1. Global reserves - yes, they are falling in the emerging markets but in aggregate they are rather large versus their developed market peers. Am not sure this is really factored into current ultra-pessimistic thinking about the emerging markets:
2. An interesting presentation from Altria which included this chart:
I did like this as an indicator of longer-term worth (and what a 50+ year compound return!):
3. Coca-Cola are still seeing good growth opportunities...although I still struggle a little with the share price (link here).
4. So an excitable Asian session (Japan had its strongest individual day since 2008 - amazing what a bad close on Tuesday, a hope of Chinese stimulus and a weaker yen can do) but by the time it got to the US close...well Apple and other profit-taking influences had had an impact (as shown by this Fast FT chart):
Still a 'mix' market and not one to blindly buy.