In this workout, we're asked which of the following pieces of newsflow might be relevant to an equity analyst covering Rolls-Royce. That's a UK Aerospace and defense company and we're also asked why so let's have a look at the pieces of news flow that we've got listed here. First of all Rolls Royce announces a major restructuring program to improve operational efficiency. This will be very relevant to an analyst. It has an impact on their cost forecasts and in the short term could reduce short-term profits, but hopefully improving margins in the long term. The next piece of news flow is the UK government announces a review of its defense spending budget. This is definitely relevant for a Rolls-Royce analyst as a reduction in governance spending could impact on defense revenue forecast and therefore the revenues of Rolls-Royce. The next item of newsflow is that Lockheed Martin? That's a US comparator announces stronger than expected quarterly results due to reduced input costs. Again, this will definitely be relevant to a Rolls-Royce analyst as the reader cross from this could impact on the cost forecast for Rolls-Royce. The next piece of newsflow is that FX analysts announced that they expect the US dollar to strengthen significantly against the pound in the next year. Again, this is a very relevant piece of newsflow many Aerospace and defense contracts are priced in US dollars. So this could impact on Revenue forecasts for Rolls-Royce. The next piece of newsflow is that Moody's downgrades rolls-royce's credit rating as a result of poor recent financial performance. Again, this is going to be very relevant for Rolls-Royce analyst as this could impact on the financing costs. That's the interest that Rolls-Royce pays when they refinance either bonds or any bank loans. The next piece of news flow is that National lockdowns triggered by a global pandemic reduce international travel by 90% Again, a very relevant piece of newsflow here reduced demand for new aircraft engines could impact on Aerospace Revenue forecasts. The key takeaway from this activity is that Alice have to track a number of different news sources when they are monitoring their companies and in particular some sectors are more noisy than others. For example, Aerospace and defense is affected by politics by macro events and also by company news. So the Aerospace and defense analysts have to keep on top of all of these different aspects of the market.