 Good morning. The IMF, the International Monetary Fund wants to see more convergence within the eurozone or there will be repeated crises in the eurozone. There is a persistent competitive gap within the eurozone. We've got 1.6% growth until the year 2019, but the cushion for any error has gone down lately to achieve that growth. So there is really some danger coming from there. Then another organization, a major organization, the World Trade Organization, has a past or is about to pass a major global trade deal within two weeks that could boost the global GDP growth by 0.5%. The name of the deal is the Trade Facilitation Agreement. That is an impact and that is going to impact especially poorer countries, even the export standards for them. So by now you have like six to seven weeks when you order something until the package arrived at your doorstep. In the future this will be only a few days. So that is a volume of one trillion US dollars. So the World Trade Organization says that something is going to foster world trade in an environment where everybody talks about building walls. And yesterday we found out that the Mexican president will not meet Donald Trump. On the other hand Theresa May is happy to meet Trump. But that will be today. It will be interesting to see what is coming out of that. Actually out of the EU we heard that Theresa May has no right to meet Trump. It wasn't there the Brexit and isn't that about to be prepared? So well at the same time the EU ambassador out of the United States has recommended to short the euro. It will collapse within the next 12 to 18 months. So a lot of different opinions and you can clearly see that things are in motion here. 146 companies out of the S&P 500 index have reported earnings by now 70%. So that is 70% are above expectations. So after the third quarter now all the companies are reporting for the fourth quarter. We had the first time since five quarters that earnings in the United States rose again. They are rising again in the fourth quarter and I think that they will also rise in the first quarter. So that is one of the drivers behind the Wall Street bull market. It's earnings growth that has returned and Trump is somehow a booster for that development.