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Went to the Mansion House and said you guys dont understand risk. Get ready for more. I think that is where most of the action is. As for the rising equity markets, i think it comes down to the progression of a convoy. Ryan chilcote will take you through that. Are we facing a deescalation in terms of geopolitical risk . I am not saying it is binary. It is darn important. The relationship between europe and russia is one of the ultimate driving forces of confidence in germany, of trade with europe. We batted away the fact that in china, new credit plunges. The weakest in 24 years. He saw the shanghai index managed to hold up. The nikkei managed to hold up even though the gdp contracted. Ofmust wait until the end the Third Quarter unless we understand there to be more stimulus and the deflator rose for the first time in 19 months. Lets see how we go. The quarterly inflation port ....