let's get to max kettner, hsbc multi-asset strategist, who joins us now. how significant is this? how investable is this in terms of the german response? max: yes, perhaps. what we have seen in the last couple of weeks and months is that the german dax was outperforming quite a lot against all the other peers, whether that's france, against the broader -- in equity market and that probably is also partly due to the very outsized response from the fiscal side in germany. if we look at the last 8, 9 years, we have not gotten used to it. perhaps that has a little bit more room to run, yes. overall for euros and equity markets, i doubt that there will be this very strong rotation out of u.s. equity markets into euros and equity markets. , think that's where the signal just an extension of a furlough program in germany is not as investable as it seems i think. anna: ok. is this something that only happens in germany? because germany was well-prepared for this, and the sense that they already have this furlough scheme up and running as part of their general infrastructure. it has been em

i thought max kettner was absolutely brilliant in the last hour on this growth dynamic difference between europe where maybe it is better than expected and the u.s. where maybe it is too good to be true, and how they may recalibrate here in september and october. anna: that will be interesting to watch. plenty of investors telling us they like the story in europe but is that overdone? we have a bit fiscal promised overnight from germany, and extension. tom: let me get right to it. or can laura in a moment and then we will go to dennis gartman. your first word news in new york. from theing today national hurricane center, and says that hurricane laura will rapidly strength into a category 4 storm with winds of at least one of the 30 miles per hour. the storm is expected to make landfall late today or early tomorrow morning along the louisiana-texas coast. it has already disrupted oil and natural gas operations throughout the region. on the second night of the republican national convention, speakers try to humanize president trump and highlight his leadership. first lady melania trump spok