 Thank you so much. I turn now to Jean-Claude and he will have the Moudafen, please Jean-Claude. Thank you very much. Last year we were in the middle of a storm and I anticipated, like Mr. Horry, during a very dark situation which could lead to a more rosy picture in 2024. Today I confirm a more rosy picture for next year, but just with a delay, I end up next year in spite of the huge geopolitical risks around us, particularly since October 7th. Last year we were wondering when the rates would increase. Now a question is when a cut will happen. World inflation has dropped to its lowest since two years. Growth has declined without a major recession in spite of interest rates at their peak. The tightening cycle is coming to an end, but central banks have to finish the job and keep interest rates higher for longer. It does affect the stock market since mid-October. It will slow the world growth and will hit consumers. But at the end of next year, at the end of 2025, according to Jean-Claude, we can forecast a soft landing in the US, less so in Europe, which faces a risk of stagnation. I'm sorry this year not to be very original. It seems to be an awful cliché, but sometimes clichés do happen. Today, after October 7th, the war in the Middle East will cause a probable rising cost of energy, compulsory additional investments in defence, the reduction of world trade, a weakening confidence and therefore a lot of uncertainty and volatility on the markets. This new situation has a chance to increase inflation and reduce growth, but hopefully should not encourage further tightening in order to avoid the risk to squeeze the economy too much. By the way, these bad news have not affected the stock markets too badly. Oddly enough, the markets being more sensitive to the recent rise of Treasury yields, which favours bonds against shares, and then being more sensitive to the pose of the Fed rates. In spite of this huge risk, we can keep our previous scenario of a soft landing in the US and a stagnation in Europe, even though I'm today a little less confident and more cautious. Three additional comments. First, there is a large divergence between the US and the Eurozone. In so far as the GDP, it is flat in Europe and around maybe 2 to 3% in the US. Inflation in the US is 3.7% in September, 4.3% in Europe. This divergence is because the US have started earlier their monetary policy and because Europe has much less resilience, being fragmented, being near the war in Ukraine, with an aging society, with a financing coming from banks instead of equity markets in the US. Second point. This divergence should last until the end of 24. Inflation could be 2.6% in the US, 3.2% in the Eurozone. The growth 1.6% in the US and very small in Europe, around less, around 1% due to particularly sort of recession in Germany. In a nutshell, more inflation in Europe than in US, more growth in the US than in Europe. Maybe besides the soft landing in the US, we shall have a landing in Europe. Third point. Central banks seem to be in favor of a pause from now on and they should start cutting rates second half of next year, fueling then a recovery. To conclude, the stock markets should remain volatile and relatively flat until the third quarter of next year. The US stock markets and the Japanese one could go up slightly more than the European stock markets, which will remain bumpy. But naturally, old stock markets would go up again as soon as cuts of interest rates will appear, i.e. end of next year. This scenario may be too optimistic. It will be achieved, provided that the slowdown in China and the accumulated debt worldwide do not deteriorate further and above all that the crisis in the Middle East remains limited. Contrary to what's happening now, the geopolitical risk might greatly influence the markets and dramatically change this very quiet forecast. You're prudent. You reserve all possibilities, which I understand pretty well. OK Jean-Claude, thank you very very much indeed.