it's a huge day for earnings here in european we have dozens of blue chip companies reporting. to stand out from the crowd is some achievement astrazeneca has done so for all the wrong reasons, as it plummets using over 10 billion pounds in value on the back of a failed key drug test why the reaction we'll discuss on "street signs." i'm steve sedgwick, these are your headlines a mixed picture for european equities as 80 stoxx 600 companies report results beverage makers post some of the most notable gains, as the ceo of diageo tells us he is confident on the outlook

>> cash flow really strong we were 2.7 billion pounds, over a half billion more than last year and this is what gives us the confidence in raising our guidance in margin expansion and in initiating a stock buyback this year of 1.5 billion pounds. astrazeneca shares are set for their worst one-day loss, after a key lung cancer study fails, wiping 13 billion off the drugmaker's market cap deutsche bank shares fall on a 10% drop in revenue, as the german financial giant suffers the same fate as itself u.s. peers with a slump in fixed income trading we'll speak to the ceo, john cryan, at 11:00 cet. downstream powers shell to a beat, as the oil giant more than triples its profits in the second quarter ceo ben van beurden tells us the energy market is regaining stability.

bhafrnlg bhafrnlgts. >> what we are seeing is a market cents essentially in bale market is growing fast probably more next year. and long-term supply is declining. i think we need to discuss this astrazeneca story more. astrazeneca shares are set for their worst one-day loss this is not a small company. it happens on smaller companies this one had a market cap before the start of 64 billion pounds the swedish pharmaceutical company saw its combination lung cancer drug fail a key trial the news comes as astrazeneca saw a fall on pills.

i was reading some copy, you were mentioned in this the point about this immunotherapy, immuno-oncology drug, it was supposed to be the brave new world for drugs. to fail a test like this is why the big reaction >> immunotherapy was meant to be the new paradigm shift for cancer treatment it is. we are moving away from chemotherapy to immuno-oncology. the thing for astrazeneca, it's late to the party. there's already merck, roche, other players significantly ahead and advanced than astrazeneca. astrazeneca was hoping to get them to the party and make up for lost time. these results show it is not going to this is a company that's basically defending itself

against pfizerment it need nees something big and new. the generic threat is there and then suitors on the outside. this was about the key defense against pfizer as well, right? >> in many ways it was in that defense they set a target of 45 million in sales by 2023 with this failure it's hard to see how they can get anywhere near that. >> is it a complete failure? i understand that the trial continues. this mystic trial continues to evaluate overall survival over a long-term. the market reaction today is damming. the trial goes on. is it a complete failure >> not yet we're waiting for the overall survival data. this was the progression-free survival data. you tend to get more of an effect with immuno-oncology drugs in overall survival than

at progression-free survival stage. what's more important is overall survival later in the year, beginning of next year there could be some data which comes through which kind of rescues astra a bit, but it needed data that would stand out as stellar data to play catch up on the established players in the market. >> does this put the ceo's future in doubt? there's been speculation about whether he's going or staying what do you think? >> i think there has to be some question marks he lost his key lieutenant to jsk. this was a key pillar of the strategy various other programs have been put on hold as astrazeneca focuses very much are on the immunooncology platform. if that does not deliver t raises question marks about the strategy of the company and his position

>> very question, is astrazeneca shares, are they a buy today or can we not go near them until we get more data? >> i would wait. too much uncertainty >> nice see you, mick. you have run across town to see you. appreciate you coming in and responding to the story. mick cooper, thank you, sir. mick mentioned roche as one group early to the party on immunotherapy. roche shares are trading higher after it raised its full-year outlook and expects to up the dividend in the coming quarters. the swiss pharmaceutical giant published the upbeat giant after publishing first half results which beat consensus estimates the relief from shareholders on roche and shares up 1%, it's putting relief today, big contrast compared to what we're seeing from astrazeneca. >> no, you're absolutely right i do want to remind you it's not always smooth sailing for the likes of roche they had a couple of setbacks,

spae specifically when it came to one immunotherapy drug and bladder cancer we spent time talking about that around the december 5:couple month desk a couple month ago. that's why analysts were actually quite downbeat, pessimistic when it came into going into the numbers they didn't expect roche would be able to raise guidance as they did but the sales were actually quite strong we saw sales of 23.4 billion swiss francs, those were driven by the most important drugs, called perjada let's listen to how the ceo felt about the numbers. >> it's entirely driven by the successful launch of new medicines, such as tacentric,

those medicines do very well that has led to the strong performance in the first six months and we expect this performance and the dynamics to continue for the remainder of the year. >> so, steve, as we saw in the case of astrazeneca this morning, the risk of drug trial setbacks is a real one for the behemoths in the drug space. then the other one is bio similars roche is not active in bio similars, but many aging drugs, evastin, herceptin are at risk from these bio similars which will enter the market in the next couple months in the case of the eu and u.s. and my question was how would you deal with that what is your strategy? he said we have to continue what we've done over the past couple of decades shareholders have been skeptical of roche over the last couple of

months year-to-date shares have underperformed the sector and its cross-town rival, novartis back to you. >> thank you very much let's look at the markets. it's extraordinary, over 80 massive companies reporting. n the big ones what's the net on the market 0.51% higher that typifies the sector movement. big movements, individual companies, big movement individual sectors as well and yet the net-net could not be flatter on the broader market. let's look at the individual indices. again, ftse 100, look at that, i think that's extraordinary the ftse is unchanged. yet you have one of the biggest constituents, the key constituents, astrazeneca down around 16% now, moving the opposite

direction, you have diageo and the likes of shell which had a perfectly respectable set of numbers. xetra dax under pressure we are speaking to john cryan later on cac currant is up 0.3% let's look at the sectors. food and beverages, speaks volumes. food and beverages, 1.5% higher. telecoms also moving to the upside, 1.5% to the good on the down side, pretty much that story about astrazeneca leading the sector again, i would say given the fact you have roche moving in the opposite direction, that's not bad performance if you have one major stock down 16% you can e-mail the show, streetsignseurope@cnbc.com if you have anything to say and get in touch with us on

twitter, streetsignseurope@cnbc or tweet me steveunderscoresedgwick. coming up, good news for shell and agl anglo american gen a boost from solid result os thar income d inlts or that income is safe angog up i'll discuss after the break

anglo american, huge resources companies. both moving in the right direction, albeit by a small margin on shell. a lot of focus on the oil price. i'm obsessed by what opec is doing as well, but the big driver is downstream at the

moment solid profits. but the company trying to future-proof itself. the second quarter profit has topped analysts expectations, rising nearly 250% to 3$3.6 billion, boosted by strong performance in the downstream division the company's debt to equity ratio -- a key metrics post bg -- they bought bg, had a host of debt. everyone worried about that. that fell to 25% down from 28% one year ago some key factors here, yell sh,. 7.3% yield in this world when the greeks are going to market with less yield than that. people are concerned about the yield on these companies, i wonder if they need to start abating concern about these oil companies. bp is on a similar yield bp yield 7.1%. exxon is trading lower, 3.8. the cash flow cover now is looking good $38 billion of cash flow, enough

to cover the debt. enough to cover the cash dividend as well upstream divestments as well they're getting rid of assets to get that debt down so people don't start worrying about the bg deal. here it's about the transition to gas and oil some of those divestments include the like of oil sands. yeah then they took a hit on that the future proofing the portfolio. we spoke to ben van burdeurden earlier on "squawk box," i asked if the pu if we are concerned about upstream >> even if all the advanced economies go to 100% electric vehicles, that would not be enough there's a lot of liquid growth still in other areas, other modes of transports, shipping,

aviation that will see growth and that for now will go on liquids. therefore more needs to happen what needs to happen in the end is for a company like us, we have to take not only advantage of the opportunities that the energy transition offers, so we have to reinvent how we do retail in places like the uk and in france. we have to make sure we diversify on natural gas don't forget even in the most aggressive scenario, where policies work at their best, where technology makes a lot of strides in the near future, oil is not going to peak before the late '20s, or late 2030s when it does peak it will not go out of the fashion overnight >> there you go. we hear it from the governments,

but the fact is you will still need oil well into the 2030s >> anglo american, 2.9% higher anglo american says it will resume dividend payments six months ahead of schedule is that why we're up 2.9%? i think so this after the miner reported a 2$2.6 billion debt deline below its year-end target underlying ebita rose to 4$4.1 billion. the releprofit is back, you hav we called it debt dawn is this the point where people don't worry about the debt and dividend is back as well and six months early we did speak to the anglo american ceo, he says the company's strong earnings mean

more benefits will be passed down to shareholders >> net debt to ebita ratio is now below 1. we believe the operations are in a good position to continue to generate free cash flow. all the hard work we've done has come to the fore we're six months ahead of where we said we would be on the debt. 8$800 million below the debt. we believe the shareholders should be sharing in the good performance. >> many ceos and cfos, we need to digest what they're saying. james bardy is joining me. in this world where we obsess about central banks, mr. trump will have a lovely day to get nitty gritty on earnings, what do you think >> it's a bit of a mixed bag, always is in terms of the earnings season. some shockers in terms of astrazeneca g numb

astrazeneca, good numbers from the drinks companies, oil companies. the overall message is on balance earnings continue to get better this has been the big change in 2017 normally we have lovely charts where earnings are predicted in double digits. we spend the entire year revising them down this year we've been revising them up. that's why equity markets are performing so well in europe we have a bit of a problem this quarter, mostly with currency. on balance, it's good earnings >> that currency side, will that abate? a lot of people -- one analyst yesterday, scrubbing out 104 and putting it to 115 or 113 a lot of analysts thought it would be all about the dollar. all about the fed rate hikes now it's kind of like slightly more hawkish language from draghi less hawkish from mrs. yellen. relatively soon start pulling back on the 4.5 trillion does that mean europe will start

abating? everyone is excited about european equities. >> the thing about europe, you needed to own them unhedged. in dollars, european equities have done fantastic, up 17% a complete reverse of 2015 so, yeah, that's partly because the european economy has been recovering draghi talking about exiting from emergency policy. i thought the reang shction froe fed last night was excessive we took one word, somewhat, and lowered it down to 2%. they will still be doing rate hikes next year. we're getting to the point where perhaps the contrast between the dovish fed and hawkish ecb has gone astray. >> the interpretation, just picking up on your somewhat, is the dropping of somewhat made the characterization of inflation more dovish. we will still get our rate hike in december, aren't we

>> we think so it's clearly a closer call inflation has been lower than the fed thought. if it continues to be lower, they may well go from three rate hikes this year to two maybe do the same next year. the issue is in terms of the fixed income markets, the markets are expecting two rate hikes over the next two years. notwithstanding the fact that the fed was dovish last night. >> you did a good piece a couple days ago tightening cycles. g the good, the bad, the ugly. do we get a sweet spot we do in some sectors. take away what you surmise there. >> if you look at when central banks started tightening monetary policy, it's often the focus of tension we could go into an hour meeting and spend 45%, 50% talking about central banks. when you are mid cycle, when earnings are going up and central banks are starting to

take monetary policy accommodation away, that's good for equity markets that's where we think we are. >> let's get another view on this jim cramer had a great interview. i think it was midnight our time last night on "mad money." we got a view of where fed policy is heading. >> the third piece is a fairly conservative view towards rates, where we built into our plan just one rate hike per year. so i know you're talking about september. >> right we're probably out in december >> because i need to see that interest margin which is the free money you get you're not building on that. >> we said one rate hike for the remainder of '17 one in '18, one in '19, one in '20. >> i'm an ex-options trader. i did it for 11 years. i hark back about premium and volatility and about the vix, and what it is and isn't

i feel really gravely concerned that no one wants to take any protection no one wants to take protection despite we're sky high and valuations are stretched how do you feel about it >> i think it gives you an opportunity to buy protection at relatively cheap cost. but what we're seeing is that even though implied volatility which is what the vix is, continues to come down, the realized volatility is phenomenal if you take the s&p 500 over the last 100 days, realized volatility is over 7%. >> and priced too high still we want own this stuff we'll lose money on that basis >> if you just own volatility, the answer is yes. the way we said you should look at it if you're an investor, i made a certain amount of money owning these sectors if you get concerned for downside risks, buy cheap protection >> they don't like synthetic calls. so many fund managers say i don't want to do that.

i'll lose a couple basis points. they are greedy even at the high levels how many is this stock market rally lasting? 2009 eight years? >> quite long in terms of the length of time for a stock market rally but we came from incredibly low levels if you look at valuations today, they're a bit on the expensive side in the u.s., but europe, asia j papan doesn't look expensive to me. >> what could cause a wobble in the market for those pessimists like us to be right? >> number of things. point to geopolitical events probably the big thing is when central banks stop being dovish, which is the way the markete interpreted the fed last night to hawkish until they get property hawkish and worried about inflation, you are talking about minor pullbacks. >> staples are very expensive as

far as i can see everybody wants the cash flow, the dividend you say in europe we're not particularly expensive do you think consumer staples look topee topy >> they do but on days like today, bond numbers coming down, that's good performing sector. our view is that bond yields will be higher >> very nice to see you. james bardy joining us nick hampton will join us after this short break

>> welcome to "street signs. i'm steve sedgwick these are your headlines >> mixed picture for european equities as 80 plus stoxx 60 companies report results beverage makers post some of the most notable gains, as the ceo of diageo tells us he is confident on the outlook >> cash flow really strong we were 2.7 billion pounds, over a half billion more than last year and this is what gives us the confidence in raising our guidance in margin expansion and in initiating a stock buyback

this year of 1.5 billion pounds. deutsche bank shares fall on a 10% drop in revenue, as the german financial giant suffers the same fate as its u.s peers with a slump in fixed income trading we'll speak to joh cryan, at 11:00 cet. astrazeneca shares are set for their worst one-day loss, currently down 15.9% after a key lung cancer study fails, wiping 13 billion off the drugmaker's market cap downstream powers shell to a beat, as the oil giant more than triples its profits in the second quarter ceo ben van beurden tells us the energy market is regaining stability. >> what we are seeing is a market essentially in balance. market is growing fast 1.6 billion barrels a day growth this year. probably more next year.

and long-term supply is declining. >> one day we'll stop talking about the european banks as one sector we'll do what is the right thing to do is look at the stunning diversity there is between ones that are lowly rated and deutsche bank is lowly rated by the market, and ones highly rated like danske bank let's look at results today on deutsche bank. shares today taking a 3.2% hit after the german lender suffered a 10% drop in ref knvenues deutsche bank beat expectations. good news, less legal headaches. i thought good news was the cet capital one ratio, 11.8% a year

ago, now 14.1% that's one less thing to worry so much about. they have the core capital it's the current business, the actual business. you can worry about the legal headaches and the capital business in terms of the churn of business, it's lower the total revenues down 10%. debt trading in the second quarter down 12% equity trading down 28%. my point about the likes of the mean versus gdansk and deutsche bank on a price to book, what is the book worth the market thinks the book at deutsche bank is 0.49. the broader sector trades at about 0.8. danske bank trades at 1.45 we talked to management last week about that. 1.45 down to 0.49, we have huge diversity in the sector. interestingly as well, share prices 7.8% up on the year-to-date before today's move

don't miss our interview with john cryan, that's coming up in less than 30 minutes time. diageo as well, look at this move 6.4% why is that? because the numbers were great is it? i don't think it was look at the numbers. the numbers, net sales, 4.3% organic revenue, 1.1% higher so net-net 1.1% higher over the year diageo posted a 25% rise in operating profit this is the point. it raised its margin growth forecast it makes all kinds of things including johnny walker whiskey. reported sales of 12.5 billion pounds for the year ending june 30th this is why i think the shares are up its board recommended increasing the final dividend by 5% to 62.2 pence per share. it's the buyback and the margin targets rate so despite the fact that you have really tough sales at the

moment they are saying we'll get to mid single digit. greater than what they're doing now. they need a great second half. that, that plus the extra money coming back to shareholders. that's why this company is on a 6.5% tear. speaking to us earlier, the diageo ceo explained why the company has chosen to launch the share buyback. >> cash flow strong. we were 2.7 billion pounds, over a half billion more than last year and this is what gives us the confidence in raising our guidance in margin expansion and in initiating a stock buyback this year of 1.5 billion pounds. bayer slashed its profit growth outlook as waning demand for -- it will come in a minute -- crops chemicals in brazil took a toll on the company's results. the german chemicals company warned that weak sales in latin

american countries -- specifically brazil -- coupled with a struggling health business would hurt earnings by at least 300 million euros here's the point about this company. they're digesting a massive acquisition, monsanto. they're not buying this company because things are great they're buying it because the great new world and demographics that we were promised is notingr all these companies. so they're cutting the outlook what saved them? i thought this was ironic. what saved them? the company which they partially ipo'd, covestro. we spoke to their ceo. covestro is still owned 49.7% by bayer. ten strong buyers, six buyers, ten holders, one seller.

only one of you got it right today. the ceo explained why bayer cut its profit target. >> we have, due to the product portfolio a higher exposure to the higher volatility in the markets with insecticides and that led to market communication on june 30th having said that, overall group sales are slightly above prior year levels still. and at the same time we see very, very pleasing performance in the pharmaceuticals business, which is up 4.4% year over year. at the same time sees record levels of profitability. shares getting a lift for tate&lyle. they reaffirmed the full-year guidance 3.3% higher.

delighted to welcome nick hampton, chief financial officer over at tate & lyle. good to see you. >> good morning. >> you have two main parts of the business, core specialty ingredients, bulk ingredients. you don't do sugar you got rid of that about seven years ago? >> yeah. you're right >> in terms of these two absolutely important units, where is the big driver? >> we've got a strong stable bulk ingredients business, which is north american focused. we managed that for stable earnings we saw good progress of that in the first quarter. the growth engine is the specialty food ingredients business we focussed that business on helping companies increasingly take sugar, fats, calories out of food, put good stuff back in. fibers and proteins. that's the growth engine >> this is really key for all of us, certainly people like me who struggle to eat the right

things i think this industry has really big cyclical issues, but you say you have a structural response when doug mcmillan in arkansas over at walmart tells the food companies, we're cutting costs, cutting prices you guys need to cut costs that comes down to the ingredients. are you seeing ingredients -- what people are prepared to pay suffering because of the food chain? >> i think what we're seeing is customers prepared to pay for things that help them solve the problems of their businesses so, if we can provide solutions that help meet consumer needs -- i'll give you a good example if you ate a low-fat yogurt this morning, it probably had one of our starches in it that provides that creaminess without the fats that's the key to making our business grow forward. >> so it's a structural change in the industry. i'm just going to be fairly

antidotal. we were usually told had to be low fat, now fat is not the problem, sugars are the problem as well. i believe that then my producer tells me yesterday, no, no, we can eat sugar now. do you think the industry is leading us down one path, then something else faddish the other way? >> it's all about balance, isn't it the thing we're trying to do is make sure you get great tasting food through the ingredients we use. it provides the balanced diets if we can be a force for good in that regard, we'll quont to sco see growth >> i think you said bulk was good why was specialty ingredients soft in north america. >> was soft last year. the challenge is to balance business between the big customers who may be having a tougher time and expanding into the categories that are growing and the customers that are growing. we've been prosecuting that

strategy in the u.s. for the last 12, 18 months i'm glad to say in the first quarter we saw positive momentum >> you're a british company. i think your revenues are fractional >> less than 2% of sales what's the incentive to stay given the shenanigans at the moment >> tate & lyle is well known in the uk one of the few remaining companies that started the ftse. it's an original ftse 30 we're happy being based out of the uk though most earnings are global. >> one ceo of another ftse 100 company said he is trying to get his board to speak about whether they should be thinking about a post-brexit strategy of not being in the uk. is your board having this conversation >> we're not talking about those kinds of things at the moment. the board is focused on the strategy to grow going forward

>> i talked earlier how there's all kinds of issues, they thought they would have a brave new future in china, emrnlging m emerging markets and south america. it has not pulled off. >> when we look at the specialty business, we are working hard at growing it globally. we did not have a big business in asia and south america, now we have a business that is growing. >> fabulous. nick, nice to see you. thank you very much for taking all those questions. we'll watch ftse 30 originally what year was that >> going back over 100 years >> when jeff was first in the business he's still around. i should be careful. nick, nice to see you. nick hampton, chief financial officer at tate & lyle >> a vast amount of companies reporting, stateside as well we're positive again we had more records left, right

and center in the united states overnight as well. boeing was one of the big companies moving there let's look at european markets big, big, big moves in individual stocks in the ftse, big moves to the upside forever the likes of tate, diageo, to the down side we're seeing that huge big decline for astrazeneca. 10 billion pounds gone like that one drug trial we'll look at the foreign exchange markets quickly we are seeing euro/dollar 1.17 coming up on the show, investors give facebook the thumbs up as it posts second quarter earnings worthy of a like get it, a like we'll be back after a short break. your brain is an amazing thing.

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republican senators shifted their focus to a skinny healthcare repeal that introd e introduces mauler chansmaller co obamacare. this after senators voted against a straight repeal of the law. it was the senate's second failure to end the affordable care act this week more details filed by casey hunt >> reporter: senate republicans today scrambling to keep their obamacare repeal effort alive. under pressure from the white house to pass something they can call a win >> i hope so i'm not giving up. i will keep working through the process. >> reporter: the plan to repeal obamacare without replacing it, going down this afternoon on the senate floor >> mr. portman, mr. portman, no. >> reporter: and last night, nine republicans helped sink the

massive repeal and replace plan they've been negotiating for weeks. >> this certainly won't be easy. hardly anything in this process has been. >> reporter: the president this morning attacking a senator in his own party, tweeting, senator lisa murkowski of the great state of alaska really let the republicans and our country down yesterday. too bad. >> i am in a position where i'm not looking to a re-election until 2022, so long time away. >> reporter: with both repeal and replace and repeal only out, now it's on to the skinny repeal, a set of smaller changes including eliminating the individual and employer mandates to have insurance and repealing a tax on medical devices, but it's not clear that can pass. >> everybody needs to saddle up and put it all on the table and say, this is my position we'll either pass it or we won't. >> reporter: watching anxiously, americans like steven shassen. the medical bills after he had a stroke totaled $75,000 >> i was just in disbelief

such an absurd amount of money for me to fathom having to finance. >> reporter: he relies on medicaid and is still waiting to find out what this all means for him. >> the president also announced a ban on transgender people from the u.s. military. a move praised by conservative activists and condemned by lgbt rights groups. trump tweeted that the u.s. government will not accept or allow transgender individuals to serve in any capacity in the u.s. military. he added our military cannot be burdened with the tremendous medical costs and disruption that transgender in the military would entail there's been a response. i thought ellen degeneres' tweet was on the other side. she said we should be grateful to the people who serve. bans transgender people is hurtful and wrong. foxconn said it will announce a 10 bil yon d$10 bill

in wisconsin speaking at the announcement, president trump praised the taiwanese electronicsmaker for making the decision, an congratulated himself for sealing the deal >> the construction of this facility means the return of lcd electronics and electronics manufacturing to the united states, where we want our jobs to make such an investment, the chairman put his faith and confidence in the future of the american economy in other words, if i didn't get elected, he definitely would not be spending $10 billion. >> nothing but a bit of modesty there. facebook shares rose in

after-hours trade after the tech joint came in ahead of estimates. arjun has been following this story. are they worth a half trillion >> at the moment >> did they hit 500? >> they did. they did and it was a perfect trio of events continuing user growth there was continued revenue growth and there was a narrowing projection of capital expenditure, which helped ease some investors concerns. >> didn't alphabet lessen on the moon shots >> yes there's a lot of maturity in the cost control the costs are going into the right places what facebookis spending a lot of money on is data centers it's making a huge video push and it requires data centers to handle that. that's a positive. as much as we spoke about instagram yesterday, facebook messenger and the analysts dominated the quaucall, mark zuckerberg said that's a bit in

the future it's about videos and monetizing videos >> how does he feel about ai >> he disagrees with elon musk >> you have two genius rich guys who are leading the way, tesla and facebook, saying i know more about ai than you do is that the summary? >> yeah, pretty much >> back to the school playground >> it is this debate is a fierce debate it's something that needs to get beyond the realms of silicon valley to policymakers and regular people not just the rich billionaires sitting in their silicon valley mansions >> ai is happening they're both leading the way what's the problem does elon musk know more about ai than zuckerberg >> apparently they've spoken about this had a nice cup of tea over it. >> not a game of conquest. >> no. >> the debate is over elon saying ai is dangerous

>> why does he think ai is dangerous? >> his view is that we'll need to merge with machines somehow to -- to risk not becoming irrelevant in the age of ai. he's got a start-up which is working on trying to imbed computers in our brain that's his genuine belief, that ai will become so powerful that it will take over our career >> cyborg me up. any other big companies out? >> amazon coming up. twitter before the bell today in the u.s. >> well, as arjun was saying, massively busy day of earnings continuing before the bell stateside, the numbers from con ne twitter, facebook, amazon. futures are positive moving gently higher

don't wor worry about it. are we going to look at those? it's not just about earnings we have durabiliaughteurable gos out. keep an eye on those figures looking for total of 3.5%. ex-transportation, up 4.1%, apparently on the final day of the week, second quarter gdp figures the core pc prices, part of the inflation mix, seeing up 0.7%. well, a huge host of companies reporting today. what i'm amazed at is the stoxx 600 is flat after that let's look at some of the indices. the ftse 100 has had solid figures from the likes of tate very good response to what

diageo had to say today about the increased margins going forward, about the dividend. ftse managing to trade around the flat line, which i think is a staggering performance given the fact that astrazeneca has been absolutely pummelled. a 64 billion pound market cap company before the start of trading fails a key immunotherapy drug test and is down 10 billion pounds less in terms of worth than previously xetra dax down 0.5%. that is because primarily deutsche bank. we'll talk to the ceo, john cryan, that's coming up. stay tuned with us here on cnbc. hey you've gotta see this. c'mon.

no. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote.

. good morning earnings earni earnings investors await a frlood of corporate reports. >> deutsche bank shares under pressure after reporting a revenue miss the ceo telling cnbc he's betting big on europe. and senate republicans go zero for two in their attempts to overhaul obamacare. the latest out of washington it's jewuly 27, 2017 "worldwide exchange" begins right n right. ♪