holger: i'm not worried very much.t used to extraordinary rates of growth in the luxury business and the economy as a whole. we now have to get used to more modest rates of growth. china, whatever the real figures , as if they are close to 5% there are some reasonable guesses, that is still a lot of growth and china is not showing any sign of a hard landing, falling off a cliff. it seems to be kind of stabilizing. the most recent data was getting a little better. i would say the outlook for china is not bad. is a littleit wobbly right now, but not bad. francine: i'm looking at the german output report unexpectedly dropping. they are blaming china. is this just an excuse? holger: no, the emerging-market effects were in general recession and the slowdown in china is having an impact. where in europe do you see it? export-oriented sector. manufacturing is down 0.6%. construction is up nicely. retail sales are up nicely. francine: thank you so much for now. breaking news? a brokerage have business. these are london shops.

when people come and bring you meals and holger hansa dry your tears when people ask you how are you doing any really want you to tell them how you are doing, those are not fun things to do, but god motivates people to do that. god does not send the affliction, he sends the strength to deal with the affliction. what else did i find was going on in the world that my religious upbringing did not prepare me for? i look about in the miami audience and i suspect many of you were where i was in life are not pastor, i'm just 80 years old, so if you remember what stuck in 1969, it was a spectator for you. i suspect very few of you were there. the seine at the time was if you could remember woodstock you probably were not there. [laughter] >> i was 34 years old, a little too married in a two family bound in a little too clergy bound to go there and it wasn't my kind of retreat, anyway. woodstock was the responsible generation to the mess that our country was in a 1969. what represented, i think, was a rebellion against the garden of eden. joni mitchell, the songwriter has a beautiful song cal