For a market comment celebrating its thousandth subscriber on twitter, it seems normal to make it a bird story! 

When will we see a deployment of doves over the Ukrainian battlefield? This war is unwinnable for both parties directly involved. It would be necessary now for egos to give way to diplomacy. It is difficult to imagine the belligerents sitting around a table with the Europeans or the Americans, but is it crazy to imagine a Chinese and Turkish initiative that could offer a good alternative? 

The question in these times of global warming is whether "a swallow can make a spring". Indeed 

• - The President of the ECB hammered home the point at the Davos forum that the situation on the economic front was clearing up: The recession seems to be less severe than predicted. Inflation is running out of steam under the effect of massive rate hikes that are now much more measured. Even though long rates and the bond market are showing less favorable signs. 
• - The dollar continues to weaken against all currencies, providing a breathing space for the less resilient economies. 
• - Oil has returned to a much more affordable range due to lower heating needs and proactive policies to reduce consumption. 
• - The encouraging employment figures are not limited to the US. 

In this calmer environment, cotton is not left behind: 

• - Prices rose throughout the week on the ICE in New York 
• - US sales and export figures picked up last week. 
• - China, despite an exponential growth of the COVID epidemic on its territory, considers the peak to be reached soon. The opening of all markets should give a further boost to demand. 
• - Fears continue about the size of Indian production, which will limit export capacity to the subcontinent, led by Pakistan and Bangladesh. 
• - Gas and electricity costs are rising in the latter two countries, which should weigh on yarn prices. 
• - Heavy rains in the southern hemisphere have led to fears of a decline in production in that part of the world.

However, it is advisable to remain cautious because despite the strong rise in the market, the short position built up by investment funds on the ICE may weigh very negatively on the future of prices. 

The new lunar year, which we wish you excellent, is under the sign of the "rabbit", a fast and changing animal if ever there was one. A year in which we will have to be ready to do the same. 

Happy New Year to All 新年快乐