 Good morning. I hope you all had a very good trading day and a good trading, a good start to a new trading year. There were not so many new things yesterday. The German DAX index was in Wall Street. Primarily the earnings season this time is not as important as the past ones. Because it's all about Trump and expectations what Trump might do to the US economy and the earnings season is the fourth quarter. It's all before Trump or at least mostly before Trump. Obama is leaving. Everybody wanted change. So if you remember back eight years, the world was hoping that there will be a big change coming with Obama. He did good things, but he was also criticized on other things. That's reality, you know. It's not always, everything is always positive, but the big change hasn't really happened. One must admit that Obama inherited the housing bubble and the financial crisis. Trump now has a reflated economy and wants to inflate this economy even more. Equity markets are expecting a doubling of US economic growth and no real harassing fire from the Federal Reserve. So that is a very positive outcome. We've gotten record inflows into equities. And so there is some transferring of money at least going on from the sidelines into the equity markets. You can see that with the sentiment readings from private investors, they are into equities now. Now watch for earnings outlooks. They might be similarly difficult to make for the CEOs and CFOs of US companies and companies worldwide because there is this Trump uncertainty. Nobody really knows what he is going to do, at least not precisely and how much of his promises are really being put into place. If I would have to describe the market with the fewest words possible, I would say that there is hope galore, but few things are concrete right now.