so not quite as a small jump in ifo. and they said the august business climate was revised to 107.6. so not quite as big a jump as we might have expected. let's get immediate reaction to that. miles bradshaw is portfolio manager at pimco and joins us right now. miles, a small bones in ifo. what's your assessment of what that means and of the german economy? >> i think it underwrites the other data that suggests the european economy is slowly recovering. germany is leading the charge. you know, the ifo on has been stronger, the pmis have been stronger. but it's a subdued recovery and it's a recovery that isn't going to cause the ecb to be tightening policy anytime soon. what's more important in terms of the ifo is the expectations data in terms of having an assessment about where gdp is going to be going forward. i think that was a bit more than expected. but i think the key theme is it's a very weak recovery. >> should there be any more action from the ecb? particularly if market rates have sort of gone up. >> should is

the german ifo sentiment is probably europe's most important sentiment. the ifo institute survey. it did tick higher, but not by as much as we thought. 107.7. the current conditions index did fall, so some disappointment about that. essentially, though, german growth is on a fairly solid footing. i played a key part in angela merkel's victory, as well. she wasn't only two or three feet shy of getting an overall majority. but we did just see the euro come off as a result of that data. let's show you where the sectors stand right now in this breakdown. that mirrors what we saw on the full screen there. technology, utilities, all firmer. resources are down again today. food and beverages and chemicals. we did hear incredibly bullish contracts from airbus, as well. the stock eads is now up, boeing up, as well. they're talking thousands -- i haven't got the numbers in front of me, but over the next 20 years, huge aircraft expansion. in 20 years' time, aircraft orders from asia why will be bigger than those from north america. back to you. >> thank you, ross westgate. we appreciate that