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Price hike amid request for safeguards looks unlikely Why have European equities fallen during summer 2015? Negative economic prospects versus positive financial prospects July exports weak, but in line with expectations What are the transmission mechanisms from the Chinese crisis to the euro zone? Spreading weight to the front foot – forwards tighten for Cu, Al, Ni, Sn Negative big picture unchanged Lowering price assumptions as OPEC keeps up the pressure DB Today - Global/Macro Where to from here? Buy: 1H15 negative surprise vs previous guidance, but valuation still attractive