DAX, with restraint as always. ASML Holding (ASML.AS) is up 4.2 percent this week on TSMC capacity commentary. I would note that the European AI Act implementation working group meets again on the 12th of next month. The committee minutes from the previous meeting suggested a constructive but unresolved discussion regarding chip equipment export classifications. The market may not have priced this in. The market rarely does. LVMH (MC.PA) continues to demonstrate that luxury demand from East Asia is not, as some commentators suggested last year, structurally impaired. It was merely waiting for a particular set of macroeconomic conditions to revert. Those conditions have, in a moderate sense, reverted. We may consider Hermes (RMS.PA) on similar terms. SAP SE (SAP.DE) is benefiting from the same demand wave as US enterprise software, with the additional advantage that European procurement budgets continue to flow more readily to European vendors when in doubt. This may continue to be the case for the medium term. I remain DAX. The Bund moved by four basis points yesterday. Almost no one noticed. That is appropriate.