Can resilience in markets continue?

David Harrison: Yeah, like you say, I think, you know, coming into the year, a lot of the conventional wisdom was that we were going into a recession, certainly in the US you know, I think we had a probably a slightly more positive view on the US economy, and if you move forward to where we are now, we’re still seeing a pretty good performance out [in] many of the important parts of, certainly of the US economy. You look at the US consumer: consumer spending’s still holding up; US employment’s quite good and we’ve seen a lot of huge investment, you know, particularly from the stimulus from the Biden administration on the industrial side. So, I think certainly that, you know, the US has surprised a lot of people in terms of the economic strength and some degree Europe as well.

I think the UK is always a bit of a different case. You know, we know that the UK economy has its own issues, but we’re certainly seeing signs of improvement. So, from an economic level, it’s still okay. I think you have to watch it closely. Obviously what we always look at is the companies, and if you look at earnings, you look at the most recent earnings both in the US and the UK, they’re doing better than expected. So, I don’t want to give you kind of an overly rosy picture, but certainly from where we were 6 – 9 months ago, I think it’s fair to say that things are holding up, but it’s something we’re going to have to keep a close eye on into the end of the year.