 Good morning and welcome to the new trading day. There will be a new referendum coming to the European Union and that will be an Italy referendum on the 4th of December of this year. Actually what they try to attempt or try to do in Italy is to like cap the power the Senate in Rome has and like deliver that power back to the local governments and that is an anti-prosso's like trend that we have there in Italy so that is going to be very very important for the European markets. Now Italy is trying to do something before that referendum to like exploit the low interest rates like Goldman Sachs, HSBC, JPMorgan and only credit are actually the issuers of something that has only been circling around rumor-wise in the past days and now it's official that those banks will issue or help at least issue or do an auction for a 50 year Italian government bond so Italy is like Belgium, France, Ireland and Spain actually helping to or trying to exploit the low interest rate environment and yesterday there was the price of gold dropping sharply. What was the reason for that? Well there was the president of the Federal Reserve of Cleveland saying we are ready to hike or at least in her opinion the markets are ready to see an interest rate hike this year either in November or December. She didn't say the months but markets are going up with the probabilities for those for those Fed meetings in December they expect with a chance of 63% now that rates are going higher and surprisingly yesterday rumors made the round about the future monetary policy of the European Central Bank. Rumors was coming from Bloomberg and those rumors are saying that the ECB is about to taper its QE program by 10 billion the first taper step coming from March 2017 and onwards so the ECB is not as markets expected going to increase the duration of its running QE program but it's going to taper it down so that would be normalization of monetary policy in the United States and the ECB if that normalization with the Fed is coming the ECB would follow suit so that is something that pressured the price of the the price of gold yesterday then in the evening hours there was print crude oil making new highs for this latest move $52 in print crude oil still is very very important for this market because if it breaks out above $52 then there is some chance for a technical buy signal and a chance for a continuation of the rally