Risks remain and uncertainty is on the rise, this was in substance the message of G7 finance ministers and central bankers this weekend. Even if global economic growth remains solid, it is suffering from high oil prices, U.S. deficits and the rise of protectionism.

Valerie Plagnol

Finance Uncertainty

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Sentiment remains fragile... We are still waiting for signs that companies are rebuilding margins and investing again.

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It's too early yet to be alarmist but if these kinds of numbers were confirmed in December and January, it would mean that the bright interval we've had this summer was a flash in the pan, ... This is certainly a warning.

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