Soft spot for concentrates Commodities Weekly The slowdown in productivity is bad news for stock markets Migratory flows should not be overlooked when forecasting growth Chinese aluminum capacity growth slowing as opportunity for higher value-added semi exports opens Below expectations in 1H; new used car platform launched in 2H Weak Aug TSF on shadow banking tightening, banks’ risk aversion In line with expectations: margin/balance sheet stabilizing on track In line with expectation: De-risk balance sheet amid rapid overdue rise Diversified Miners and Copper: Time to stop big-game hunting