July exports weak, but in line with expectations 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 DB Today - Global/Macro 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)?