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P e ratios, in terms of valuations. We are in the downside. 11. 3 on forbes pes at the moment. Momentake a look at the that would us is going on. New zealand coming out with its budget. A quick word on the headlines. New zealand cut its budget forecast to 1. 3 billion new zealand kiwi dollars. It is just being brought down. Thats also facing debt falling to about 20 of gdp in 2022. Capital spending of about 10. Illion kiwis over five years operating spending over five years. Kiwid be about 15 billion dollars. They will also increase the bond program and launch a nominal bond, 2031 nominal bond, by the end of this year. That is currently the position. Lets look at what Morgan Stanleys ceo said. Dispute between the u. S. Doesnt think it will escalate, despite the anxiety caused by the markets. He spoke to us in an exclusive interview in beijing, where he is attending the Morgan Stanley china summit. 40 of the worlds gdp is tied up in these two countries. To have it major in this trade wa

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