youve earnings recession is that something youre starting to have to think about now and if that if it doesnt happen this quarter does it happen in the first quarter of 2023 and since the timeline around the squeeze on on earnings is that something has to factor in yeah its tricky for europe there are there are headwinds and tailwinds at the moment so were pretty aware of all the headwinds to earnings right now thats the inflation problem theres a high cost thats slowing economic growth et cetera pmi surveys have all come down consumer sentiment is very low but there are some factors pushing earnings up for europe the fact that european currencies have been so weak which means that any company that earns outside of europe and a lot of european companies do when they translate that back into euros or sterling theyre seeing the benefit so i think the q3 results for europe will be ok therell be a few worries therell be as few signs i feel that youre getting the domestic slowdown but i think q3 will be ok also the summer months in europe benefited from still reopening effect still that coming through people using some of the savings they built up over the pandemic but again i felt those savings that theyve drawn down a lot of those the winter were going to see higher inflation higher energy costs for households and i think therell be less of a reopening effect all of those things will bite i think in the fourth quarter and first quarter okay thats the fourth and first quarter that really you start to see more of that pain and you talked about the sfx essays and thats fascinating just given what is happening with the us dollar as a column the ftse today saying that its time for the for the us to the binding decision to step in to address the wrecking ball of the us dollar was it which which parts of the european equity space then are benefiting from weaker euro stronger dollar you talked about the exporters we looking at the auto makers were looking at luxury goods what falls into that category i think definitely luxury goods falls into that category although a lot of luxury goods are sold in europe theyre bought by overseas travellers coming into europe so we had a whole wave of american travellers coming to europe over the third quarter for example a lot of them buying luxury goods and obviously their dollars went a long way given the strength of the dollar so luxury goods is definitely benefiting autos may be less so the case for autos is still a little bit restricted in how much they can produce given the problems in bringing supply in but i think the other sectors that are better for things like healthcare huge dollar earner in europe in fact probably owns more dollars than than then euros or sterling so theres a lot of sectors the mining companies for example dollar earners as well theyre also exposed to china which is a bit more tricky but i think there are around about half of all sales by european companies are outside of europe so i think it benefits across a lot of sectors