It has been a dramatic start to the week. Oil fell by more than 7 per cent on Monday after the presidents of the US and Iran signalled they were open to a diplomatic solution, and on Tuesday the Democrats won control of both the House of Representatives and the Senate in the US midterm elections. We sat down with Paul Donovan, chief economist at UBS Global Wealth Management, in Abu Dhabi on the eve of the election, before the Democratic wave.