down less than that asia down 4%, 5% for the japanese and hong kong markets joining us now is peter spiegelrom "the financial times. one of the factors discussed yesterday stateside is markets sold off so severely was that the fundamental economic picture remains intact there hasn't been a spark on that side, the economic data side to cause the selloff. is that the same in europe would you say this is a momentum markets driven move as opposed to something out there, a red flag in the political, economic world? >> i think the dynamic is the same yes. the economic numbers in europe are still very strong. but i think the dynamic in the u.s. and in europe are the same in that we don't know whether this is a valuation move or a more fundamental move. both in the ecb and the bank of england, as with the fed, we have had almost a decade of free money. there's cash pumped into companies for ten years to try to gin up economic growth. and suddenly the ecb is tightening that off. i think the question is is it just a short-term valuation move or are we moving from a world of free money to ra moa move