Year-on-year growth in electronics and computers production slowed in the first quarter in 2016 and the corporate newsflow over the quarter was also extremely downbeat. A sluggish forecast for global investment and trade is certainly having an impact on high-tech production, and although the strong dollar will continue to weigh on US production. In addition, we may be in a lull in the innovation cycle, with signs of market saturation in traditional electronic products with little sign of new products set to emerge in the near-term.