Why has the “Great Moderation” disappeared? Daily Market Summary What has changed in Mar-15's Adex? Plus, a year in review for DTT Matteo Renzi’s institutional reform: The mother of all reforms in the parliamentary arena CRE turning into a beer company； thoughts on valuations Yum Cha饮茶 Hong Kong: CPI rose 4.5% in March; expect lower inflation prints in 2H15 Views on the Estate: HK/China property monitor 1Q15 profit growth driven by injected assets + falling coal prices Regional Morning Notes