 Good morning, ladies and gentlemen and welcome to the new trading week. Oh, you all had a very pleasant Weekend this week will be very interesting To see what will happen to the price of oil because on the 28th of September this week Wednesday, I'll cheer you there will be an oil conference the Saudis already said that they want to Host a side conference Along that main conference there in Algeria together with Russia to talk about any Steps they could take actually to cap the price or kept the production world production of oil the United Arab Emirates already born that the What the world market for oil needs is? Not something that is a quick solution, but something that is more Lasting and so everybody should be cautious not to do something that is a quick fix to Any problems that might be there because low prices could be too low. So there could be a quick fix That's what the you a ease there United Arab Emirates warrant actually So on the 28th of September there will be the oil conference in Algeria And that will also be Mario Tragi visiting the lower parliament in Germany the Bundestag He will hold a speech there German Finance Minister and Minister Wolfgang Scheubler already demanded That lawmakers are urging Tragi to take a tough or take Or that all all lawmakers take a tough stance with Mario Tragi and his zero-rate policy Scheubler Has repeatedly said that low rates squeeze savings for Germans and created excessive Liquidity in the markets and that is a risk in his opinion and so Mario Tragi is In the crossfire here on the 28th of September in Berlin Then there was Moody's over the weekend cutting the Accredited rating of Turkey to chunk the lira could go go even weaker That's a big question if you look at the price of the euro versus the lira the dollar versus the Turkish lira then The lira of course has weakened are quite a bit in the past Months and quarters Moody's thinks that there is a risk of sudden disruptive reversal of foreign capital flows into Turkey then there is a more risk of a more rapid fall in reserves and in the worst case there could be In the worst case scenario or balance of payments crisis could emerge in Turkey So there's even worse things to come or the risk of those have increased And so they cut the rating a credit rating of Turkey to chunk Then of course I was on vacation just last week So just some words to the Federal Reserve and their decision to hold rates where they were There were 3d centers actually Of course Rosencreen was one of them and that is quite unusual actually because normally there's one Decentre and not three Rosencreen if you remember back just some weeks ago caused a heavy correction in the Dow Jones several hundred points Continued selling on that day where he said that actually a September hike could be in the cards and Now the Fed has held rates where they are and so they avoided any correction continuation but The economy is still weak. So equity prices are lifted back to pre Rosencreen speech levels roughly but from here, let's see normally potential is limited because actually The economy is still weak the industrial Manufacturing sector in the United States is still in recession There are signals that this services sector and consumption is weakening And so that's somewhat dampening the mood on Wall Street right now and As well as there were 3d centers a hike in December has become more probable on the other side of the globe the Bank of Japan has Announced more easing verbally at least But those new verbal announcements are incompatible with their Old announcements. They said that and that was the new part They buy as many bonds as possible or as less as few bonds as possible or Necessary to keep rates at zero. So they will buy Do anything they need to keep rates at zero and at the same time. They said they want to maintain 786 billion dollars of Treasury buys per year But if you really think that through that's not really something that is compatible because if there is less demand They have to buy more than 786 billion dollars. And if there is more demand, they will have to buy less So that's not compatible at that somehow at least that's how plumber put it is Signaling a deepening divide of opinions within the Bank of Japan and as we got 3d centers Which is quite unusual in the latest Fed decision that there is also a deepening divide of opinions within the Fed of a reserve But directions are different Bank of Japan is leaning more towards more easing While the Fed is leaning more towards a hawkish stance