It is ironic because lower raw material prices and particularly lower oil costs is pretty good news for the global economy, but not very good news for the indices when so many of the companies are making such a big proportion of their profits from them.
In these competitive markets and with Wal-Mart breathing down your neck, it's all about grabbing the opportunity to expand in regions where you've got critical mass. It's better to be successful in a few countries and leave it at that than be in every country and be struggling.
The shares had enjoyed an extraordinary debut, much better than we expected, but they are very vulnerable to any disappointment, ... The City never likes nasty surprises and this is a difficult business model to predict.