 Hello and welcome to CMC Markets on Wednesday the 28th of March and this quick preview of the week beginning the 2nd of April. But before we look at next week's calendar, particularly non-farm payrolls and some important manufacturing and services PMIs, I think it's incumbent upon me to look back at the events of the last week or so, but also the last quarter because we're coming to the end of the quarter, the first quarter of 2018, coming to the end of the month, coming up to the Easter break. And what we're seeing at the moment in contrast to what we saw in January for all the optimism around there is going to see stock markets and the quarter lower. And in the case of the S&P, it's going to be the first negative quarter for nearly two years. So what does this mean for risk going forward? Well, certainly I think looking at the German DAX, first and foremost, we are still above the very, very key support level. And that support level is around about 11,700. So in terms of where equity markets can go to next, while momentum is starting to roll over, we still haven't taken out these key support levels. And until we do so, we remain susceptible to rebounds in equity markets. The same applies to the S&P 500. You may have heard this particular level mentioned quite a lot on Bloomberg Television and what have you, but it's the 200-day moving average. And currently, we are trading above that. And it's important in the context of the support that we saw put in in February, but also the support that we've seen it hold above this week. So a daily close, but below the 200-day moving average would potentially send a very negative signal in terms of risk appetite overall. Now, you can argue that the FTSE 100, the DAX, the Eurostock 50, the Catcaton, all the other major European and global indices are below their 200-day moving average. And that is a concern because ultimately what we've seen thus far is a significant shift in sentiment with respect to equity markets over the last two months. And that's going to be very difficult to shake off. So I think even if we do get a significant rebound on the 200-day moving average on the S&P 500, it can only be a matter of time before we start to roll over that. And a large part of the reason for the weakness that we've seen thus far this week has been as a result of weakness in tech stocks. And that's likely to be a theme going forward. For all the concerns about trade, they appear to have taken a little bit of a backseat now that China and the US are around the negotiating table and talking about future trade terms and what have you. And this is a discussion that's likely to go on for quite some time. But what we've seen is some of the most recent economic data. And this is something that's going to be, I'm going to be paying particular attention to for the first week of the second quarter, the first week in April, the first week after Easter, is the PMI data. In particular, the PMIs out of Germany and France because since the end of December, they have been showing significant signs of weakness. I want to say weakness is a relative term. Ultimately, we're still going to get readings in the mid-50s, but they're certainly going in terms of a direction of travel the wrong way. They're starting to get a little bit softer at a time when the euro is on course to retest that 125 level. Now, that 125 level at the moment is a big, big barrier and we all need to bear that in mind. But ultimately, I think what we've got to look at for as well is future expectations about US rate rises. And that could also play in to the dollar side of the story. The dollar is trading at the lower end of its recent range, but is well overdue, a little bit of a rebound. So looking at euro dollar around about 125 sterling dollar around about 142, 143, there's significant resistance levels there to overcome. So that means that next week's economic data is likely to be very important in the overall direction of where we could potentially go to next. So we've got underperformance in European equity markets relative to US markets and the marked manufacturing and services PMIs out of China, Japan, Germany, France, the UK, the US are all likely to be closely monitored for any signs whatsoever of first and foremost slow down from the numbers that we saw in February, but also any signs of a pickup in inflation because we're not seeing that either. And I think that is also feeding into the narrative as to whether or not we're going to see three fed rate rises this year for or maybe just two. And this is where the non farm payrolls data is likely to become in a bit particularly instructive on Friday, expecting a number of around about 195,000 is to recap. We posted a number of 313 on the headline number last month. But more importantly, we did see a big drop in wages from 2.9 percent to 2.6 percent in those February numbers. Now, if we get a rebound in wages, then that could work potentially be dollar positive and actually help push the dollar back up again. So it's the wages number looking for a recovery in wages to around about 2.8 percent up from the 2.6 slowdown that we saw in February. We've also got a direct listing spotify coming on the back of the Dropbox IPO, which turned out to be much more successful than I thought that it would be. So that'll teach me to be overly pessimistic about an IPO. Maintains to be seen whether or not it will maintain those valuations. But nonetheless, on the 3rd of April, we have the Spotify direct listing. If you want to see my notes on that, please feel free to go to the news and analysis section of the website where you can see my musings on that particular direct listing slash IPO. We've also got another couple of other key reports coming out next week. Interest, full year earnings for 2017. Government outsourcer, which has been in significant difficulties. Will they be able to paint a very positive picture in the wake of what happened earlier this year with respect to Carillion? Well, you have to tune in on the 3rd of April as well to look for that. But ultimately, the key data point for next week is non-farm payrolls, which we'll be covering live on my colleague David Madden will be covering live on Friday at 1.15. So that's it for this week. Thanks very much for listening. Have a happy Easter one and all and speak to you all next week.