Broadly across the tech space, you're still getting very good earnings growth. I think that will continue. The massive ramp up in spending that the hyperscalers have been doing has been, and I think will continue to trickle out into some better earnings growth into other sectors, which are really helping to support that infrastructure buildout. That's why we are seeing a bit of a broadening out and why actually Europe has been holding up well, in fact the first half of the year doing as well as the S&P, despite having much lower exposure to technology.

There's still a valuation advantage that Europe has relative to other markets, even when you sector adjust. When you look at comparable companies in Europe, they tend to have a lower valuation. On average they tend to have lower growth rates, but profits are holding up quite well and I think that will continue. From here, given that we don't expect rates to be trending down, although we do expect them to come down again next year, the main driver of equity markets is going to be profit growth through the remainder of the cycle. I think Europe stacks up reasonably well. It has been the weakest of the major markets since 2025, but only marginally weaker than the US. When you consider that so much of the focus has been on technology and Europe has lower exposure, that is a reflection actually of many of these other areas that Europe has exposure to in the value space, actually generating pretty good cash flows and shareholder returns. I think that will actually continue. So I do expect more moderate index gains, but still Europe making some decent money.