minis rebounded after an Odoxa poll showed Macron overtaking Le Pen in the 1st round for the first time, and that the addition of Juppe instead of Fillon may see a 2nd round run-off between Macron vs Juppe, leading to a slump in Bund futures to session lows, and a bounce in European stocks.

With the US stock market likely to continue its levitation today, it means that by close of trading, the S&P500 will be above 2,400, the same as Goldman's year end price target, and 100 points away from Bank of America's "euphoric blow off top" destination, which is also known as Michael Hartnett's Icarus Trade. In a note released overnight, Hartnett confirms that he is "sticking with our “Icarus Trade” targets: SPX 2500, GT30 3.5%, DXY 110, oil $70/b", even as he admits that the euphoria level in stocks is unprecedented: