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The month of december. That was the highest reading since february of 2011. So a bit of weakness in the month of january. Looking at the sub components, the ifo Current Conditions index is at 116. 9, bang in line with the forecast. But the headline index below expectations. The Expectations Index is at 103. Once again below forecasts. Louisa, yesterday we saw a mixed performance when it came to the pmis. The Services Number for germany was below what analysts had been anticipating. Manufacturing was stronger. Overall the Fourth Quarter in germany has seen a strong end to the year what were seeing in january is a more mixed performance but a continuation of that overall strongish trend. Some say theres the seasonal factor at play, i think it will be interesting to see how this data holds up, especially after some of the projection indexes on optimism given the huge changes were seeing in the states on policy. Whether or not that filters through. Glancing at European Markets, were higher

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