Commodities Comment Volatility: Where?Global Strategy Outlook Stronger sales in 2Q14 In early performance fee cycle China Property：ASP in primary market of Tier -1 cities up 10.6% YoY in May Holding up DB Oily Rag：BP (+), Oils Markets - IEA MTOMR Traffic improvement spoiled by poor yield Wheelock new US$ 3-year: see FV at around T+185bp IINVESSTMENT DAIILY