 Good morning ladies and gentlemen, welcome to your daily news update from your Frankfurt office of CMC markets. The S&P 500 sits at an all-time high. It took several days to follow the Dow Jones industrial average to new record highs. The Deutsche Bank expects that the S&P 500 will rise 2500 points next year. Then we've got the Baltic Tri-Index at a two-year high, so another positive sign that there might be some pickup in growth on a global scale. That is exactly what Goldman Sachs expects they are issuing an overweight recommendation for the whole commodity sector. It's their first overweight in four years. They are saying that they see that there is a global pickup in purchasing manager indices worldwide, which might be an early sign of a growth pickup. Sadly, there is no pickup in the DAX and no pickup in euro stocks. Global funds still avoid the policy on political risk ahead of the 4th of December Italian referendum and ahead of all the EU negotiations with the UK. They don't want to get into euro stocks right now and have been avoiding euro stocks the whole year 2016, which is a bad sign, which leads to an underperformance of the DAX. The DAX is still sitting at 10,700. It should break above 10,800 sooner or later if Wall Street continues to make record highs, but full-time being it just sits there and does nothing. Investors, I must say, are at the same time as they are very optimistic about the outlook on the US stock market. Ignore the US debt risk. Obama has amassed 8 billion US dollars in additional debt in his tenor, and now when rates are rising, which they are doing right now, and Trump will increase the debt load ever more, and so Trump wants to invest in infrastructure and wants to finance that with even more debt, then down the road there will be a fiscal and monetary conflict coming, and that will be very interesting to see how this will play out. Right now the markets are expecting that the Federal Reserve will hike rates by 25 basis points, so a small rate hike in December, and the probability for that markets are seeing at 100%.