lets start off in china just given the fact that we just had these npr cuts maybe not as i guess robust or i guess as aggressive as some i thought in terms of the five year npr but whats your take on overall stimulus so far thats come through i think obviously i mean the markets are watching kind of two key elements one is the magnitude of the stimulus but also i think what more importantly is whether the stimulus will continue and i think from that latter aspect and i think this is still a positive trend in the sense that they are gradually very carefully rolling out stimulus plan and i think you know there will be more targeted measures that will gradually be rolling out over the next few months so stand alone the magnitude of this particular cuts might not be i guess expected by some of the market participants but it is representing a positive kind of depression our view though is that this time around that there are not going to be as aggressive as previous rounds given that you know the modest i guess the targets you know grows at 5 percent so this is kind of in line with our expectation i think this time there will be more targeted and we are still quite constructive in the sense that we think there will be more measures coming out and hopefully that will actually support the economic growth for the second half of what does that mean in terms of when you look at china exposed assets now what are you doing yes so i think in the context of the overall equity exposure we are still too modest underweight for the overall equity exposure but we think that were actually neutral on china which on the relative value basis were a slightly more constructive on china overall weve been of course talking about this global stock rally its a kind of hit the skids a little bit but this melt up in yields that were seeing globally is this something that you know is there more repricing thats needed when it comes to fed expectations now well our view is that we do think that there is one more hike in the from from fact in in july but ultimately its really depending on how inflation kind of world trend from here i think last year everyone was thinking you know maybe two more hikes three more hikes but then that continue to push that rate higher because the inflation is just very sticky so while i think markets are pricing i think one will hike that which is probably the consensus view at the moment i think its nothing is really as i dont think that really have a terminal rate in their mind everything is still very much dependent on data and thats why if we look at in our portfolio we are still you know taking the view that there is still a potential probability of a recession where that in effect pushing the rate high coach potential to push the economy into a recession but on the other hand we are trying to be modest thing in the position so that its not excessively kind of expressing that view to the extent that everything is still very data kind of dependent so youre still long duration are you basically that the assumption that you dont think the feds going to deliver on the two rate hikes that theyre putting in the dots right now yeah were very much thinking that it will be one more but then after july i think well have to see how that goes in terms of duration i mean where are you focused most on in the yield curve right now what still adds value well we are very much still on the shorter end i think thats more correlated with the interest rate movement and know less thats you know the fed is really kind of in pushing pushing the rate much higher otherwise we do think that the shorter and it has more value per say for stocks i mean overall no one really imagined that the s  p would be in a bull market here right now and yet you take a look at what people are saying whether its a hawkish pause from the fed or a skip does it matter in terms of risk here when youre looking at risk assets like stocks here does the outcome is a different if its a pause or a skip well i think if you look at the stock market of almost a year today it is actually led by a variable a very narrow leadership and which is really down to the mega tech companies which essentially are pushed by the ai trend now we do think this is likely to be the start of a super cycle but having said that looking at the valuation looking at how much value thats being driven by a few names i think over shorter term there is a very high likelihood of a profit taking over medium term i think the outlook is very much driven by the economic trends so were still kind of slightly more towards kind of cautious medium term but over longer term yes i think the ai driven trend will likely be kind of a sustainable over over longer term in terms of the second half what do you think is maybe the best assets to really own i will still say duration still yeah i think stock long correlation is actually coming down becoming quite as starting to be negative so i think if you dont want to take excessive kind of risk being underweight in equity maybe adding duration is the way to go