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Look at these equity markets across the area. Denmark up 27 , portugal up 25 . Japan up 10 on the quarter. This is putting it in context in terms of what the market has been doing. In japan and those markets the japanese markets up 10 over the year. Then in the United States of america, barely up 1 10 of 1 hanging on by its think nails in terms of the overall adding of value this year. The Business World will hear what labour once in terms of their business message. Theyll get a net pretax gain of 365 million swiss francs. Lvmh, what we saw was them saying down as a result of china and they are bringing in the lower priced products. Slightly cheaper than what went before. What they are saying about china and hong kong is something to take across. Morrison has been downgraded by Goldman Sachs. It is down one quarter of 1 . Here is the trend. The dollar just taking. Ticking. It is in the midundecided quadrant. We see them dollar going lower and the yen going a little bit higher. Some of

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