 Good morning, ladies and gentlemen and welcome to your daily news update from the Frankfurt Office of CMC Markets. A lot of news out of Europe this morning. We've got Italy in the referendum with a clear no from the Italian people. Perhaps this was just a bit too complicated. Everyone who grew up and has voted the first time grew up with Bellos Cogni, which was a corrupt government. And actually they might not really dislike Matteo Rensi, but in the end it might have been too complicated and also too important this vote to really change the parliament and how it is structured. And that could have been a reason for this clear no out of Italy. Now we have got the, when I counted it right, the 707th government coming in in Italy since 1945, so on average every year a new government. So there's nothing really new and now we've got the situation again that a new government must be found. Austria has also voted and it was a not right vote, so not a right wing vote, independent party from the, which was supported by the Korean party in Austria one. And so this is a pro-European, a pro-EU vote that came out of Austria. But one has to mention that the cities and the region around the border and sea did actually help the independent candidate or the countryside in the southeast of Austria has absolutely voted for the right wing candidate, Hofer, who will be a precursor, might be a precursor or something that signals that Marine Le Pen and the IFD in Germany might still have some momentum, but for the moment the momentum coming out of Brexit, coming out of Trump, which was regarded as being an endless momentum has stalled for the moment. And so let's see if that is going to continue. We've got Stephen Hawking out of the UK saying that we need more cooperation on a global basis. We've got the technology to destroy our planet, but we have no escape that has been found yet. Cooperation is needed more than anything before. Environment needs to be protected. Species are extinct or there's extinction of species. There is a problem with food production and the scarcity of which could threaten the human man, could threaten mankind. That is actually what Stephen Hawking is saying. And then Trump did actually in his opinion appeal to the smallest common denominator and he thinks that the reason for the dissatisfaction is income and equality and automation and artificial intelligence will go deeply into the middle class jobs and destroy them. And so those jobs that will survive in the future will be creative jobs and supervisory jobs and there will be more job losses in the middle class coming in his opinion. So more inequality and so we need to cooperate and not go different ways. Everyone goes his own way. So no separation, but cooperation is that what he actually thinks is the right thing to do. If you look at the chart of Brent Crude, very interesting. The OPEC has a cooperation formed with Russia and has cut production more than expected and Russia has settled something on it. And so now we've got the technical technical analysis perspective. We've got a breakout out of an inverted head and shoulders bottom formation, a target of which is between 68 and 78. 68 if you project the heights of the inverted head and shoulders pattern out from the low of the right shoulders upwards at 68. If you project that upward on the neckline breakout point, which we had so passed on a weekly closing basis last week, then you get 78. So those are two really high price targets out of this bottom formation. It's really interesting to see that Donald Trump wants to deregulate the fracking sectors over time. I think that there will be market share losses coming to OPEC and Russia, but for the time being, they will have more gains than will gain market share. And yeah, that's a really, really good situation here for the oil price and for the companies that actually produce oil.