 Good morning to CMC Espresso, your daily news update from the Frankfurt Office of CMC Markets. Yesterday the energy department in the United States reported the second biggest weekly draw in U.K. and U.S. gasoline this summer, which fits into the summer driving season, where there is a higher demand for gasoline, but that was counted by an unseasoned growth in crude stockpiles. So crude went down yesterday and that was also driven by the news that Saudi Arabia is pumping oil at Reketai volumes in July and that added to worries about a global crude clot. The Bank of Japan meanwhile tries to identify why they haven't been successful with their monetary policy attempts. They just published a draft of what they found out and there are three reasons or three main reasons the Bank of Japan sees as the root causes for why their monetary policy didn't work. First is the fall, a sharp fall in the price of oil. Second is a prolonged hit to growth from the sales tax hike in 2014 and third is Japan's inability to shake off its deflationary mindset. Some see that as the precursor for helicopter money. So the results of that review or root cause analysis could be taken as some sort of excuse and to tell the people okay hey we've done everything by now, but now we have to do helicopter money because everything else didn't work. The Bank of England yesterday said that they will catch up their lost government bond buys in the second half of the year so they will take time or the next months. They do not want to catch up on those on those buys on the on the gap actually in the QE program. They do not want to do that tomorrow or today but they will take that time. The problem was that they have started a QE bond buying program but the problem was that on the secondary market the supply has not been sufficient because investors hold on to their government bonds because unlike the Japanese and German counterparts no benchmark UK bond yields have fallen below zero yet so there are still there's the money to make some investors do not want to sell right away. Then there was a study from the Bank of America and they found out that German invest or German companies do not like to invest because they actually have to build up large pension liabilities. Bank of America found out that those saving that savings of companies are a function of pension reserves and aging of the employees. So they found out that companies with an older employee or older employees actually are building up more reserves for pensions and they will automatically invest less. So that could be one reason for why there is deflation in the whole of in the whole euro zone that's the interpretation of Bank of America. If you look at the population in Germany it's not getting younger but it's aging and so this trend should Bank of America be right should just or would just continue to intensify.