 Hello and welcome to CMC Markets on Friday the 9th of March and this quick preview of the week beginning the 12th of March. Before we look at this particular week I think it's important to look at the events of the last few days. It's been a decent rebound in European and US equity markets and this is despite all of the talk and the implementation or the promised implementation of tariffs on steel and aluminium by US President Trump. Now Markets were a little bit concerned about that quite understandably but I think there is enough caveats, opt-outs and delays, 15 day delay before they actually kick in. But I think Markets perceive rightly or wrongly that there's a decent chance that they may well not get implemented. Having said that we've seen the President's Chief Economic Advisor Gary Cohn resign in protest and I think that does raise concerns about the outlook for the US administration's trade policy going forward because Gary Cohn was considered to be a dove amongst the whole host of trade hawks so while President Trump may have been persuaded to water down his tariffs that doesn't necessarily mean this particular conversation is over. That being said we've seen a decent rebound in European markets and US equity markets. The Italian elections as expected did prompt a rather uncertain outcome and there's certainly potential for that particular scenario to come back and bite us quite hard. That being said the European Central Bank this week left monetary policy unchanged, a slightly dovish outlook and that has started to weigh on the euro though it is now starting to make a little bit of a rebound off the lows of the week. We're trading around about $123, come off highs around about $124.50. The pound is going to be in focus this week particularly in light of the UK spring statement and Chancellor Philip Hammond will be casting his BDI over the state of the UK public finances. The spring statement is the substitution for the March budget which has now been pushed out into the autumn and I think in his latest fiscal update I think we're going to see that public sector borrowing is likely to come in around about $10 or $11 billion under target for the current fiscal year. We'll also get in light of the Brexit debate and the costs and benefits of the Brexit we'll get a cost benefit analysis of projections as to the annual costs of those annual post-Brexit payments that were promised by Theresa May to the European Union as a result of that December agreement that was signed just before Christmas. So we've seen a decent rebound in the pound over the past week or so hasn't completely offset the declines that we saw on the previous week but nonetheless we're still in that range 137-140 and I think it's hard to see us breaking out of that range any time soon. I think the weekly wage growth that we saw out of the US as a result of Friday's payrolls report which was once again a very very decent report but it was a bit of a Goldilocks one it had something for everyone the Hawks and the Doves, 330,000 new jobs, 239,000 positive adjustment to the January number but the wages numbers was weaker than expected and I think that is a concern because the fact that they were weaker than expected well it's not a concern but it's weaker than expected because what it does is undermines the case for potentially four US rate rises this year. The likelihood is that we'll probably get three at the most and it also highlights the fact that for all the talk of a tight US labor market maybe the market's not as tight as people think that it is and I think that could be well born out in the US retail sales numbers that are due out next week for February. The last two months I've seen US retail sales fall short of expectations now if wage growth is weak despite the fact that jobs growth is fairly good these numbers could once again disappoint in one week before the Fed meeting which is due in around about 10 days time I think that could well leak into the economic outlook for the Federal Reserve later this month. Okay so that's it for this week is shorter than expected update than normal. Other companies to keep an eye out for actually just as a bit of an aside interserve four-year results and bail for a beating four-year results in light of the carillion collapse those could be fairly interesting in the context of price movement so it might be worth keeping eye on those two particular companies share price but until next week the Monday market webinar which starts at 12.15 with my colleague David Maddon thanks very much for listening it's Michael Houston talking to you from CMC Markets.