With startling Teutonic efficiency, it appears that the Germans will be the first country to cut their biofuels targets… I am pleased; very pleased.

There is a table in The Financial Times which everyone ought to follow, though it refers to fixed interest securities and moves rather slowly. It is something I regard as a thinking point. It portrays one of the core relationships of global finance, and it is always worth asking oneself why the relationships are what they are, and why they have moved as they have moved.