The Third Topic of Relevance So Far in 2023

We still have clear spillovers to relative pricing in asset markets and equity markets from this Chinese reopening. The US treasury will continue to issue new debt despite this debt ceiling. And that is a relevance for the insurance outlook of the coming months. I think it ultimately boils down to the question whether the clients of China in the West will regain momentum during the spring. We will get back to why in just a short while.