tim craighead is in hong kong this morning. me start with you and give you less time as we go to mr. craighead on the immediate news. what is the significance of the deflation wars the mario draghi and mark carney if they react to what they see in china? jon: there is a safe haven bit in the bond market, the german 10-year yield at an all-time low. but there is also the deflation bit as well. if you devalue the currency and deflation, for the likes of mark carney it is getting difficult. don'tflation data says you dare. if it continues to stay around zero in china after those , -- the question is not what happens tomorrow, it is next weekend the months after. if this depreciation valuation continues. brendan: is there any sense that this news, a day and have hold, what this will mean for the engine of europe? --: it is important purchasing power is very important. also dilution of earnings. it is why you see the luxury good makers get hit today. it is why you see miners, those stocks getting crushed as well. tom: let me go to t