 Good morning, ladies and gentlemen. Donald Trump is going to go into the White House early next year. This is just a continuation of the anti-establishment wave that began with the Brexit vote. Now we've got Donald Trump. On the 4th of December, we will have a referendum in Italy about the power the Senate in Rome inherits. So the referendum is all about breaking down the power the Senate in Rome has and breaking it down to the local level, which is an anti-prosels and anti-EU vote referendum, so they will decide whether or not this should happen. 4th of December, please this time do not trust any upfront service with your positionings in the market. Now, when you look at Trump, he paid four and a half or four dollars and fifty cents per vote. Clinton paid eight dollars and eighty cents per vote. She herself actually had a speech yesterday where she said, okay, Trump earns to get a chance of ruling. And of course, Donald Trump himself had a speech yesterday where he was like very, very, very cautious actually. And there was a lot of reactions worldwide, of course, from anybody who could profit from a Trump election. That is Orban from Hungary, Marine Le Pen in France, the right-wing party there. Then there was, yeah, everybody, the German chancellor actually said, okay, we congratulate Donald Trump for his victory, of course. But we need to find common ground on the values that have been formulating and have been defining the deep cooperation between the United States and Germany in the past decades. And that is the common ground of values that we can work together in the future. So she said, okay, implicitly, she said actually that, okay, the harsh rhetoric that has been in the election campaign that has also been fired towards Germany is not a common ground to work with. So the Mexican Central Bank has been alerted by the drop in the Mexican peso yesterday. So they think about intervening in the FX markets to stabilize their own currency. We know that Trump wants to build the wall and that has actually weakened the Mexican peso. Then there is a lot of talk going on about a possible reshuffling and restructuring of the Federal Reserve by Donald Trump. The earlier state for any reshuffling, for any replacing of top personnel within the Federal Reserve is mid-2018 because Janet Yellen's term lasts until February 2018 and the term of Fisher, Vice President of the Federal Reserve lasts until June of 2018. So there's still time for some cooperation between the new government and the Federal Reserve. Now, if you look at what Donald Trump actually wants, he wants infrastructure investments, he wants investments into the healthcare sector. And so that is all debt finance spending because at the same time he wants to cut corporate taxes meaningfully. And so the projections, the forecast, the path for the debt trends of the US government is steep. It's very steep and so he will have to sell a lot of treasuries in the future. So what Donald Trump actually does is he is going towards a path like Shinzo Abe in Japan. Shinzo Abe in Japan has structural reforms. He has monetary and fiscal spending all at the same time. And that's actually what Donald Trump virtually wants. But the difference is that the Japanese government has the debt within their own population while the United States has their debt in China, in Saudi Arabia, in the mid-east. And so that is the big difference they will have to find or Donald Trump will have to find buyers for future US debt. And that would be very interesting because the lender of last resort, as we all know, is the Federal Reserve. And so they need to find some common ground to work together. And yeah, that is really a big, big topic. If you look at how China, one of the big lenders of the United States, reacted to the Trump election. You see that the Chinese Yuan, the offshore C&H, which you can also trade on C&C markets long and short. The US dollar rose meaningfully yesterday in the Trump election versus the Chinese Renminbi or Yuan. And at the same time we see that the T-notes on 10-year durations or the 10-year treasuries in the United States, the yields of them rose above 2%. So there was a strong sell-off yesterday in US treasuries. Some suppose that this is the result of this major drop in US treasuries is Chinese US treasuries selling as a reaction of incoming Donald Trump, who actually said that he wants to have some sort of whatever, you know, new terms of working together with China. Some say in Bloomberg I read the word trade war preparation. So that might be something coming to influence the relations between China and the United States. Now, one last note I want to mention is the OPEC, the oil cartel has decreased its oil price projections for 2016. And now they expect the OPEC price basket, which is virtually just print, to average $40 in 2016 and to rise by $5 per year until the end of the decade. And so in the year 2020 we will have an oil price of only 60. So no major breakout to the upside. And maybe that those forecasts are already an impression that actually they themselves do not really believe that there might be big, big decisions been made at the end of November when they will meet in Vienna the next time.