 Donald Trump breaks it snow in the Sahara. Where does this year with alternative facts and improbable but real happenings and events leaders? Ladies and gentlemen, my impression truthfully nobody really knows. We see that from the ex-foreign minister, Joschka Fischer. He has written an op-ed and he said that Trump actually prefers nationalistic tendencies within the EU. Same counts for Putin in Fischer's eyes. And so the EU is endangered because at the same time Trump has said that he will not support NATO anymore. And NATO has been the more or less implicit guarantee as to provide security for Germany and security for Europe. So it was a promise from the United States that it's being cancelled. So will there be military coming to the EU? Will there be more military? Will there be a combined military strategy? I asked myself how should that work? We have four years not spoken with one voice. How can we command joint forces? So that is a big question mark for this year and the coming years from that regard. Then yesterday we had some voices after the court ruled that they want to have the Brexit go through parliament first before initiated. That some have interpreted that court ruling as to make the Brexit less probable. We still know that foodie a bit more than 50% voted for, Brexit a bit less than 50% voted against and those that voted against are still there. And so there are inner fights. There is a stalemate more or less. Nothing is really going forward in a speed which would be wishful for both parties. The EU and would also be wishful for the UK in my opinion because you know until there is a real decision made. We have uncertainty and any uncertainty as long the longer this uncertainty goes the more costs are being produced by that uncertainty. And that is something that we have to deal with. Donald Trump now I almost wanted to say Obama but is Donald Trump he has per executive order agreed to build the Keystone XXL oil sense pipeline. So that is a pipeline going from the oil sense in Canada bringing oil all the way down to the Gulf of Mexico. But that goes through a Seahawks Indian area and it goes the pipeline should go below a sea which is there in an environment that is being protected. And should that pipeline actually leak that would be the end of that nature habitat there. That is the danger that is also the reason why Barack Obama in 2015 said that the Keystone XXL pipeline will not be built. So now Trump has says it will be built. It will come. And there's a second pipeline Dakota access that will also come to the United States at the same time we see where the dangers are in Canada. There's been a oil pipeline spill 200,000 liters of oil have gone out of a pipeline. And it was actually a resident who by luck found out that after a week where he smelled this crude oil smell and after a week he went over there to find out where that comes from. And there he saw that big sea of 200,000 liters of oil flowing around. So now they are trying to clean that up. But at the same time we see that in the United States that has nothing to do with the oil spill in Canada. But in the United States after Trump had those executive orders for the pipeline XXL and has also met with auto mobile producers, automotive producers to bring back jobs to United States. They should build manufacturing in the United States and they will get environment permits from Trump very fast. That was what he actually said to Ford and to the auto builders in the United States. And at the same time there is a blackout for the environment protection agency who is no longer able to communicate with the press. There is no longer able to use social media and they have also a complete blackout for that agency. So that is interesting to see where this will actually lead us. So that is actually it for now. We've got an uptrend still in European stocks. We've got a shallow consolidation over the past days. Yesterday the DAX profited from the Brexit news and from less than probabilities that Brexit will actually come. So that has been positive for the DAX index. So that might be that he comes out after we had a really shallow and tight consolidation. And we might break out of that consolidation and go in northwards in the direction of 12,000. If that breakout is successful that might be a signal that something like this is happening.