An acquisition looks financially viable and is in line with National Grid's stated U.S. strategy. National Grid has shown that it has a decent U.S. acquisition track record.

Hong Kong is at the epicenter of U.S. monetary tightening and is fully valued.

In our opinion, the strategic rationale is sound and price paid is lower than what we would have anticipated.

The correction comes after similar corrections in Belgium, the Netherlands and France and overall they point toward a potential slowdown in the Euro area in Q4.

We expect copper to surprise on the upside.

Urals claims to be considering a pipeline of 20-30 deals, and management expects to complete at least one substantial transaction by mid-year. We stress that, in our view, deal-flow expectations are absent from the current share price.

Without deferred tax credits, Hutchison needs to book exceptional gains this year to keep profits firmly in the black. We hope that this spurs the company into more corporate activity.

(This) should lead to strong order intake and rising profit margins for European oil services firms.

With a weakening hedging profile, fuel costs will continue rising, and a slowing pace of saving on other costs will likely keep a lid on expectations for profitability.

We also recommend that investors with a 2- to 3-year investment horizon accumulate shares in the sector through a basket of mid-sized bank stocks because there could be a sharp uplift in value due to consolidation activity.