manus: in the last hour we had a conversation with martin malone. this is the em fx.is huge reach for yield, isn't there? think the em equity space is going to bear more pressure relative to the developed market equity space in the beginnings of repricing? answer is yes, which is why in our second half of the outlook piece, we have moderated our review from overlook -- overweight to neutral. european fromed underway. -- underweight. we are moving incrementally away from emerging markets as we reflect our caution again, emerging markets coming under pressure. commodity markets have been punished. we are seeing oil down today. iron ore getting hit as well. gold is bid. in terms of the more hard commodity markets, if you look at oil, the focus seems to be on-demand. is that a dynamic you expect to continue and that we will see reflected in the low? >> part of that is the dollar. exerting pressure on the commodity space. you are spot on. some of it is in response to demand expectation. this negative headwind we have seen investors favoring precious metals and gold and sil