Yes, absolutely. Thanks very much, Matt.

As you say, I think, you know, there are some specific, important focuses on growth and how that interacts with the Delta variant upswing across the globe; policy from a fiscal and monetary stance; and also how the impact of risk plays as we get past the end of the summer.

So, next week's data focus kicks off with China and the August PMI data. Now, there's been much focus of late on the sequential growth moderation in China and indeed the regulatory pivot and its impact on targeted equity segments. Our view is that this is a core function of China's socialist ideology and more akin to the ESG pivot of Europe and the West rather than something more sinister. And furthermore, a recent announcement from the PBoC [People's Bank of China] suggested that it will boost credit support for the real economy and that likely helped sentiment much more; certainly seems as if we're going from more pessimism to optimism. The PMI data will be closely watched in relation to the near-term global growth outlook. Certainly there are some signs that Germany, and Europe, are following China's moderation, as we have often suggested. But overall, we continue to see growth and yields moderating in China, but worth noting that we still see high absolute levels of both and we remain positive on China.

Secondly, switching to the US, we get manufacturing and services ISM data for August on Wednesday, and then on Friday. PMI remains deep in expansionary territory, especially in manufacturing. But there will clearly be some inference on the US growth momentum drawn from the ISM data. However, next week also brings the August employment report, where its clearest inference is not directly for growth, but likely for policy sentiments. So a number of Fed speakers have stated that a couple more months of near a million job gains is likely consistent with the attainment of the magical 'substantial further progress'. And so after 938,000 in June and 943,000, that's thousand, job gains its an important number in that regard. It's also likely significant, has significant connotations, for confidence and the new dot plot projections and ultimately the policy guidance and the September FOMC.

And then lastly, on risk, the following Monday, the 6th of September, is the US Labour Day holiday. Its importantly seen as a benchmark for the return of markets from the summer holidays. Now, the market proverb 'sell in May, go away' was originally addended with '...and come back on St Ledger's Day', the mid-September thoroughbred horse race that attracted aristocrats, merchants and bankers back to the city from their country estates, but more recently has been addended with '...come back after Labor Day'. Now, at the end of May, the S&P was around 4,200, almost 7% below the current levels. And it'll be interesting to watch the reaction function of markets over the coming weeks and the attitude to risk likely given the Fed's improved confidence. We continue to see a supportive macro backdrop for equities, particularly in the US - potentially bad news for those who have sold in May.