It was a poor week for the markets. The Bank of Japan is back to its indecisive worst, the Fed lives in hope of a rate rise. We have had the usual US corporate earnings release season where it is clearly bad, but commentators put a positive spin on it that no one believes. We’ve also seen central banks that might have been hoping for a reason to raise rates, now being pressured by the markets to cut rates (Bank of Australia). The good news - Saudi Arabia clearly has a plan for reform and change, possibly beyond anything we have seen in decades.