EU SEMICONDUCTORS: Outside of mobile phones and PCs, Autos has emerged as a key growth area for semis, and now accounts for ~10% of global semis market. Also Auto semis has grown at 7% CAGR over 2010–2015 vs. overall semis market growing at 2% CAGR, and we expect it to continue given increasing focus around advanced safety, lower CO2 emissions and improved connectivity. With Infineon and STM having a material auto exposure, we look at monthly trends in the auto sector. So far, we have had car sales data from a number of key markets for the month of May, which shows auto volumes likely to be up 4% yoy for May-16 indicating another robust month.