Medium term trend looks solid in US Japan less, but still in not in worrisome territory looking at the last 10 years. The Europe one is still fragile and vulnerable to downward pressure as the structural break faced in the last decade has still to be absorbed entirely. From a more strategic point of view the secular forces that pushed trend structurally higher US profit growth are fading and there’s still no evidence of replacement from the new ones like internet revolution and structural decrease in trend growth is likely to cool down …