1. Rise of the yuan - the Chinese yuan accounted for 2.8% of global payments in terms of value in August ranking it ahead of the Japanese yen and overall at number three in the world. Admittedly while the top three in the ranking account for much more: the US dollar at 44.8%, euro at 27.2%, and pound at 8.5%. However, the amount of yuan-usage and the number of FX transactions shows a steady increase e.g. as recently as 2012 the RMB ranked #12 with a share of only 0.84%.
2. Central banks and QE - as cited by Fast FT MOAR QE...but central banks are losing credibility too...
3. I write up my thoughts on Tesco in my latest column for the ShareProphets website (link here). Turning the super tanker...
4. The Yum! Brands conference call was kind of interesting to listen to. I am still writing up my full thoughts but here are some extracts from the notes I took (inevitably with much focus on China):
China – ‘clearly a macro softening going on…economy still growing, no reason why it should not perform better’
Pizza Hut – less entertaining hitting weekday business. Said 5* products at 3* products, think recently 6* for both
’25 points below in September…something we did not see…negative through the end of the year…low single digit negative for the end of the year (for the whole of China)’
‘in today’s volatile environment…it continues to be difficult to forecast sales in China’
5. Another corporate result I am writing up is Monsanto:
...'how they are going to get EPS growth over the next year or so. Incl an anticipated 12%+ rise in the corn price ':