 Good morning. The Federal Reserve has warned that waiting too long could overheat the economy. Now there is a silence period of one and a half weeks until next week's Federal Reserve meeting, and they used the last day. That was the Friday to give very precise hawkish hints to the rate hike, which given those comments is still in the cards even for September. Markets reacted sharply. The complacency that we were in in the past two months has been broken. There is a double top formation in the Dow Jones, which normally stands at the end of an uptrend, so Dow Jones for industrials for the equities there are in corrective mode now, technically. 2% down feels like 10% down on Friday feels like much more because we come from a very low volatility environment. Now volume is coming back. We had a breakout on Wall Street and in the European equity markets in August, which was based on very low volume. Now volume has come back and now we need to see buyers at the levels that we are at this morning. Now if you look at the JGBs and the rates of the JGBs, they have gone up from 0.05% to 0.5% in four weeks. The prices of 30-year Japanese government bonds has gone down 15%. Anybody who invested in JGBs four weeks ago has lost 300 years of interest, cumulative. So that is very delicate development for stock markets because right now we have the situation that equities are relatively expensive and at the same time government bonds are extremely expensive. So both are very expensive. That could have been a situation that could have lasted for virtually forever as long as rates of government bonds would have stayed on a very low level. But now we have the situation that they bounce off their 0% lower bound mark and they rise relatively quick. And that is a very dangerous development for equities and now we had a Finance Minister meeting of Eurozone Finance Ministers in Pratislava and there is the Finance Minister from Malta saying that the austerity which has crippled Eurozone governments in the past years actually has ended. They want to invest based on debt finance stimulus programs and that was also the message somehow from the T20. They didn't say that they wanted to make new debt to get new growth but the message from the T20 in China just a week ago was that governments now need to make sure that growth is coming back. So if and that is the very delicate and interesting question for equity markets if governments worldwide were to engage in debt finance stimulus programs again then the question is can rates stay as low as they are right now? Can they stay there or will they go up? Now take that and combine that with the normalization plans of the Federal Reserve when it comes to their future monetary policy and you have a mix which is not the best mix for equity markets going forward.