 There were some quite heavy losses yesterday in the DAX index in Germany and European stocks were lower Yesterday as well. We had Chinese in Shanghai the stocks there also under pressure volume has Decreased heavily in the Chinese stock market because everyone wanted to avoid the China specific problems like regulation and Hunting actually for short sellers and stuff and restrictions in trading which have been Yeah introduced last year when the Chinese stock market went down sharply So everybody went to the Hong Kong stock market volumes got went up on Hong Kong equities trading and it went down in Chinese equities trading and so now we have on low liquidity The lowest Chinese equity prices in a month Again, there has been some tendencies that Chinese traders and emerging markets traders actually Very closely watched the situation in Turkey where Moody's Cut the chunk cut the credit rating to a chunk Rating actually and that is Somehow seen as a signal that there is still risk in emerging markets after the sharp rally in the past months in Europe yesterday. It was all about the Deutsche Bank stock which went down to a new all-time low if you look at the technicals, there has been a I Don't want to say a bottom in formation But there was a support which held for several weeks and that support has been broken yesterday And if you look at that Technical situation right now. It could be that the Deutsche Bank stock is going to be single-digit soon Actually the news that throw the stock lower yesterday was the German government Said that there will be no backstop if there should be some problems with the solvency of the bank How could they actually because in the past years after Lehman the eurozone was all Preparing a new measure for bailouts for banks that actually Aligned everyone in the eurozone to get bond holders and share holders to pay the price and not the tax payer Who is going to stem bailouts anymore? And so that has been Sinking into the mindset of traders yesterday, which actually has Yeah led to some heavy selling in the Deutsche Bank stock and it's also one Following factor of the Fed Decision yes, not yesterday, but now last week to hold rates steady to not hike the rates Which is actually threatening and still threatening the original business of banks globally because if the Fed the Fed is actually the central bank who has to go first and after Federal reserve normalized its monetary policy after that can the ECB only normalize its Policy and monetary policy so for Deutsche Bank and for European banking stocks It's no pride future ahead Then if you look at the oil price yesterday it spiked higher meaningfully after there were some Rumors again that there could be something coming tomorrow from al-chiria from the all conference there Saudi Arabia actually Said that they want to hold a conference a site conference There together with everybody who is willing to join so could be something coming from there The Saudis need some solution because it was just a central bank Yesterday or a day before pumping five billion dollars into the banking system in Saudi Arabia Because there was a liquidity crunch a system crunch there because of low low oil prices Because it was just the government the the king And the government in Saudi Arabia pulling out large amounts of money out of the banking system to pay their own bills because the income from Selling oil has twindled and now They pulled out so much money out of the banking system that there is a liquidity crisis in Saudi Arabian Banks, and so the central bank is actually trying to Solve that but that is something that is a problem globally Because a systemic risk has two components a component number one is a liquidity component And the component number two is a solvency component the liquidity component can be solved by central banks just pumping in Short-term papers and liquidity and all the stuff they do Which they have done also in Italy and globally, but the second part of that Systemic risk is a solvency problem and that solvency problem is and can only be solved by the CEO and a strategy of a company and a strategy of a bank But if you look at the Deutsche Bank, and that was the reason why it twindled and the equity price and the stock price of Deutsche Bank Felt in you all-time low How can the solvency Problems of the Deutsche Bank be solved? How can it they cannot? Really engage in proper territory trading anymore on a heavy scale because regular the regulatory agencies just Prevent them to do so so they have to rely on their original business, which is lending money But because of the low rate environment, this is just not possible anymore And so it's just a question of who bears the losses and yesterday it was a signal from the German government that it will not be in the government and taxpayer who bears the losses that the Deutsche Bank makes but it will be the shareholders and bondholders of the of the Bank and so this is the negative Signal there so watch all prices today very interesting also tomorrow and the rest of the week There could be some volatility there in regards to anything that might come from Algeria