Charts today - EM flows, impact of a rising US dollar, oil, payment/reserves currencies and seasonality

Charts today include some improvement in EM flows (although still below 2010-13 averages)...

 ...but the rising US dollar has crimped globally focused companies listed in the US:

Another reason for US dollar strength...big geopolitical shift:

 Interesting payments/reserves currency split.  Note the pre-eminence of the US dollar and the euro for reserves at least today...

As we move into Q4 tomorrow, historically been a strong period for performance for markets...

...although volatility tends to peak in October.  Something to think about for the upcoming month.