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2016 will be a difficult year for financial markets, but followed by an improvement Can we understand the differences between job creation in 2015 in the four major euro-zone countries? FY15 profit seen down 43.6% y‐y on FX loss Disappearance of the Phillips curve or another definition of it? Is the German economy that robust? Is there reason to fear a sharp depreciation of the Chinese RMB? France and Italy: The qualitative (reforms, confidence, labour market rules, etc.) is prevailing over the quantitative (demand, Khon Kaen Sugar Industry 4QFY15 profit seen down 40% y‐y Ladprao General Hospital