00:00Well Seema, so far this earnings season 81% of companies that have reported have beaten estimates. Two views obviously
00:06one saying look the rally should and could broaden out which could create a virtuous cycle and continue this rally
00:13even further. The other saying look there's lots of risks out there and these markets are way too sanguine. What
00:19resonates more this Friday.
00:23Hi Vani, good to be with you. Well I think there has to be some caution involved. There are a
00:27number of different volatilities and I think one of the things that we have seen is there does seem to
00:32be some complacency with regards to the conflict, how long it could extend for.
00:37Now that of course if it were to continue and all prices stay very elevated, the global economy is not
00:43immune to this so we have to be on the lookout for that.
00:45But at the same time, what we've been learning from the earnings season so far is that there is real
00:49resilience and forward guidance is suggesting that there isn't as much exposure to the conflict as had been expected and
00:56that's particularly the case in the US.
00:58So it's really a case of how long does this go on for but we do feel quite confident that
01:03even if there is a bit of a drawback, a pullback in the market, the US markets certainly are very
01:08well positioned with economic strength to ensure that that is quite contained.
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