There may be signs that the wealthiest few zillionaires in emerging markets are outgrowing their love of bling or at least becoming more discerning.
But the fashion houses in Milan and Paris are unlikely to be losing sleep over that. Because for many millions in the EM, success and status remains all too bound up with having Chanel’s double-Cs on their handbag or an Ω on their wrist. Read more
Asian markets were mostly in positive territory early on Monday, which was widely attributed to comments by Chinese premier Wen Jiabao on Sunday, emphasising the need for more support amid signs that growth is sputtering.
From Bloomberg: Read more
One for super-cycle fans and/or commodity bulls. A chart from a Citi note on metals and mining, arguing that slower industrial growth in China’s new five-year plan (and the one after that) will be replaced by lots and lots of commodity-munching Chinese consumers: