 Good morning to CMC Espresso. Markets are still quite calm and hardly anyone expects the ECB to do anything that will change that. The inflation rate in Germany rose to zero in the month of May that compares with a minus of 0.3% in April. The report from Germany, Europe's largest economy, is the latest sign that the inflation outlook in the region is gradually improving as European Central Bank officials travelled to Vienna this week for their monetary policy meeting. In addition, the economic sentiment indicator, a monthly survey by the European Union's Executive Commission, rose to a full month high in a sign that confidence is up in the 19 European countries that use the euro. Thanks in particular to greater optimism among consumers that has led to a pickup in inflation expectations. In a sign of confidence, in consumer demand companies were expecting to raise their selling prices, particularly in industry and services, but also to a lesser extent in the retail and construction sectors. So all eyes will be on the money floodgates at this week's ECB meeting, which is expected to be relatively neutral for markets like the euro or the dex and footsie. The question will be when the idle money of the fund managers will find its way back into the stock markets. Now fund managers are sitting on high amounts of cash and it is clear that this money needs to be brought back to the markets sooner or later. It is quite possible that this will be only after the Brexit vote. Many could be waiting on the sidelines by then, but it is clear that if the UK were to stay in the EU, there could be a summer rally in European stocks. There are some, however, who believe it would be better for European integration where the UK to leave the EU because the political opposition would also be smaller than. In the end, I guess whatever the outcome of the vote will be, whatever opinion one might have, it will be very important of where the negotiations and the aftermath will lead. Besides the Brexit vote, there is another date that you should focus and traders should focus on and that is the 21st of June, so two days before, there will be an OMT decision by the German Constitutional Court. OMT are the outright monetary transactions by the ECB and the court will decide if it is illegal that the Bundesbank participates in the unlimited coverage that the ECB has given the buyers of government bonds of crisis countries in 2012. If you remember, Trager said whatever it takes, he will do to save and stabilize the euro. According to Hans Wernersen from the German EFO Economic Institute, a no of the court could have a major impact on the effectiveness of the ECB's policy, spreads on southern government bonds could spike quickly as the financing of the ECB bond purchases would no longer be secured. In China, meanwhile the government is preparing steps to close new loopholes found by those who want to bring their money out of the country. Many Chinese citizens and companies fear that the government could devalue the Yuan, the renminbi as it is called, and try to bring money out of the country before that devaluation is occurring. A resurgence of capital outflows would make it more expensive for companies to repay dollar debt that reduces also fund managers' willingness to invest in the Chinese markets and revive speculative trades like Soros and Kyle Bays who are heavily short the Yuan and expected devaluation to come. The People's Bank of China burned through $513 billion of its foreign currency stockpile propping up the exchange rate last year so that is a relatively costly endeavour they are undertaking. Now market sentiment has changed and has helped to a modest increase in reserves in March and April. When looking at oil hedges, that is another market that traders should be watching in the next days because of the upcoming OPEC meeting in oil, there are still large speculators bullish on a resurgence, they expect another increase in the price of oil and that resurgence of this kind of optimism that we have in the last days and few weeks has often been a sign that the next swing in the price will be facing downwards rather than up Bloomberg reports that net debts of the largest western oil companies have surged by over a third of the past year increasing their vulnerability to another fall in oil prices. The aggregate net debt of the 15 largest North American and European oil groups rose to $383 billion at the end of March up $97 billion from 12 months ago.