tom: joining us now is lucy macdonald, global equity specialist at jp morgan. thank you for joining us. we are seeing pressure reflected on the stocks of alibaba and tencent. the regulatory squeeze from china up front and center. we saw the impact on gaming stocks from pressure. do you at jp morgan have clarity as to where we are in this crackdown? lucy: it is going to be rolling through many sectors. i don't think it is over yet. it is a continuation of what we have seen since president xi came in with the anticorruption and the move to consolidate power and now this new phase of moving through the different industries. finance, tech and the education sector. and there will be few areas that are safe from this. i think investors are trying to find and hide in areas they think there is less exposure to inequality, to the issues that are the target of this approach. but i think, they are going to be few and far between. manus: good morning. good to have you back. a new lampooning of risk in a different direction. some people debate the very interest ability of c