dollar after we got that better than expected ifo data. all right. let's talk comphod eyemodities because it was a big week. wti crude oil falling and breaking below $50 a barrel. gold also in the lime light now down for the fifth straight week losing more than 3% in trading below 1,100 last week which is a key psychological level. and spot gold let's keep an eye on now up 5 bucks on the day. bill o'neil from ubs management still with us bill we're looking at the german dax of 15%. french markets up about 18%. the ftse european market up 0.2% why is that? >> it sort of broadened in the uk against the performance, not simply down against the commodity, clearly energy as well. those do account for 25% of the earnings base in the market. and earnings up 8% year to date in trade index. it's clearly less impressive because of the dollar but the euro is having an impact as well. the relevant of it is an outstanding case of valuation, the weakness in earnings has affected the weakness in the market. >> the npc meeting last week suggests that policymakers ar

a lot has to do with better than expected ifo data out of germany. 108 is the number for month of july, versus 107.5. perhaps the reason we're looking at the german market down at this moment. a quick look at bonds. if you're selling equities you may be buying bonds. we're looking ten-year german yield at 0.687. you see the ten-year yield at 1.9%. we're going to keep an eye on the u.s. with the fed policy coming up on wednesday, are the feds going to continue to raise the rate? that's the quig ing with question. the euro hitting that better than expected business sentiment out of germany. as you can see, we're holding on right now 0.8%. that could reverse once we hear from janet yellen this week. keep an eye on japan overnight. let's take a look the at commodities shall we? it was the worst week for bti crude. copper trading at a 6 1/2-year low. and brent crude down 0.6%. as oil prices continue to the move on the downside what does that mean for the oil picture and the fed's ability to reach that target. that of course will be something that perhaps traders will be looking for answers