Food & Drink Roundup Q410: Core Views

BMI's near-term expectations for the (F&D) industry largely revolve around ongoing weakness in developed markets and the outperformance of emerging markets (EM). Led by the US, the developed universe remains weak on the consumer side, with high unemployment, disinflationary pressures and fiscal austerity measures among the key factors blocking a recovery in low-middle spending in particular, despite easy monetary policy (interest rates remain extremely accommodative by historical standards). In the EM universe, while it is not quite business as usual in some of the worst affected regions, in particular emerging Europe (with some exceptions), things continue to largely look good

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