lowflation. no inflation. call it what you will. we are on the move. >> welcome back. pulse is coming up. >> good morning to you. that will be a topic of conversation that we will pick up on. french and german numbers that you have been talking about all morning are coming out. we will get a fuller picture at 10:00 of the number and before that, we focus on europe. company's are expecting to come under considerable pressure through self-imposed sanctioning. gdp.ll talk about polish on markets andus recovery. we have utility companies that are the victim of weaker power pricing. they are active in the renewable areas and that is not the core of the business. of economy sanctions are part of this. forward givens the deficit targets, what is it like? >> it is really interesting. the peripheries are backed and the core was doing ok. it seems to have been turned on its head and it has structural problems that it needs to address. the weakness is coming through germany and this is just the second quarter we are talking about. week earlierame in this week. >> not looking good