Recession is in the air for 2023, with most major economies suffering at some point in the next twelve months, if not already. Certainly the US is looking more likely to fall into recession with weakness in housing, service and manufacturing sectors. This might curtail the Fed’s plan to increase interest rates.
Unicorn Ingredients sponsored Age Concern Epsom Ewell’s 2022 Christmas party which was attended by twenty local residents, who enjoyed singing Christmas songs and pulling crackers, a Christmas raffle prize and drinks.
A well deserved party after a hard year's work!
Our Germany Office team has have just returned from exhibiting for four days at Südback 2022, in Stuttgart, Germany. For us, it was a great opportunity to meet up with our customers in the bakery and confectionery sectors, and keep on top of upcoming trends and opportunities for the industry – as well as making new contacts.
Risk sentiment is improving partly due to the recent apparent easing of US-China relations which is helping non-US currencies. The Fed has supported the dollar by implying further rate increases are on the cards. The Euro had recent encouraging news about industrial output which has given it some support after recent lows against the US$. Easing energy prices also helps the Euro but going forward it is likely to really be at the whim of the US$ and global risk appetite. Sterling whilst also more dependent on US$ strength/weakness will hope to be supported by the Autumn statement out this week.
Markets dislike uncertainty, and FX markets are particularly prone to this. With the global financial crisis, driven by all factors known to us, it is difficult to predict any movement therefore. Certainly, the deepening EU energy crisis as winter approaches. Recessionary fears globally are a major concern obviously, and the continual strengthening of the US$ adds to this.
Hi. My name is Kalamo Flarty. I'm the livestock guarding dog and Small Stock program manager out here, the Cheetah Conservation Fund in Namibia. I'm just putting together this video as a big thank you to everyone at Unicorn Ingredients for the sponsorship towards our program. Since 1994, we've placed 711 of these dogs out on farms, with 167 out there now making a difference in protecting the cheetah. Jenny here, she is going to be part of our breeding program when she reaches two years of age.
It is worth considering for a moment the yearly movement on exchange rates and thus their impact on prices as the new season begins. At $/€1.19 last September prices were 19-20% better with regard to imports than today should raw material prices be similar. Meanwhile the £/€ is roughly similar and the £/$ is also worse by also 19-20%. Why is this happening despite Central banks intervention and interest rate rises? Well it is about the serious and more or less inevitable deep recessionary fears within the EU & UK.
The EU is struggling the most in these current trading conditions, with Germany announcing its first trade deficit in 30 years, and the Euro at its weakest point against the US dollar in ten years. The trade shock of rising import costs, oil & gas price levels and trade disruptions have come to bear severely. Euro zone inflation is rapidly increasing too.
This year Unicorn Ingredients reached a milestone of 15 years trading. Our team celebrated the anniversary with a trip to Ascot to see the races. Our Epsom team were joined by colleagues from the Germany and India offices.