 Good morning. After leaving the Federal Reserve alone, the Bank of England is now engaged in rate cutting and QE programs and now the US Federal Reserve is actually alone in the world when it comes to their plans of normalizing their monetary policy. So now if economic data is going to be better than expected, markets do no longer expect the Federal Reserve to react to those data by hiking the rates. This is the situation. If you look at the Fed funds rates, they actually are not going up if there is any better than expected data like the NFP payrolls numbers that we had one week ago. So the chances for the Federal Reserve hiking rates were not really going up meaningfully. And that means that the situation for equity markets is that they are in a very sweet spot right now because if retail numbers on Friday, if they come in below expectations, that means that the rates will stay lower for even longer. If they come in better than expected, the situation right now is that markets do not really increase the probabilities for another rate cut by the Federal Reserve because if you think it through, it would be the Federal Reserve alone hiking rates that would serve to strengthen the US dollar even more. And the dollar for some politicians in the White House is already too strong and they would like to have it weakened for the export industry to stimulate their earnings which are going down already. So that is the situation right now. Equity markets are in a sweet spot and also there is for the moment at least no real danger for the oil price because oil prices just two weeks ago were threatening to drop below 40 and another sell-off below 40 would have served to really push Wall Street lower, push oil stocks lower and bring back the specter of a junk bond crisis in the United States because all the junk bonds that oil companies held would have been really threatened because of bankruptcies in that sector. But now it bounced off that 40 dollars, it bounced off that 200-day moving average which is at around 40 dollars in WTI, the US crude. And so I also saw the Arabia joining in talking about production cuts from OPEC and non-OPEC countries that they would be very well joining such talks but how would those talks actually look like? If you look there could be OPEC, okay they have just met some weeks ago but they didn't really get along with anything that comes to production cuts or anything like that. But it would be OPEC then it would be Russia and actually it would need to be the United States joining that negotiation table but no chance that that will happen. So that's the rumor right now and it really impressed short sellers who were betting that there would be a sell-off below 40 and they realized okay after the bounce of 5% yesterday on I guess it was Thursday last week a bounce of higher 5% in WTI and print prices and then there were those rumors by Saudi Arabia and then they just switched positions from short to long and that actually rescued the oil markets and is a good sign for equities going forward because it means that okay there will be another sell-off in the price of oil which is good news for the equity markets going forward. Interestingly if you look at the Bank of Japan it is actually engaged for years now in buying ETFs on Nikkei and Topics equities and it is now the top 5 owner of 81 of the Nikkei 225 companies. It's the top 5 owner and it will be the number one shareholder in 55 of those firms by the end of next year. That has one problem coming with it and that will be the like getting the results of that it will be that the free float will try out in some of those companies because some companies just have like 20% of the free float of their total shares as a tradeable free float on the exchange and if all of that 20% would be soaked up by the Bank of Japan and if the Bank of Japan would deny selling any of those stocks or ETFs it would mean that there won't be any volume left in those shares which would make them very hard to trade so the results of this would be an increase in volatility so one must suppose right now and that would actually mean that the cost of efficiency in the markets is going up and not down as a result of that Bank of Japan buying so that would be interesting to see the results coming out of that.