let  s bring in ben emons to talk through some of these major risks and opportunities for investors let  s start with the superstrong jobs print and expectations for the cpi number to be strong as well is there an outside risk that the fed will be more aggressive ben the base mark positions we saw in the data indicated that the economy in 2021 was stronger and also that the jobs market reached maximum employment indiscernible starting in march with a lift off to your point the market needs to think about futures moving forward quickly with the rate hikes if you take that to what the bank of england decided on thursday they are somewhat anxious about the inflation outlook in the uk indicating they have to move faster markets caught on to this that means that is likely to happen a faster rate hike cycle beginning in march shery more valuation concerns on this bloomberg charge we continue to see a divergence between the names that don  t seem to be an asset class anymore how do you pick the winners from the losers ben if you look at the difference it is a story about the valuation was inflated so much by the pandemic it had to be rectified that has been going on for some time but it is still getting a major boost from the pandemic demand is so strong and valuation has to come back to a normal level difficult to pick the winners i am of the opinion that you indiscernible or even consumer durables i will take australia as an example a way to balance the act against raising rights and rising inflation  raising rates and rising inflation haidi indiscernible ben the market that is the cheapest across equities is in hong kong and it has outperformed the other markets i think this is a function of a lot of money coming into hong kong from mainland china it is one reason and the us  hong kong has a very restrictive covid policy hong kong will have to reopen at some point completely the other asian countries including australia indiscernible