The Czech market swung into full holiday mood. Erste Bank gained over 1.84% as market speculation suggested that the Austrian lender's bid for the largest Romanian Bank, BCR, may be beaten by the Portuguese lender BCP. In this scenario, we would expect a short upward move as we believe there is significant short interest in the stock ahead of the expected $3b SPO (planned for in the case of the widely expected, successful bid). The rest of the market traded sideways with no particular moves or liquidity flows.