The sector is benefiting primarily from stronger global growth, although there is more anecdotal evidence this month of improvements in domestic demand.

the surprising sustainability of 30 percent-plus growth over the next 10 years.

We should have beat them like that the last time. We refused to play their style this time and played to our potential. Having that going for us pretty much set the tone for the entire game.

This shows the continuing recovery of euro zone manufacturing at the start of quarter four,

We're especially pleased with solid fee income growth across the board, ... We see no signs of credit deterioration on the horizon.

So emerging markets continue to trade at a discount of around 20 percent to developed markets, while offering higher growth.