in terms of the jobs report, i was reading a note from ben jeffrey up bmo saying if we get another solid jobs number, that would clear the room to price and another higher terminal rate that would ring up the two year yield because it is ultra policy sensitive. fears of maybe a recession as a result of that aggressive fed tightening would cause people to pile into the longer end of the curve. for the stock market, we are down for consecutive days in the s&p 500. it seems like the market is looking for a reason to rally, so there are some strategists saying if we get a worse than expected number, we could have a pop in the equity market but it would not be enough to sustain any real change for the fed especially after the hawkish report yesterday. >> we have seen firms cutting guidance but is corporate america gloomy enough? >> one of the themes this season has been people talking about how wall street analysts need to bring down their expectations for s&p 500 earnings. i have been looking at what the actual corporations are saying and what they're forecasting. right now this is according

jeffrey is quite convinced on credit, even if there is forceful qt. where is your ticket on the credit bus? ben, i am a simple equity investor, so credit is one of those areas that i find a little bit puzzling. if you can buy into long-term government underpinned bond yields that are around 4% at this level, i think that's a pretty sensible view. that would be where i would be looking get. out probably also be looking at some higher yield credit in europe and in the u.k. if you can find those high yields. those look quite attractive, certainly relative to cash rates. and they are probably well underpinned from a credit perspective. dani: you undersell yourself. you are a very equities manager who can dabble into credit. given all of that, one of the other big global headwinds is china. for europe, this is just so important for luxury goods. how are you and the team thinking about the situation, how it evolves in china and what the impact will be for those european companies that are so exposed to chinese sales? ben: we are pretty bullish on the luxury sector. despite the lockdowns we have seen,