Ankit Gheedia

Buying protection should indeed be one of the key themes for Q1, there is a clear lack of any positive news for equities while continued commodity and manufacturing sector weakness combined with Chinese yuan depreciation is increasing deflationary pressures.

There is clearly a risk that China will try and devalue the currency further, (However) Europe is still trading on the ECB next week, which is why the market is relatively resilient.

Momentum is against Glencore, but fundamentally the stock is very cheap, and we don't think that is justified.

All asset classes are continuing to price a high probability of an ultimate Greek resolution. Investors still see a 'Yes' vote as the most likely outcome. We continue to see bullish flow from most of our clients too.

The spike in May volatility has been very recent ... so it may be possible that dealers have been marking up, but the appetite for hedging UK equities has been structural and persistently high.