The market has never made more money in more uncertainty. A sharp, data-led scene-setter on the risks everyone is watching, the ones they’re not, and why the next 12 months could separate the resilient from the exposed. From chokepoints and working capital to recession fears, what the numbers tell us about 2026, and what they could mean for 2027.

Flight-to-quality. ECAs and DFIs stepping in. CPRI under pressure from record demand. As banks move up the credit curve, where does that leave trade finance, and who fills the gaps? Traders, financiers and insurers unpack how risk is being shared across a fragmented market, and why the SME funding gap may now be structural rather than cyclical.

Hormuz to the Red Sea. Just-in-time giving way to just-in-case. Record profits set against recession concerns. One of commodity trading’s most senior figures offers an unscripted view on how the majors are financing volatility, adapting to a more fragmented market, and where the next pressure points could emerge.