What are the transmission mechanisms from the Chinese crisis to the euro zone? Spreading weight to the front foot – forwards tighten for Cu, Al, Ni, Sn Yum Cha饮茶 Negative big picture unchanged Lowering price assumptions as OPEC keeps up the pressure Where to from here? Buy: 1H15 negative surprise vs previous guidance, but valuation still attractive 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