Deutsche Bank Risks ■ Bovis Homes - BVS.L: Downside risks include the lesser availability and affordability of mortgages, which is a determinant of housing demand. Economic factors such as the higher unemployment rate and consumer confidence also have a demand influence. Political factors such as lower government funding and policy on planning have an influence on demand and supply. Company-specific risks include the later timing and lower profitability of new land including some large strategic land sites, lesser control of material and labour costs, and the slower timing and lower profits from the sale of parcels of land on larger sites ■ Carrefour - CARR.PA: Key upside risks include: 1) sustainable market share gains in France, 2) strong economic rebound in Brazil, due to crisis resolution and 3) faster-than-expected ramp-up of converted DIA stores in France ■ Credit Suisse Group - CSGN.S: Key downside risks include challenging capital market conditions, widening credit spreads, CHF strength, higher wind-down losses and litigation charges. ■ Continental AG - CONG.DE: Key risks include a worsening volume environment, especially in Europe given Continental's regional exposure, and higher operational gearing to the downside due to a higher fixed cost base and revenue per unit (DBe); as well as a weaker tire demand and pricing and higher raw material headwind. For our estimates, we work with the following assumptions: for the tire market (DBe: -25-30% gearing on volume, biggest impact from pricing, mix around 1/3 to the bottom line). In our analysis, the gearing to the downside in automotive exceeds the usual 15-20% gearing to the upside (DBe). ■ Deutsche Lufthansa AG - LHAG.DE: Aside from general sector, macroeconomic and political issues, we see the following potential downside risks for Lufthansa: (i) the EU Commission attempting to block the Air Berlin deal, (ii) an inability to realize synergies quickly, or at all, and (iii) increas