joining us is nandini ramakrishnan, global market strategist atjp morgan asset management. a really interesting story. draghi said it is no longer deflation, it is reflation. this is a turning point? so inflation coming back up. prices changing month after month, year after year getting higher, means consumers want to spend more, more important for draghi's case is acknowledging the growth in the eurozone. the political risk has subsided that we started the year worried about. a lot of good things in europe which he has acknowledged. as we saw in the market yesterday with that acknowledgement yields go up. because we're seeing the end of a long era when people are used to low interest rates and used to quantitative easing, as things change, are people going to struggle? the key reactions will be in the markets. so, institutions and investors who hold bonds will feel the brunt of that change soon, but we don't expect european interest rates to go much higher than they are. the first thing the ecb will reduce the qe programme that affects the bond markets more than interest r

still with us are nandini ramakrishnan and charles lichfield. want to bring it over to my bloomberg terminal and this is a very simple chart, tracking the share price for merlin entertainment. merlin is the owner of madame tussaud's. they have been saying that recent terrorist attacks in the u.k. are starting to take their toll on the number of visitors. does the impact the way that we will shop? does it impact the way that you invest in your portfolio's in europe? >> the big consideration for investors in this time, unfortunately when such events keep happening, is trying to find or separate that sentiment, maybe a specific stock story from the larger story. we are still positive on european equities and the consumer that spends globally. european equities source 2/3 of their revenue from abroad. sentiment might be dampened on the continent or in the u.k., but that does not mean companies here are not able to thrive. francine: i don't think we will ever get used to this, but is this something we need to deal with and move on? >> sadly, that doe