 Good morning to this news update from your Frankfurt office of CMC Markets, Apple reported revenue last evening that fell less than projected and forecast fourth quarter sales that may exceed analyst expectations. The stock which is down 8% for the year rose 5% in after hours trading yesterday evening so this will be a stock in play on Wall Street today. A slump in iPhone sales east in the third quarter helped by demand for the new SE model, a low-end device aimed at consumers in China and other emerging regions. Construction and mining equipment provider Caterpillar on the other side said yesterday in its earnings report that world economy growth remains subdued and is not sufficient to drive improvement in most of the industries and markets they serve. Commodity prices appear to have stabilized but at low levels and global uncertainty continues and the recent Brexit outcome and the turmoil in Turkey adds to risk especially in Europe. The company does not expect an upturn in important industries like mining, oil and gas and also in rail to happen all year. What Caterpillar wrote yesterday in its quarterly report could be the blueprint for the Federal Reserve which is meeting today. On the one hand, recent US economic data would warrant a second rate hike, on the other hand the world economy does not. And in the end stocks go up because there are just no real alternatives to invest in. The Federal Reserve is expected to keep interest rates unchanged this week, deferring any possible increase until September or December as policy makers hold out for more evidence of a pickup in inflation. If you ask me I got more confused every time the Fed met in the past month so this time I expect it will be no different. The normalization of rates is something that has by now at least only happened in the heads and minds of US central bankers and adding to the confusion they haven't been speaking with one voice in the past weeks and months so the situation just does not warrant a clear prognosis at this point in time. It is just very probable that the Fed will hold still this time again which means lower rates for longer and this in turn should bold well for US in emerging market stocks for the moment. Please have a look at the US dollar and gold. Gold has been in a correction in the past days so this time if the US dollar should weaken again this could bold well for gold which has from a trend following and market technical perspective interrupted its downtrend since the year 2011 the correction that we have now could be the last correction before a new uptrend is starting which could bring us a multi-year bull run in gold so watch out where the low and gold is could be now could be weeks still in the correction but it is the market that you should watch today is the first is the US dollar and second is the gold price in a connection with the Federal Reserve meeting tonight.