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Approaching midmorning across the asiapacific. Session highs on the benchmark itself. We are looking at emerging markets index, the adage when china starts to go one way, that is where most things go. We are going the opposite way as far as the china story. At least the last 18 months or so, quite a rally that is forming. Weve seen this movie before. It feels a little bit more different when you juxtapose the amount of measures and announcements and pronouncements and promises that have been laid out the past two weeks or so. Whether the data at some point sort of moves with the rhetoric, yet to be seen because as we were pointing out the pmi numbers are underscoring the need for why we are seeing more of this out of beijing. Romaine the thing is we got the beige book, reinforcing what goes on in every Industry Group apart from essentially going out and traveling a little bit. Otherwise, a dismal sort of showing. Chinese people cutting back on everything but travel and restaurants, the

Industry groupEverything travelProfit marginsBig dropLike missionMission accomplishedBasis pointsTell usUs economyConsumption servicesMonetary policyNumber oneChinese mediaReal estateTier oneGreater china