Machiavelli believed that when a man is to be offended, it should be done in such a way that his vengeance cannot be feared... 

In these troubled times, the question is why doesn't Hamas release its Israeli civilian hostages? Isn't its aim to save both Palestinian and Israeli lives? 

How can a two-state solution be envisaged today after such abominations? 

The war in Ukraine has opened a Pandora's box that will be difficult to close because no lid will fit. The Muslim world is in turmoil, torn between Shiites and Sunnis, while the Jihadists, galvanised by Hamas's feat of arms, are thinking of taking up the offensive against the West. The position of Turkey, at the crossroads of two worlds, is indicative of the prevailing embarrassment. 

Russia, whose Hamas methods are reminiscent of those of the Wagner group, continues to blow on the embers in an attempt to mask its inability to break the Ukrainian deadlock in which it is mired. The belligerents have neutralised each other and are now engaged in trench warfare that is likely to last all winter. 

And yet, if analysts are to be believed, the economy is doing better! This month, the FED and ECB decided not to raise interest rates again, which has helped the stock markets to recover, while full employment is on the horizon, particularly in the United States. However, we cannot fully share this optimism, given the weak demand for commodities on the markets. 

With the exception of America, where activity is in full swing, the rest of the world is struggling to recover. Japan is slowing down, despite the weakness of the yen, and its economy is losing a place among the world's nations due to the lack of sufficient manpower as a result of its demographic curve. At the same time, Europe is heading for a probable recession. 

Oil also corrected downwards, as did the cotton market, where the ICE saw all maturities fall with the start of the liquidation of the December 2023 maturity. It has to be said that demand is not inspiring, even though last week's US cotton exports were, as expected, buoyant. 

For its part, the ICAC has thrown a spanner in the works by announcing record stocks, confirming the absence of any recovery in consumption despite the low level of production this season. 

El Nino is prolonging its activity in the southern hemisphere, and the Australian Prime Minister is due to meet the Chinese authorities to try to resolve the crisis that is preventing his country's products, especially cotton, from being bought in China, which has historically been its biggest market. 

In such an environment, it's hard to remain positive!