There is only so much profit growth that cost-cutting can deliver, and the market now needs to see top-line growth.

The market has got momentum and might run a bit further. Earnings are coming in well and last week was full of positive macro economic surprises in the U.S. and Europe.

Even if a clear majority is not won, the investment case is not going to be destroyed.

The principal conclusion is that we expect profit growth to continue through our new forecast horizon.

[This year's profit] growth would mainly come from the full-year contribution of the new malls and the opening of its largest mall -- the Mall of Asia.

Evidence is accumulating that growth in the fourth quarter slowed in the euro zone. Two-year bonds should profit from this development.