 Good morning ladies and gentlemen and welcome to your daily news update from your Frankfurt office of CMC markets The upcoming OPEC meeting will show where the direction in the price of crude oil is and will be Will it be 40 or 45 dollars or will it be 55 or 60 dollars that lies in the hands of the cartel? Donald Trump has said that he wants to deregulate fracking in the United States wants to have less environmental protection and that is actually could lead to a cost cut of the US fracking and US oil production that is so the Resistance right now is at 60 between 60 and 70 US dollars This is where the US fracking industry is At least expected to increase production again So if Donald Trump is going to deregulate the fracking sector He's going to cut the costs there. And so this ceiling might come down another cost that could come with Donald Trump and with the Trump government in Washington is NATO and the EU the members within the EU could Have much more costs associated with their NATO membership Some calculate that there could be additional 94 billion euros to be paid. So if you calculate that for the For the countries like Italy, then it would be that their prime surplus of point seven percent Or one point seven percent right now would go down to zero point seven percent. Should they Go up to their two percent NATO Contributions right now they are below that because the United States stems a big chunk of that cost should Donald Trump really Make true with his threat or somehow Proposal that the EU should go to two percent on average and every member should just pay two percent Of their GDP for NATO contributions, then that would mean that Italy and some states that have already they already have large deficits would just have more deficits after that So right now with the ECB and the zero interest rate policy the fiscal discipline within the Eurozone member countries is very low Should druggy in December hint at any tapering that could lead to a rise in rates And that is something that one must ask if the eurozone is really ready for a rise in Of all rising rates that is highly questionable and it might be that Mario druggy and some hints Regarding tapering could bring the euro crisis back Now we've got the referendum in Italy coming up and the sovereign risk for the For for Italy has risen to a three-year high. There's something that is expected Especially the banking sector is underperforming right now the there is a fear that high volatility and A possible power vacuum after rents he stepped back or stepped down Should he step down? It's not really late in Late in stone here, but should he resign then there could be a power vacuum in Italy And nobody really knows who should fill that power vacuum that right now is hurting banks and Yeah, that's a situation that will remain until at least Sunday, but there might be some sort of Like Brexit like stand still after the referendum. So praise for any uncertainty coming from that side the OECD expects that because of Trump because of Trump flation there will be 2.3 percent growth in the United States next year instead of 1.9 percent and That there will be 3 percent growth in 2018 instead of the expected 2.2 percent so an acceleration in growth also in the world economy 3.3 percent growth in the world economy next year instead of 3.2 percent and in 2018 3.6 percent growth instead of 3.3 percent So that is wonderful more debt more debt and more debt to overcome secular stack flation That is what he is OECD Expects and that is what the OECD also Prices if that is something that is praiseable then I asked the question wasn't the overhang in debt in the first place the problem that led to the Create financial crisis of 2007 and eight big question