1. Some really ugly economic numbers out of Japan earlier today. The one that really caught my attention was the trend in consumption...which is down for four successive months since the tax rise:
Source: Fast FT
2. Sentiment remains excitable...and this worries me
Source: Bespoke Invest
3. I write on Hermes (expensive quality), Tesco (a building value opportunity) and Omnicom (quite interesting as suggested by the WPP presentation...but not as interesting as WPP per se)
4. Thinking about Europe and Japan I opine that "What Europe and Japan Really Need Now Is Ben Bernanke" and suggest some stocks that could do quite well (global focus but with primary listings in Europe / Japan).
5. And finally...have a good weekend. A 3 day weekend for some...we will soldier on here in the UK on Monday... Further website updates, as per usual, on Saturday and Sunday.