 Hello, welcome to this week's CMC Markets Indices Snapshot with myself Jasper Lawler. We're going to be looking at the Euro stocks 50, but more as just a summary of what's happening in European markets at the moment. We're pushing into three month highs today, so we're seeing a bit of a breakout, so we want to see what's been the run up to that, what's the cause and can it sustain itself. So I'm going to dig into the details on this daily candlesticks chart for the Euro 50 in a second. What we're talking about here is some of the fundamental causes of what's happening in European markets. Now, if you remember, we had that massive drop in August. What happened though is in September, we went down, we retested those lows in September, but weren't able to break down. From that point, we went to more of a kind of consolidation type market. The market went pushed up to the highs that we saw in September, and then we actually got a breakthrough. As you can see on this chart, really the catalyst for that breakout of the range which really changed the dynamic in the markets was when we had the last European Central Bank meeting, and they said that they were going to reexamine policy in December. And so markets fired higher. A couple of days later, they pretty much put in the top, and we've been going sideways really for the last month since that, with just the one exception that you'll notice on the chart, which is when we had the tragic event in Paris for those terror attacks, obviously there's a lot of fright in markets there. We sold off, but it pretty much returned on the same day. And so now we're back to where we started. We're right at the top of this trading range. And so now we're dealing with the prospect of a breakout. And why we have pushed up in the last couple of days is because expectations are rising a bit about what the ECB may actually do in their meeting, which is taking place next week. And so they've talked about a two-tier deposit rate. Sounds very boring. But what it really means is that they may actually have a bit of an angle for cutting interest rates further into the negative. And obviously that is just extra easing, extra monetary easing, which will push down the euro. And that lower euro, generally a catalyst for higher European stocks because of the number of exporting countries that there are in Europe. So that's it for this week's CMT markets indices snapshot. Now, specifically with the Euro 50, we're looking at this 3,500 mark. That's the breakout area that we want to see follow through to the upside to tell us that we're in a new phase of an uptrend. But really, whether that's going to happen or not is going to rest on next week's ECB meeting, so we'll have to see how that plays out. And whether Mario Draghi, the ECB's president, can live up to what are now quite high expectations for the amount of stimulus that the ECB is going to add.