The fact the placement went so well is a sign of strength for that company.

Interest rate fears have waned a bit. Although inflationary worries remain, good earnings are supporting and the market seems poised for further upside. We could end the year on a positive note.

The way the bad news from Deutsche has been handled by the market shows we're not in bad shape right now. There seems to be sentiment change with the market looking at the good news,

After a bit of a recovery, the market is in a wait-and-see mode again. There is the usual window-dressing ahead of quarter-end,

The oil price has had its most severe drop in years. Meanwhile people are starting to wonder if this quick war scenario we are all anticipating is realistic, so we are seeing huge swings between asset classes.

Looking ahead, we continue on track to build Schering- Plough into a company with the strength and breadth to deliver long-term high performance. We are moving from survive mode into thrive mode.