 Good morning and welcome to CMC Markets on Thursday the 29th of September, and this quick look at the markets in the wake of last night's agreement by OPEC members to cut production to 32.5 million barrels a day. Now the data as of the end of August suggested that output was currently running in around about 33.3 million barrels a day. And while we don't really know the finer details of the agreement, what we do know is that it's not likely to take effect until November. The finer details do need to be thrashed out, and it's not immediately clear who will have to cut production. Certainly it would appear that Saudi Arabia appeared to have backed away from a confrontation with Iran because Iran's stance was that it wanted to boost its production capacity to at least four million barrels a day, and currently it's around about 3.6 million barrels. But I think we've got an indication as to the strain that the Saudis finances are under when they announced 20% cuts to ministers' salaries and the removal of other perks earlier this week. So what's it done to the oil price? Well we can see straight away here that ultimately, even though we've seen a very decent rally yesterday in the wake of this candle here, we're still below this trend line resistance from the June highs. And ultimately while OPEC may talk about cutting production, talking about cutting production, and actually doing it are two totally different things, and it's important to also note that this production, this agreement or understanding, does not apply to non-OPEC members. And Russia is currently pumping a pretty much record capacity and trying to persuade them to cut back their production, I think will be quite an interesting conversation for OPEC members to have. Put it this way, good luck with that. So that's the Brent price. We saw a similar rebound in USWTI prices as well. And what is quite interesting to note here is also we've managed to respect that trend line resistance from the peaks that we saw in June. So while we've seen an initial rally, it would appear from my initial analysis of the situation is what we've got is an exercise in jaw boning. Ultimately, I think it's going to be very, very difficult for OPEC members to persuade certain members to cut production while at the same time allowing other members to keep production unchanged. So I think the devil is in the detail. We'll see how it all pans out. So how is this going to affect equity markets this morning? Well, obviously 100 is back above 6,900 and could well open above that when we open for trading at eight o'clock today. But it's important to note that we are still below the peaks that we saw from earlier this year, around about 6,974 and obviously the August peaks that we've got back here. So that's certainly something to keep an eye on. I think obviously while there's a little bit of euphoria around the open announcement, I think once the detail starts to get thrashed out, we may find a little bit more of a sanguine approach to markets as trading gets underway. One other chart that I want to show you, which I'm particularly interested in at the moment, is Euro Sterling. Because earlier this week, we saw a potential bearish reversal on the daily charts. At the moment, we're finding a little bit of support just below 86, but ultimately this looks like a bearish reversal. We could well have seen the top in Euro Sterling. And as long as we stay below this series of double peaks here, then I think there's potential for us to drift back down to the lower end of this recent range. Certainly the oscillator is now starting to turn over, which does appear to suggest that potentially we could start to drift lower. I'm going to finish up with Deutsche Bank, because I think Deutsche Bank is probably going to continue to be front-hand centre of market sentiment at the moment. And at the moment, we're still looking at a resistance around about 11 euros. Still on a downward track, this is the next key resistance level that I'm looking at for Deutsche Bank, is around about 11.07, 11.10. We've seen a little bit of a rebound. But ultimately, are Deutsche Bank's problems over? Far from it. The fact that the German government, whether they deny it or not, is working on a rescue plan. I think it would be extremely reckless if they weren't. It's going to be front and centre, and it's likely to be a continuing theme for the rest of the year. That's it for today. Thanks very much for listening. This is Michael Houston talking to you from CMC Markets.