joining us is shanti kelemen, senior portfolio manager at coutts.s of the banks. what are we expecting here? are they still feeling the pain? yes, banks are very sensitive to interest rates, and if you think since december last year, interest rate expectations have come down a lot. the federal reserve saying they are not going to raise rates. banks lend money to people, they want to be able to do so at higher rates. the other factors you have is wages have been rising in the us. we had the government shutdown at the beginning of the year. it is likely going to bea of the year. it is likely going to be a quarter with a fairly flat revenue for a lot of banks. when we look at ipos it seems like unicorns, it is time to go public, and uber are about to do that, but with an unusual warning that we were mentioning earlier, it's saying it may never make a profit? quite a weird pitch to investors? it is honest, in some sense. any company can go bankrupt or go bust. but i think what they have to recognise is they are in an incredibly competitive market, they