The tensions between North Korea and the rest of the world are fading or seem dormant, while the Catalan vote for independence has resulted in a rise in political risk within Europe. In the UK, Theresa May's government has been weakened by Boris Johnson's headline-stealing outbursts. However, the value of the pound has been rising gradually since BoE chief Mark Carney's hawkish position speech. As a result, the Bank of England now looks more convincing than the UK government. Across the Atlantic, investors are still waiting for an announcement on US tax reform. Given this background, the euro has gone back to 1.175 against the dollar, reducing some of the tension that could impact earnings growth negatively. This gain, together with the oil price hike to above $51/bbl, could also result in inflationary pressures. Our portfolio remains invested in the theme of a recovering European economy, focusing on financials and cyclical stocks. We subscribed to the attractive new issues from AMS and Vallourec. The Austrian semiconductor company is dependent on Apple's supply chain, but is also at the heart of self-driving car developments, and Vallourec has refinanced rather opportunistically. The new issue by Qiagen, in the field of diagnostics, has also attracted our interest. Meanwhile, we have lowered our equity risk by reducing or selling-off positions such as Wendel 2019, Nexity, Ubisoft, LVMH, Safran, Air France 2023, Siemens, Total, Generali, Aperam, Airbus for Dassault and STMicroelectronics. We sold Carrefour in the wake of very disappointing results, and Nokia as we no longer see positive factors ahead for it. Instead, we strengthened on Allianz, which should benefit from the improving interest rate environment. The longer term exposure to Crédit Agricole has also been maintained. Equity sensitivity is approximately 40%. We decided not to participate in the new issues from German real estate companies.