Office cycle turned favourable The Hang Seng Index is expected to trade at 24,200 to 24,600 today Consolidation continues; adjust EPS, roll over valuation to 2015E Structural reforms in the euro zone and their financing: A real shift in the Eurogroup? Commodities Weekly Research Idea: Larger Pipeline, Lower Costs; Initiate at Buy Widening of the Treasuries-Bund yield spread: What if the adjustment also took place via the Bund yield? Where would German and French long-term interest rates go if risk aversion rose again? United States: The Fed takes its time Morning Briefing