 Good morning ladies and gentlemen and welcome to your news update on CMC markets, the Japanese Prime Minister Abe Once a summit together with Trump as soon as possible Trump the Trump election campaign rhetoric as we all know now wasn't rhetoric only its actions its business deals and deals First values base politics second see yin pin will be the first Chinese premier To speak in Davos. He will be speaking today Now that we have a more in what looking at Trump administration. We've got the disruptive Brexit EU exit Now China could try to profit from that by defending structures of free trade and globalization Question is how far we see go to fill the gap of Trump on the world stage Will China take advantage that will be the big question here from Davos today Another big speech will be from Theresa May today Regarding the Brexit negotiation terms How hard will the hard Brexit be and that will be the big question number two out of speeches that are coming to dying see Once they have the Chinese Premier once they have international cooperation and openness Trump once Sees the EU as a tool of German domination and sees the NATO as obsolete He wants to build walls So there are two different concepts of political and economic order existing that that is a new New way of seeing things after the existing order after World War two is Suspended somehow lots of uncertainty. So we've got for the markets coming for 2017 but the volatility is still very low, which is astonishing Markets ignore that uncertainty Question is how long will they really do Now we all know that Hillary Clinton will not be sworn into oath on Friday She will not call David Cameron and closer ties with Europe. It's different Davos 2016 was all wrong They expected that there will be such a call and that there would be Hillary Clinton in the White House and such and so on They were all wrong At least that was the was the forecast that Reuters and other news agencies had from a consensus to you out of Davos They were really wrong with that assumption. If you look at BMW Trump wanted to instigate a 35 percent Penalty tax for importing cars from the Mexican plant that BMW plans to build and For every car that is being imported into the United States there would be a 35 percent tax but for every tax he needs to involve Congress and Republicans the Republican Party has been more For free trade in the past so that is unlikely that there will be some special tax He can at least without involve in Congress set tariffs But that must be aligned with trade deals and there is a trade deal with Mexico still intact If he has some special tariffs, he would like Yeah, not not really be in line with that trade deal. So that would bring the World Trade Organization To look into what he does there so for now, this is a lot of Beating the Trump what my Donald Trump does but the details and how he really wants to execute on those threats he is proposing will need to be seen