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 economic case for further mergers and consolidations in Europe is very strong. We haven't seen all the bidders come out.
I imagine that they would prefer to have it under their own control in order to manage those production issues.
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.
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.
