 Good morning, ladies and gentlemen and welcome to the new trading week. Welcome to your daily news update from the Frankfurt Office of CMC Markets. When you look at Wall Street, there was the best trading week for equities last week since the year 2014. When you look at US Treasuries, it was the worst week since the year 2013. 1.2 trillion US dollars were lost on the Treasury market and one reason for that is what Goldman Sachs explains. They expect that inflation will go up as a result of debt finance infrastructure investments that Donald Trump, the Trump government, wants to initiate. So inflation will go up and Goldman Sachs actually recommends going long in gold and gold had a worse or really really a bad week at least. There it will be interesting and important to see that it holds the support at 1,199 US dollars, so just shy of the mark 1,1200 should not go lower than that. Should it do that, then it would be a more bearish chart, because if you look at the chart of gold, it has bottomed out in just one year ago. So in winter and early weeks of the new year, it has formed a bottom, a rounded bottom. Off of that, it has built or has made a series of higher highs and higher lows. Should it go below 1,199 US dollars, should it go lower than that? It would interrupt that series of higher highs and higher lows, so it wouldn't be a clear and healthy chart anymore. So watch for that support. Last week, there was one big trend that was emerging markets equities. They had huge outflows. So after Brexit, we know that global funds went out of euro stocks. So the euro stocks and the DAX, for example, they pulled out money from there and they went into emerging markets because they said okay, China's stocks in Hong Kong have the least to do with Brexit, so they are interesting and they are also interesting because the Federal Reserve, as a result of the uncertainty, coming out of Brexit will keep rates lower for longer. So that would be positive for emerging markets. So if you look at the Hang Seng, it bounced off meaningfully because investment funds invested their money. They got out of euro stocks, invested them in emerging markets, and they invested them in the United States. Now we see that as a result of Trump and its protectionist measures he wants to implement do investment funds again, pull money out of emerging markets. And there was no single central bank actually last week with the US elections who was not looking closely or even intervening in their FX markets because they saw that actually there were a lot of funds pulling out money out of their country which weakened their currencies and so there were a lot of FX interventions to stabilize the yuan, to stabilize the South Korean one because they weakened meaningfully as a result of that capital transfer back into the US dollar. Until there will be some more certainty regarding the foreign policy of Donald Trump and trade policy he wants to do, I think, that emerging markets, treacheries and emerging markets, FX as well as equities from there will be under pressure. Last week the big winners, when he comes to looking at the several sectors were healthcare. Those were the like punchbacks in the election campaign rhetoric between Hillary Clinton and Donald Trump. Both said they want to totally change Obamacare. Clinton wanted to change it in parts. Donald Trump wanted to like completely make a new Obamacare like a Trump care. I don't know what the name of that will be. Now he said that he wants to keep parts of Obamacare and wants to just do some or redo some some some big parts of it. I don't know the details yet, but healthcare stocks were the punchback. They suffered like losses of 20, 30, 40 percent. I had that in that news update video just one and a half weeks ago. I talked about that and so they rebounded healthcare, one of the big winners last week. Again here industrials also up meaningfully they expected there would be big contracts coming from the government soon and as then also was the word I was looking for also the tech sector and banks were the big winners. Emerging markets equities and treasuries I just said that were on the losing side and also utilities and consumption were going down that because they are defensive sectors and everybody went up the risk curve last week. I went into the full-blown risk on mode and went into some more interesting sectors and sold the defensive consumer discretionary and consumer staples stocks. Yeah, and that is actually it for the moment. Just one some some last words to the WTI and print prices. They went down meaningfully last week because there are two trends actually happening. One is that the OPEC hasn't shown the discipline that it wants to or that it needs at the end of this month. When they will meet in Vienna they want to cut their daily production quotas by as much as 1.1 million barrels a day, but they need to have the discipline to have any or every member country to really follow that production cut. Now we know that just in the past month Iraq and I know it was Iraq and two other countries actually produced over their quotas. So they produced more than they allowed to. So it would be interesting to see if the OPEC really can have the discipline to make to really make that cut. If not and the markets for now are really doubting that it can. If not then everybody would just produce as much as they want. One factor that came into the bearishness with WTI lately was of course the election of Donald Trump. He wants to have no environment protection anymore. He wants to have a full-blown fracking production, full-blown offshore production of oil and gas and he wants to also bring cold back into the game. So that one should assume could also lead to more oil production in the United States. That is bringing the swing producer of the world which is the United States back in the game. Not for now, not for next week, but next month there could be an increased US production because of the new Trump government actually subsidizing or whatever this sector that has suffered so much from this twinkling oil prices.