 Good morning, ladies and gentlemen and welcome to the new trading week in the United States at Wall Street. The earnings season is coming and there are mixed forecasts Or about how the earnings season will be in fact said that is one data provider expects a 2% decline in the third quarter earnings compared to the third quarter of the last year which would be the sixth decline in a row. Standard and poor expect a boost in earnings. They are more bullish on that side So that will be very important how strong actually the earnings on Wall Street will be because we've got several headwinds already We've got the elections. We've got a stronger US dollar We've got higher yields and now if there were to come weaker earnings that could really pressure the equity prices on Wall Street and that would be a bad backdrop for a 7 and a half years old bull market that we have there Then we've got Mario Draghi actually on Saturday saying that the inflation targets will only be reached at the end of 2018 or at the beginning of 2019 so there is still time and that also means that there will be no stop to or no ending to easy monetary policy in March 2017 when the current QE Program will run out. Price bubbles. That was what Mario Draghi also said There are no evidence for price bubbles in in the Eurozone at least in his opinion and What is interesting is that he expects that by year end and in the first month of 2017 the inflation in the Eurozone could start to pick up and go to 1% Now the ECB has been wrong in regards to inflation for three and a half years in a row because they set an inflation target of 2% and actually like engaged in several unconventional monetary Policy measures to get inflation up there, but they failed but now they expect that inflation will go up until the year end to 1% and So that could be very positive actually for the markets because we know that after the Brexit referendum What investment funds did they pulled out money out of the European stock markets in racket Quantities and they invested in the United States They invested in the emerging markets because they expected that there will be Continued deflation in the Eurozone now if inflation were to pick up as Mario Draghi expects in the past months in the last months of This year and in the first months of next year That could be a positive sign because it could mean that Investment funds could diversify back from the US and from emerging markets back to the Eurozone And that would be very positive for equity markets there another potentially very positive Development is the Basel committee, which is considering adjustments to its March consultation paper on operational risk and that could also mean that they will somehow Loosen their capital restrictions, which they Say that banks must have and that would be together with rising inflation rates will be a positive sign for the banking sector in the Eurozone now there has been another presidential debate on Sunday and if you look at the Mexican peso, which is like the thermometer for for Trump and the chances of Trump becoming president the Mexican peso is gapping up versus the US dollar on Monday trading so markets are voting against Donald Trump once again and in favor of Hillary Clinton again once again