No watch is truly waterproof, merely resistant until the depth becomes too great. So it is in business: even shotgun manufacturers won’t survive Armageddon. The question, then, for investors in defensive industries such as beer making is the extent of their recession resistance. Evidence from SABMiller on Thursday suggests that cracks are appearing.

Reporting sales for January to March, overall volumes were down 1 per cent, but Latin America and South Africa – which together contribute more than half of group profits – both showed a sharp reaction to economic weakness. Colombian volumes dropped 12 per cent, while South Africa was down 8 per cent. There is a calendar effect due to the timing of Easter, but the figures were still far worse than expected.