Oil Services & Equipment:E&P Budget Watch: Early Read Signaling Bad News Is Worse News? China Financials:How exposed are banks to equities markets? Palladium:Switzerland Helps Out By Accumulating A Little Surplus Palladium Restaurants:Focusing on YUM>MCD from here and like both EAT and BLMN in Casual Dining. Lifting PT to HK$7.3 - reflecting a rapidly improving core business China: when is a trillion not a trillion? Favor Good Execution. OW X5, Walmex, Pick 'n Pay,JMT, Falabella Amid Macro Deterioration in EM Banks cut valuations on 10 major HOS estates Greater China Quarterly Issues:Economic rebalancing is under way AGBT 2016 Preview: What to Expect This Year from Orlando