It is quite likely that opinions will diverge somewhat over the week. It is the old story if the glass is half full or half empty. Chinese clients are slowly returning from their holidays and have to deal with the realities of the markets and their decisions for the coming months. The number of inquiries and bids increased noticeably this week. However, clients in China are still moving in the world they left when they went on their New Year holidays. This means that bids were noticeably below asking prices and there was always the possibility of finding a seller here and there who was prepared to respond or at least to negotiate seriously. This situation has changed in the meantime and since prices have stabilized on other markets, the willingness to accept significantly lower bids has also decreased considerably in Europe. In Europe it is clear that everyone is now waiting for the fair in Milan to get a clear picture of the further development of the market and in the leather industry in the coming weeks and months. Everything will depend on whether the demand for leather will finally increase again and whether the geopolitical problems will have a new negative influence on the