 Good morning to CMC Espresso from the Frankfurt Office of CMC Markets. Despite unprecedented measures to provide liquidity by the European Central Bank, the Deutsche Bank shares dropped almost to their lowest price on record. Many wonder what signals that might send to the markets and many wonder why the ECB has to resort to such measures as it does. Does the ECB see something that we do not see? If you've got the spare time, make an overlay of the yield chart of German Buns and the Deutsche Bank stock and you will see a striking resemblance here. In the end, systemic risk is twofold. On the one hand, there is a liquidity component in it, which was certainly alleviated by the ECB or perhaps even eliminated. On the other hand, there is a solvency component to the risk of a systemic risk. This one might have been exaggerated by the actions of the ECB, which lowered rates to solve liquidity problems. But the primary business of banks is lending money and this part of the banking business is just dead given the low rates. It even costs money to hold cash and so there are rumors circulating that Commerzbank is exploring ways to store paper cash in its vaults to avoid paying interest to the ECB. We have the risk of zombie banks. This is what Carlos Costa, the governor of the Bank of Portugal, said yesterday. Keep an open eye to the possibility that a renewed focus on the European banking sector and its possible instability and low profitability could very quickly turn into a new banking crisis. The bearish mood in the markets wasn't helped yesterday by news that the credit rating agency Fitch has put in Japan's credit outlook to negative after a postponement of the hike in value added tax that was planned for the next year, was postponed for years. That will be an additional burden for the government budget, which is already running deep in the deficits thanks to the immensely expensive abenomics policies. Something that has gotten expensive, look at the value of the Bitcoin after it rose to a record of $230, a multi-year high just last September, it corrected and now it's shooting up costing about $710 last, was the last price as I saw, which is the highest quote since early 2014 when it was sliding from its all-time high, which was above $1,000. Behind that move some traders expect are Chinese money launderers trying to get more money out of the country than the amounts officially allowed by the Chinese government. Now if this is right, it is only a matter of time when the spike in Bitcoin quotes is going to tumble because sooner or later Chinese government officials will clamp down on this trend. But there is also another component to this development and that is the ever-persistent fear of a policy mistake by the Communist Party in Beijing. They try to implement so many reforms at the same time that one might wonder how high the chance will really be of something going very wrong in the end. If you look at the technical situation of the price of copper, which has a very sensible indicator for the Chinese demand, then you find that it has formed a technical double top in the past months and that formation could be a signal of a new Monty decade lows in the price of copper about to come in the summer months.