The integration is having a negative effect on Reebok's sales.

They have an opportunistic approach to the U.S.. They buy banks in the rich, western states, such as Hawaii, they look for franchises they can improve and don't pay too much for them.

Following the acquisition, Reebok's clients have to get used to a different company, and so in the short term they may prefer to cut their orders.

We are seeing takeovers across the board. This will be a driver for share prices.

Sometimes there are bad surprises like Swiss Re. There's been some locking in of profits but company results remain good.

I pretty much liked everything about these results. They were above expectations. The good performance of businesses such as retail banking and equity derivatives doesn't reverse that quickly, so the trend should continue in the first quarter at least.