The big event risk last week – the OPEC meeting – was safely negotiated and the market now turns its attention to the next Fed meeting and the likelihood of a rate hike. Macro Risk Advisors therefore expects a relative period of calm for oil markets in 2018, and hence low volatility. Meantime in Europe we await more news flow on an agreement between the EU and the UK, that enables the next stage of the Brexit negotiations, involving the potential of a trade deal. But the big banana skin here is the Irish question. TS Lombard reckon markets are underestimating the risks that this situation leads to a negative outcome, and they warn of potential downside risk to GBP. We also highlight some interesting work from OM Research which highlights how MIFID2 could impact the objectivity of equity research.