The Potential for an Energy Price Recovery in H2

A flow on effect of a Chinese economic recovery is one of the big reasons why we are positive on our next theme which is the potential for an energy price recovery. The labor force remains far more resilient than everyone thought it would be and it has a lot of power. Europe's population is aging rapidly and we see this as just creating further upwards pressure on wages. And that means it's a negative for profit margins at high labor companies.