We expect group's performance to continue to be volatile as concerns about a promotional and lackluster holiday season remain the near-term focus.
We continue to take a cautious stance on the specialty retail sector and expect group performance will be inconsistent in the near term, reflecting tough fourth-quarter comparisons and uncertainty about consumer spending.
BNP Paribas has continued the trend of European banks beating at revenue level, but experiencing significant cost growth.
Risks to oil price will continue to remain on the upside, with prices unlikely to fall materially until these factors have been resolved.