1. Goldman and Lehman both beat expectations and have bearable...

1. Goldman and Lehman both beat expectations and have bearable write-offs

2. PPI still a problem but mainly a problem of imported inflation via energy costs - food prices -0.5% MoM

3. Producer prices unchanged an inlne with expectations

4. Housing starts down sharply which is good for the housing market and may help to reduce the overhang at the sell-side

Of course it is by far to early to be relaxed but it seems that investment banks have no further surprises for investors and may restore confidence. I would not bet my house that the US already is in a recession and we may see a small but positive GDP growth in the 1st quarter 2008.

Lenni