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Report. Michael, what is going on . Michael we have earnings out from China Southern probably the drop in the price of fuel. Angie that is the key. What has fuel been doing to allow these stocks to search . Michael the key is what the airlines have been doing. The difference is the chinese and hair airlines have not been hedging their fuel prices. We saw pacific, they had been hedging their purchases and it came back to haunt them. They made a decision when prices were falling a few years ago that they were not do that. Hedges are basically insurance. A risk that you are taking. The more confident they feel where price of going, the riskier. Angie european and u. S. Airlines have hedged. Something to write jet fuel prices fall. Lets talk about highspeed rail. Will it affect the output . Michael it is interesting. The Chinese Government is investing heavily in railways and also air infrastructure. In the budget presented recently, both of these sectors saw huge investments. I think even

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