The euro strength could put at risk the acceleration of economic growth in Europe making earnings growth momentum less vigorous. Mario Draghi kept expectations low for inflation and recent figures gave him right. Euro strength could result from investors' confidence in ECB monetary policy and could be also the consequences of turmoil affecting President Trump. In the short term, we believe European economic growth could be fueled by economic reforms in France and corporate earnings improvements. Interest rates could continue to rise as Eurozone GDP growth could reach 1.7% in 2017. Earnings growth stand still at 20% (including banking sector) by the end of 2017 and should reach 9.5% in 2018. Our strategy remains the same. We are neutral in term of equity sensitivity with around 39% and we keep a selective approach in our sector selection favoring financials and cyclicals. We have taken some profits on corporate bonds and we kept protections through put option in the Eurostoxx 50 over September. We have participated in the primary of these 2 recent CBs in June. At the levels of 13Eur we found it to be a good entry and built a significant position (4.5%), we have previously sold old CBs across the funds earlier in the year at around 15 Eur. This semis company reported good Q2 results with further improvement in gross margin. We also like the name for auto industry exposure. STM is not in the benchmark. In the short run the main drivers will be the launch of Iphone 8 and the ramp up of Tesla's Model 3. Our call options on Credit Agricole, Generali, Allianz added to performance. We have initiated or increased holdings in Siemens, Deutsche Telekom, Air France and BMW as valuation is still attractive. We continue to remain absent from german real estate sector.