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Global: The implied volatility in equities and FX has eased slightly in the past two weeks with the VIX slowly approaching 30, its lowest level since early March. There are important events to watch this week, starting with companies’ Q1 earnings and the Fed and ECB policy decisions, and also the first round of GDP estimates for the US and the Euro area. To the exception of the energy market (mainly the front end of the oil curve), we do not expect volatility to rise significantly in the short run as the momentum