i am joined by tom stevenson, investment director at fidelity international in london. good afternoon, tom. the market reaction has been positive to china's slowing growth. is that because we were expecting the slowdown? right, yes. that is sometimes the anticipation is worse than the actual event when it occurs. for the first two weeks of this year, stock markets around the world have been worrying about the slowdown in the chinese economy. what we saw today was a slowdown and the worst growth for 25 years, but it was certainly no worse than expected. in fact, there was a silver lining, and that is that this transition away from an export-led investment economy toward a consumption-led economy is finally happening. said, for the first two weeks of the year, markets have been in mayhem. oil prices tumbled to 12-year lows. you also have car companies and luxury goods makers revising their outlook due to what they are seeing in china. on the other hand, airbus continues to hedge bets on the chinese growth story print last week the company's ceo scoffed at the talk of slowd