Portugal has always suffered as a result of its euro-zone membership: Why? What would be the spontaneous exchange rate of the Chinese RMB (i.e., without intervention via foreign exchange reserves)? The next crisis will be worse than previous ones 1H15 slightly below expectation on lower sales and higher expense; Hold USDA Crop Progress 2015.8.17 Hold:Uninspiring 1H as Life & Health lags peers as usual 3QF earnings should mark the near-term bottom with rebound likely in 4QF Agriculture is the trump card Weak, but with some differentiation Interim reported earnings down 19% YoY;10% above consensus