Russia’s war on Ukraine has been disastrous for the global poor — millions of whom are living on the brink of famine — but the chaos has been a major boon for Wall Street giants.
— the chaos has been a major boon for Wall Street giants, according to new data showing that the world’s 100 largest banks are on pace to smash commodity trading profit records this year.BloombergFriday, citing figures from the London-based firm Vali Analytics. “That would be the highest in the data, which goes back 14 years, and exceed the previous high watermark in 2009.”
“The prediction is the latest evidence that the wild swings in energy prices triggered by the war in Ukraine are delivering a boon to commodity traders, even as they push European nations into crisis,”added. “Vali, an analytics firm that tracks trading business, compiled data that includes the leading five banks in commodity trading: Macquarie Group Ltd., Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., and Morgan Stanley.
Though the prices of wheat and other food staples have fallen from their peak in recent months, they remain significantly elevated compared to last year, the United Nations’ Food and Agriculture Organization, leaving millions vulnerable to hunger and starvation.that “as many as 828 million people go to bed hungry every night” and “the number of those facing acute food insecurity has soared — from 135 million to 345 million — since 2019.”
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