1Q15 trading statement: a slow start Top Stories Multi-year oil capex cuts; FY16 spending down 5% y/y; cautious oil services Get on board: One Belt & One Road, scarcity value, and structural growth from low penetration China may lower coal VAT to 13%. IRON ORE REPORT BRS FUTURES FFA REPORT Daily Market Summary Preliminary China trade data: a pullback from the peaks 1Q15 sales in line and record high monthly sales in March; Outperform