Good morning. Thank you for joining us today. Lets get you up to speed with the latest ephone numbers that are crossing. It gives us a snapshot of the Business Economy in german. German Current Conditions index is at 110. 1 in july, versus the consensus which was sitting lower than this at 109. 7. Number coming out better than expected on that rate. In terms of what were seeing elsewhere on the other numbers, the german Expectations Index of 102. 4 in july, this is versus what the market was expecting at 102. 5. So this number coming in a little lower on that side. Just on the local expectations. Elsewhere, no revisions to the june indices. Lets dive into this and get the earnings reaction. The euro dollar tracking firmer today and ticked a little higher as well. 132. 19 is what were looking at. Joining us on the phone from munich is a researcher at ifo and annette joining us on the line from frankfurt for instant reaction too. Give us a sense of the key standout points. We have seen a