We remain optimistic about the prospects for high-tech,with 6% growth forecast for both 2014 and 2015. The USwill be a strong source of growth, as productivity gainshave helped the electronics sector benefit from thereshoring trend. Japanese production should benefit froma weak currency and a rebound in trade, although there isconsiderable uncertainty surrounding the near-term.Productivity gains in China will allow it to move up thevalue chain, so the growth outlook there is favourable.