commerzbank moving to the downside.did well yesterday, french banks did well, and that is the case today. commerzbank moving lower 3.6%. revenue came in below estimates, and a net loss. that is weighing on the business. we spoke to the ceo earlier this morning, the share price up 4.4% . the full year profit guidance is more optimistic. it will be at the top end of the range. we had a interesting conversation about the extensive wage pressures and labor shortages, and difficulties in materials. the pricing of materials. legal in general up 2.5%. a double-digit growth in operating profit for the full year. that is what they expect to deliver. they have delivered in the first half, a strong story. let's get back to our conversation with karim chedid, head of investment strategy for ishares emea, blackrock. this makes me think of the earnings season and the way it has been comforting for global investors when we are dealing with concerns around the delta variant, what that does to global growth. we have seen companies beati

dani, breaking news from commerzbank. the germans have underwhelmed at commerzbank. 1.8 6 billion. the market was for 1.9 4 billion. -- 1.9 4 billion -- 1.94 billion. is that disappointing? second-quarter revenue is a miss. operating profit at $32 million. the estimate was for $113 million. when it comes to smart investors and hedge funds, what have you got at dam? >> they are seeing asset management rise one point 2% quarter over quarter, so they are seeing a u.n -- aum at 126 billion for spring. they did see net outflows in their investment management of $2 -- $2.2 billion. maybe they can stem the flows. manus: i caught up with a new ceo. for your lamaze position, provision will be below one billion. the operational cost will be $6.5 billion. dani, i leave you with this. they will associate positive result at the operating level. that is the latest for commerzbank. dani: i am also seeing net interest income coming in basically bang in line. you have been covering a lot of bank earnings. certainly people want to see outperformance. manus: they do indeed. technology has a moment of

commerzbank, the banking story out of europe has been quite positive.en that being rewarded by investors. today a series of one of hits undermining the rebuild story they are trying to do at that bank. cost-cutting again is a huge factor. a series of one of hits knocking them off course. the company is saying we will put these in the rearview mirror and we will stick to our guidance. commerzbank down 5.84%. alix: just the latest european bank to report earnings. it has been a season of positive sentiment from the banking. >> we psaki one was exceptionally -- we saw q1 was exceptionally -- on the revenue side. the net commission income is up year on year. >> we had a stellar first quarter. things slow down in april, picked up in may. i would say the level of business activity continues to remain robust. >> our account book is positive. wearing seeing sentiment amongst our customers back to pre-pandemic levels. >> what we see going forward is this should remain. >> we stick to our guidance that revenues will be slightly advanced of last year's revenues. a

i am absolutely with commerzbank. i think the spread will continue to narrow. buy a negative yielding bond when you could still buy a positive yielding bond? francine: i mean, if i were a devils advocate i would say because you don't know how long draghi is staying. the other one, the malaysian prime minister just resigning after more than 70 months in power. there will be questions about growth in the future. mark: there will be some short-term turmoil. we have had some people looking at that. probably not a big story in europe but we will be talking about that in europe -- in asia. francine: we will be back with the market open. futures pointing lower. this is bloomberg. ♪r. this is bloomberg. ♪ total gym includes everything you need to get into the best shape of your life. for every body at any age. it works every muscle group, including your core, using your own body weight as resistance. customers love total gym because it's fun, fast and effective. nothing delivers full body results like total gym. and right now you can try it risk free and enjoy special

commerzbank a little bit of an anomaly, sliding sharply after earnings, bucking the trend for european series of one-offs. the bank missed topline and bottom-line. these can thing here --