 Hello, I'm Jasper Lawler. Welcome to this week's CMC Markets weekly update. We're going to focus on the fact that there's been driving markets, notably currencies and stocks, within Europe for the last couple of weeks, if not the past few months. And that's policy action from the European Central Bank. Now, the meeting was held last Thursday and I think it's fair to say it was a bit of a disappointment. There was some anticipation going into the meeting, rightly or wrongly, that the ECB would announce some extra policy measures to stimulate the European economy and try and pick up inflation that's been really sagging behind the rest of the world, almost heading into deflation. That didn't quite happen. What really markets are looking towards here is government bond purchases. And so there's been no real official recognition of that taking place, only that it's a possibility. The only really thing that we have to hold our hat on at the moment is that the ECB are going to expand their balance sheet to around one trillion euros, which is the level seen last in 2012. And so we have to look at how they're going to get to that. They have a couple of programs already in place, buying ABS securities, buying covered bonds, and also long-term refinancing operations. TLTROs, the latest program is, and it's essentially just cheap loans to banks. Now, what we're going to get this week on Thursday is the results of the second round of these TLTROs. And what we want to see is a good take-up from banks that they're going to use this cheap financing from the European Central Bank to pass into the European economy, offer loans, and hopefully spurs some growth. The worry is that just the demand isn't there in the first place, for these loans, and the program may not sufficiently add to the European Central Bank's balance sheet to get to this target or sort of reference number they've used of one trillion euros. So why does this all of them matter? Basically just because if this program doesn't seem to be working, they're probably going to have to move on to another program to get their balance sheet to where they want, and that would be full quantitative easing or government bonds. So in markets, we saw a big rally up in the German DAX or the Germany 30 as we use it in CMC markets. Just prior to the ECB meeting on Thursday, then we saw a big pullback down, markets rally back up again on rumors that the ECB may do something in January, as well as impressive US jobs numbers. But this week, we've really seen prices coming off hard, and I think maybe that could be a continued trend should this program for TLTROs look actually a bit more impressive than people are expecting. So how do we interpret these TLTRO results? Really, a good set of results, namely good take-up from these banks, probably looking at the consensus being about 170 billion euros. Over than that, that's probably going to weigh on European stock markets and be a positive for the euro, whereas a worse than expected set of results almost counter-intuitively would actually probably be good for stock markets and not so good for the euro, just because it implies that the program's not doing its job and they need to move forward to first, perhaps, corporate bond purchases, and then government bond purchases sometime in the new year. As long as that program for stimulus still looks in place, then there is going to be some kind of support underneath European stocks, but it's exactly the timing is what we're focusing on, and that's why these TLTRO results on Thursday this week are going to be so important going forward. So we've been talking about a couple of different assets here, so let's have a look at the charts and see how they play into the results on Thursday. On the Germany 30, what we could have in play here is a potential double top right around this 10,100 level, whereas, so what we're looking for there is for a breakthrough, this neckline that you can see underneath supporting prices at the moment, a breakthrough there points to potential lower prices, whereas in the euro-US dollar, a key level has been the 123.60, which we see according to this euro-US dollar chart, prices broke through on anticipation of more action from the ECB, but have it subsequently broken back above and are substantially higher and back within that middle range. So prices really need to drop below there again to sustain this euro-US dollar run down and decrease in prices that we've been seeing. Otherwise, we could be looking at a breakout at the top of the range and move towards higher prices. That's it for this weekly update. Keep an eye on the euro-US dollar and the euro against other cross-currency pairs, as well as the Germany 30 and other European indices. It's really very much about stimulus at the moment. European growth is not quite where it could be and so markets are really reliant on the European Central Bank to do something here and markets always want a bit more stimulus and it's just a matter of when that and if that can take place and probably sometime around the start of next year.