Western Europe – markets treading water as investors reluctant to take positions before Labour Day tomorrow. Major moves seen in British banks, ABN Amro and Swiss Re (all falling over 1%). On the other side we see Munich Re climbing over 3.3% and AstraZeneca (+2.53%) that reports tomorrow. Infineon falls over 7% as it announces EUR750mio convertible bond issue. Allianz in the black despite trading ex-dividend of EUR1.50.