The Outlook for China Remains a Concern

It depends on where you are in the cycle. From an existing exposure when yields go up, prices go down so that it's not as good for exposure in your existing portfolio but from an entering the market perspective. I agree with you the outlook remains a concern while the Q1 earnings season was better on hold than any of us had feared or expected. We've not seen holistically an upwards revision of earnings and I think that circles back to the comments you're hearing from the OECD. There continues to be attractive opportunities in equity space more in income than in growth albeit you can still find some growth in certain targeted areas - we'll have to look quite carefully.