Goldman Sachs

The CNY( yuan) devaluation has been important for commodity markets and we believe it signals that global macro conditions have changed, even China has now joined the negative feedback loop that is running between commodity deflation, growth and deleveraging trends...( and) we believe the net commodity market effects are bearish.

We see the company as negatively positioned with respect to the changes in the retail environment as the e-commerce channel grows, furthermore, (about) 60 percent of Unilever's sales come from (emerging markets), for which we expect structurally lower growth versus prior years and more competition in mass-market categories from local companies.

We see the company as negatively positioned with respect to the changes in the retail environment as the e-commerce channel grows, furthermore, c. 60 percent of Unilever's sales come from (emerging markets), for which we expect structurally lower growth versus prior years and more competition in mass-market categories from local companies.

We believe that should West Texas Intermediate prices remain near $60 a barrel, U.S. producers will ramp up activity, given improved returns.

We ... forecast prices will retrace to their lows by October. by Goldman Sachs

We ... forecast prices will retrace to their lows by October.

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Importantly, in the context of dividend yield, we believe that if GSK were to sacrifice the B share scheme, greater certainty on the dividend in 2016 and beyond might be well received by investors.

The primary reason for the changes to our forecasts is cost deflation - driven by a combination of actual and anticipated U.S. dollar strength, cheaper energy and other input costs, and our expectation of an improvement in mining productivity.

The oil market is experiencing a cost re-basement which makes determining when the market is oversold extremely difficult, for the market to be oversold, it requires prices to be far below costs, (which) are falling nearly as fast as the price, which means oil producers can spend less to get the same or potentially even more in terms of production.

Further, the sharp decline in nearly all commodity prices and the weakening in commodity currencies creates headwinds for oil demand in the commodity producing emerging markets in Latin America and the Middle East. Historically these regions didn’t contribute much to oil demand, today they do.