4Q16 likely a strong season for margins EM TODAY HK Market Quarterly Outlook and Sector Update Giant Steps CEEMEA & Latam Daybook Model Update Model Update Lowering Postpaid Net Adds for T & VZ, Raising for S & TMUS; Activity Subdued, But New Promotions Will Come Spot rates fell w/w as A-E routes started to give back gains achieved post HJS bankruptcy; Transpac rates remain steady Gas suppliers to raise prices in winter? Russia overtakes Saudi as largest oil exporter to China