BNP did well in all the main divisions, especially in the businesses linked to the market. Still, these results are less impressive than those of its competitors.

They have an opportunistic approach to the U.S.. They buy banks in the rich, western states, such as Hawaii, they look for franchises they can improve and don't pay too much for them.

Following the acquisition, Reebok's clients have to get used to a different company, and so in the short term they may prefer to cut their orders.

The integration is having a negative effect on Reebok's sales.

We are seeing takeovers across the board. This will be a driver for share prices.

Sometimes there are bad surprises like Swiss Re. There's been some locking in of profits but company results remain good.