i am amber kanwar with matt miller.stocks are underperforming the broader market as s&p global ratings downgraded a handful of lenders after a similar move by moody's. sonali basak joins us now. there wasn't anything materially new in these downgrades, but it seems like investors still don't like to hear about it. sonali: to the point you are making, we have seen significant downgrades by moody's, and the munis news was somewhat worse because you have seen firms placed on negative watch, whereas you have s&p saying there is a lot of stability on the most recent action. you have the kbw bank index down another 2.2% on the day, and if you see the banks that are moving the most, regions can financials, and zions. not all the banks have faced potential downgrades. s&p said zions in particular remains negative after the review. the uncertainty would weigh on the heels of these banks. remember also there is another thing as well if you are concerned about the direction of interest rates and the impact it is having on the bank

i am cap amber kanwar -- i am amber kanwar with matt miller.at the latest results from two of canada part five biggest banks. tv bank missing expectations. royal bank of canada be expectations held by the performance of its traders and investment bankers. let's bring in the chief investment officer at 1st avenue investment and he joins me now at the desk. you are shareholder in both -- a shareholder in both and so much of the common refrain in holding in these canadian banks is for the u.s. exposure but in both banks, the u.s. is under pressure. what is -- it you see? -- what did you see? >> we think the canadian banks did well getting out of the market nine or 10 times the size of the canadian banking sector but in the downturn part of the banking sector, the amplitude of credit experience is 3:04 trader in the united states than it is in canada so several people we will hear from later in the week have good beach heads. we would give the edge to loyal -- royal in terms of the scorecard for q2 results. amber: pd's --td's conference call began