Lifting PT to HK$7.0 – Well positioned for margin expansion 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. Oil Services & Equipment:Weekly Insights & Analytics: Expect More Dividend Eliminations as Offshore Enters Preservation Mode 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