 The debate effect inherited from Asian markets yesterday didn't really last long in the European day. The markets quickly focused on US fines against Volkswagen and US fines against the Deutsche Bank. Deutsche Bank stocks went to a new all-time low Volkswagen, which has tried to break the short-term downtrend in the area of 125, 126 euros are only at 111 euros after the drop yesterday. So there are concerns that this is not going to be a quick fix in both stocks and that also somehow led to increased selling in commerce banks stocks. The company announced that it will lay off 9,000 employees. That's 18% of the total employee numbers. So quick and really, really harsh cuts there at the commerce bank. Interestingly, there was a rally in the bond futures, despite higher German sovereign risk, investors fled to the safe havens of German government bonds. Then there was the International Energy Agency, Fatih Biroli, a boss, the president there, warning that there will be an oversupply until the end of 2017 in the global oil markets. The markets expect or think that it will be around 600,000 barrels per day oversupply in the oil markets. And yesterday was also Saudi Arabia and Iran saying that they do not expect any meaningful deal in Algeria in the next two days. So today and tomorrow will be the consultations between Russia and Saudi Arabia and Iran and other OPEC members to talk about what they can do to stabilize oil prices, but both countries that actually initiated this or Saudi Arabia at least initiated those talks said that there will be no deal. So oil prices went down again, speculation went out. So the focus on the oil markets is now on the 30th of November. There will be the next OPEC summit in Vienna. Then there was yesterday the IMF International Monetary Fund who said that global trade is not growing anymore as strong as it did. It's just growing by 1.7%. That's well below the April forecast of 2.8%. And so for the first time ever, world trade is growing slower than world GDP. If you view that in the context of those anti-globalization trends that you have globally, that's really something that is concerning. And that is also something that points to a weaker oil price. And interestingly, in that context, it's very interesting to see what Saudi Arabia will do or will try to do to stabilize oil prices in that environment which is fundamentally bearish for the crude markets.