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Here in New York joining us Greg Boodle, BMP Parabine US Head of Equity and Derivative

Strategy and he joins us now. Good morning to you, Greg.

Pretty muted price action. I've got to say with the exception of Chinese equities which we'll talk about in just a moment but what's your explanation this morning as to why futures are up but just a half of 1%?

Yeah I think the slightly lackluster move from US equities this morning up just under half a percent is a reflection on how far we've already travelled since the December lows against a backdrop that's really seen some deterioration in terms of equity fundamentals and some of the hard

macro data.

The move in China is stunning.

6% on the CSI 300.

It's pretty difficult on a morning like this morning to wake up and untangle what is trade and what it's been driven by other factors and

Specifically China specific factors can you unwrap that a little bit for us Greg? Yeah, I think really it's kind of this confluence of factors so we see a

weaker dollar a more dovish fed the market starting for pricing a resolution in terms of the

trade tensions and then a more kind of credit-friendly

growth-friendly environment coming in China the stimulus at the start of this year

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