 I turn now to Jean-Claude Mayer, Vice-Chairman International of Rothschild, previous Géran de Lazare, very well known of course by all of us, no? Thank you very much. At the last WPC, my view on the financial markets was optimistic. My forecast was for a transitory inflation like Sergei Quey and like everybody as a matter of fact and for a plateau on the stock markets. Of course I was completely wrong on the transitory inflation like everybody, like every central bankers by the way, excuse me, sorry Jean-Claude for your colleagues. But I was right on the stock market because the Dow Jones last November was at 36,000 in last November it was at 34,000 so the things went relatively well in this forecast. Of course after COVID nobody could anticipate a war in Ukraine leading to increased inflation and a stock inflation in which we are now embarked. Today we face a very dark situation which is tackled by central banks with great difficulty but leading hopefully to better days. Very dark situation, you all know everything about it, GDP increase is low, next year will be 1% in the US maybe, 0.5% in the Eurozone, inflation is very high, 8% in the US due mainly to labour market and supply bottlenecks and with a co-inflation of 6.3% in the Eurozone of 10.6% because of energy and food with a co-inflation only of 4.3% due to consumer demand huge liquidities after COVID provided by central banks and supply bottlenecks. The war in Ukraine has accelerated further this inflation. China is a problem with a very low growth, it's amusing that China does create a problem to worldwide capitalism as a matter of fact it's very ironic for Mr Mao, the US labour market is running very hot with 3.7% only interest rates will increase next year which will reduce growth and create relativity and this crisis is global. For certain banks the fine tuning is extremely difficult. As we know stock markets depend on inflation, interest rates, economic growth, profits of companies and today inflation is high, recession fears are mounting and therefore financial markets are very volatile. Central bankers live in a tragic dilemma because their measures have adverse collateral effects such as medicines for doctors and therefore fine tuning is difficult for them. Their key question is how much can they increase interest rates to reduce inflation and at the same time avoid a recession. They have faced with this tragic paradox every good news on growth and jobs are in fact bad news because they maintain inflation and on the contrary bad news on growth and unemployment are excellent because they anticipate reduction of inflation, lower interest rates and then possibly a market boom. Today central bankers seem to shift towards a slower tightening to avoid a recession especially as it takes a year to measure the results of the rise of interest rates. Stock markets are therefore a little better oriented since a month. Other central bankers believe that if there is a chance of tightening monetary policy too much the risks of doing so are not as serious as letting inflation prosper. Haukish central bankers would do whatever it takes to curb inflation against dovish bankers in favor of a pivot as we all know. This December 14th Fed will increase once more its interest rates after four increases already with 0.75%. Will it be a 0.75% increase or just a 0.50% increase? Same question for ECB the day after, a 0.50% increase by Fed is not unlikely and it is my hope, my bet especially because annual consumer price growth in the US has slowed a little bit lower than the 8% forecast down to 7.7% which should ease pressure on the Fed. This moderate increase would give an optimistic signal to the markets. But because of a bigger inflation pressure in the eurozone and of a delay taken by ECB vis-à-vis the Fed, ECB the day after could raise its rates to 0.75%. In spite of the fact that in the eurozone inflation is mainly due to a short supply and that the rise of interest rate will not solve the situation. A 0.75% increase by the Fed or the ECB will affect the economic growth and the stock markets. This year will be volatile, difficult, unpleasant, a tough year to quote just the chairman of Puba Dala a few minutes ago. Because growth will decline with a recession in some countries until the summer, stock markets will remain unstudied, bumpy, interest rates should increase at a slower pace in parallel with a lower but sticky inflation going down and energy prices, shipping rates and raw materials falling thanks to a lower growth. This growth contraction should also raise the unemployment up to 5.5% in the US maybe which will have a positive effect against inflation. But we can have a more rosy scenario in 2024. Once the job is done to quote Jay Powell, anticipations for 2024 should improve with a certain growth including in China, lower inflation and lower interest rates in brief a soft landing which is a dream maybe provided there is no more COVID that the war in Ukraine does not deteriorate that there is no war in Taiwan of course. In this framework we can be a little more optimistic for the end of next year with a recovery in 2024. I will join Mr. Akinori Hori optimistic views now. I believe the US stock markets will then behave better than the European stocks thanks to the strength of the dollar and the lack of problems which Europe has to face. The European zone being more fragile than the US and more affected by the Ukrainian war and by inflation due to the price of energy of food and the high demand stimulated by European budgetary policies. To conclude we feel badly in the short term, better in the medium term and contrary to the projections of gains not dead in the long term maybe a dream. Thank you very very much indeed Jean-Claude.