Hold: 1H15 likely reflective of 2015 trends Stable 2H15 outlook Challenges mostly priced in; still faster, better, thinner; Buy Hold: Is the SPIL alliance value-accretive? Euro Integrateds - Total to BUY, ENI (+), Commodity/Macro, OFS weekly Weighed down by recent market volatility Colombia: The COP as a fiscal shield Emerging markets: REER view mirror Active investors led the biggest weekly outflow BNP Paribas STEER?