his view, ivan glasenberg is the only man who knows what is happening in the mining industry. that is perhaps disingenuous to other ceos. are doing whatey the market wants, giving cashback. glencore also saying they will revisit potentially looking at buybacks. nevertheless, the ftse down. glencore and the miners bucking the overall trend. -- when you think of the difference in the story, heineken is in the emerging market trade. carlsberg that the house on russia. they are paying for it at the moment. heineken up 6.2%. they have said they are growing market share. russia is an issue but they are absolutely convinced about the rest of the year. on the other hand, you have carlsberg. they are cutting their full-year outlook. eastern europe is increasingly challenging. really, punished this morning in .erms of that geographic trade lack of diversification is killing that stock this morning. ooh, now you see what happens. that is it. that is the moment that technology kills me. >> thanks, manus. that is the open. joining us now, jerry fowler. he is the global head of equity deriv