The economic case for further mergers and consolidations in Europe is very strong. We haven't seen all the bidders.

China needs a powerful Europe, but Europe can only be strong if each and every one of its members attains rapid economic development.

We're seeing a little bit more cautiousness. So much of the tech sector is dependent on the consumer and that's an area of potential weakness.

There's still potential for the markets to gradually move upwards over the year, and M&A can help. There is quite a lot of institutional demand. Equities are still not particularly expensive.

The initial bond is the shared experience.

We're still running with oil stocks. They still are being supported. They haven't become much more expensive because earnings are going up with them.