Lets put it this way. It will be challenging and it will be rocky. Meaning there are contrasting orces. A very warm welcome everybody todaybreak europe. Im anna edwards. Im matt miller here in berlin. Back in berlin after a week in frankfurt. D in speak about v. W. But for the moment lets start with equity markets and investors need to be protected against drop in equity markets. There was a Strong Performance yesterday in the u. S. All three major stock indexes closed at record highs in the United States yesterday. This is important. Have you taken out protection against a sharp fall in markets . The number of investors taking protection increased the most in 14 months. In early september, around the time we saw the north Korea Nuclear tests. The most powerful nuclear test wes have seen from north korea. Hat has focused minds on being a tail risk to be concerned about. Investors had more underweight in u. S. Stocks than in 10 years which i think is a massive signal to the market. Take