Nervousness from possible delay to US tax reform, and growing geopolitical risk could start an overdue and healthy correction in developed market equities - but the outlook for Asia-Pacific equities still looks good, and includes Japan. Our suggestion for overseas investors to look to buy UK real estate at depressed levels is on track. A heightened political risk premium in oil has likely offset a technical correction. The background to the Venezuelan sovereign bond situation is discussed. China’s self-assurance shone from APEC, while delegates listened to Trump politely.