Fundamentals further deteriorated; no signs of stabilisation China banks: Stay defensive as risk normalises China Encourages M&A, Cash Divs & China Encourages M&A, Cash Divs & Daily Edge Hold: 1H15 likely reflective of 2015 trends 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 Buy: Takeaways from post-results investor roadshow Weighed down by recent market volatility