 Good morning to a CMC Espresso from the Frankfurt office of CMC markets. While there was quite a rally yesterday, the DAX went up 200 points, the FTSE 100 also went up quite nicely after our trading Wall Street was also rallying. There were two reasons for that. Italy, as the Wall Street Journal reported, received 150 billion euros from the Italian government, which was also approved by the European Commission, and they will use the money to stabilize their banking system. The Italian Finance Minister said they want to prevent a bank run in Italy. So, okay, that seems to be prevented by that, but in the end, anyone could have his own opinion if that would be something that is really something positive. Everyone has its own opinion as well on the second cause for the rally, the second origins, and they lay in Frankfurt just some meters down the Main River. There's the ECB who yesterday said that actually Mario Draghi said yesterday that they will try to alter how they buy the government bonds in the eurozone. By now, there is like a financing key. The ECB is financed by Germany, by Italy to a different extent. So, Germany is the largest holder of the ECB. And to that extent, that Germany holds the ECB, it is in the ECB key. To that extent, they will buy government bonds of Germany. So, the largest chunk of buying occurs in the German government bonds. But the problem is that there is a lack of quantity. And so now they want to orientate themselves, not on the financing key anymore, but they want to orientate themselves on the volume of issued debt. Which means that everyone who issues more debt will get more buying action from the ECB. As mentioned yesterday, the EU 27 made it clear they will not let the British government play the referendum card to negotiate a better deal within the EU. And so market reactions around the Brexit are becoming more focused on the UK markets. The rest of the world is still very much driven by Brexit development. Some traders seem to remember right now that there are still other themes in the market to care about, like the now probably postponed rate hike by the Federal Reserve. This helps emerging markets look at the precision stock market or other emerging markets, they are well bid, given a specter of lower rates for longer. Still, the volatility will be higher than usual though, which is a simple effect of investors not able to clearly assess what the economic fallout of the Brexit will be. Especially now that the former request under the Article 50, under the Lisbon Treaty will be postponed maybe, maybe by months. This seems to be a real problem for European banks and investors seem to have lost some nerve around Deutsche Bank stocks. The German bank yesterday was named as the biggest systemic risk in the world, not by some fearmonger or doomsayer, but by the IMF, International Monetary Fund, one said the DB Deutsche Bank is followed by HSBC and Credit Swiss in regards to global systemic risk. In the end, this IMF call is just there to help Draghi do even more to save the banks. He said two days earlier that he on V and everyone in his opinion doesn't have the luxury right now to not address the vulnerabilities of banks right now. Now US banks, which will by some probability be those profiting from the European weakness announced large scale buyback plans, which will definitely help them position themselves for the incoming business from Europe by propping up their share prices. On the other side of the planet, the Chinese government announced that they are fine with letting the yuan, the renminbi as it is called, devalue to 6.8 to the US dollar, which is just another way of saying to the US, hey, you will not get all the free lunch that the weakness of Europe is offering. We want our part of it. Now this will be the last video in this series of CMC Espresso for the next three weeks. I'll be taking my holidays, but I'm already looking forward to get your daily news updates again on the 25th of June. If you liked the past couple of videos and have some feedback for me, just drop me a line in the comments below. This is all very exciting for me to speak to a broader audience in English, so any feedback from you, I would highly appreciate it. Many thanks. Have a good time.