The Future of the Equity Market

I think that we have had almost unprecedentedly fast interest rate rises. I just came back from meeting a whole set of US European consumer companies in Paris and every single one of them talked about the double digit price increases. So I think there are a number of really strong tower winds to inflation that we still need to work through. China are clearly in control of their own destiny. Europe has navigated the winter much better than anybody expects. And the diversification of gas supplies that they've put in place is certainly encouraging.