christophe donay, head of asset allocation & macroeconomic research, banque pictet & cle joins me nownk you for joining us. we are talking about the market referring to january and hurtling toward the march 1 deadline for trade talks. for the markets, do investors need to hear there will be concrete enforcement rather than a deal of words? steptophe: it is a two process, the first is to be engaged in positive momentum. around theomething first of march, or potentially the second step could extend in order to conclude an agreement. what is important for markets is to have a deadline that everyone newso respect, and good regarding tensions between the u.s. and china. in order for markets to be reassuring at the global level. the u.s. dynamics on one hand and chinese dynamics on the other. impactould be a negative on the dynamics of the countries. nejra: let's talk about the economic dynamics of china. we get more worrying pmi data today, and barclays economist who called the 2014 move for china's benchmark rate said we could get a cut as soon as today read the chart i have shows the div