. >>> commerzbank shares slide we will have an interview with the cfo bettina orlopp after this breakh, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> welcome to "street signs." i'm arabile gumede >> i'm julianna tatelbaum. these are your headlines >>> amazon shares pop nearly 9% in extended trade as cost cutting efforts help the giant beat on the top and bottom line, but the shine comes off apple as falling iphone revenue sends shares lower >>> equity markets in europe try to finally shrug off the impact of the u.s. credit rating downgrade as they look to close out on a more upbeat note, but on the week, investors are nursing the fitch fallout. >>> credit agricultures top after the second quarter beat. commerzbank's cfo tells cnbc every area

commerzbank will apply for a further share buyback. bloomberg reported the ceo is considering raising the profitability target to above 10%. shares are up 24% year-to-date. we will bring you an interview with the cfo later to discuss those earnings. that is on bloomberg markets at 7:10. we have earnings from credit agricole, a big beat on estimates. second quarter revenue comes in at 6.8 billion euros, another beat. second quarter operating expenses, 3.2 one billion euros, shy of estimates. net interests margin has been hampered by his french retail network but a strong set of results, the shares are up 14% year-to-date. we will speak exclusively to the deputy ceo at 7:30 u.k. time. that is your latest on the earnings. let's go to the morning roundtable. i want to start with earnings. let's turn to last night. we have amazon and apple both posting results after the bell. amazon rallying 10% post market on a better than estimated outlook, boosted by e-commerce as well as second-quarter earnings beat. apple slid as iphone sales disappoin

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deutsche bank is down 2% commerzbank down as well the italian lenders are hit hardest.t italy's cabinet announced a surprise windfall on measures which imposes a 40% levy on extra profits booked by the bank this year. the founder of lc macro advisers is with us now lorenzo, your take on this with the market reaction which caught every investor by surprise >> you know, it is regrettable i think my view is that governments should regulate and make sure that regulation is properly implemented and respected and not in the macro dynamics i think this is a major mistake. it is not just this government in italy to interfere. i think it is a continuation of the trend we have seen in the past it is negative for a number of reasons. >> just how negative is it when w when you look at the share prices, i can see some down 6% is the negativity priced in here or are we at the beginning mof more selling to come >> this is just the beginning as you mentioned before which is not just italy this morning, but china. i think the decision in italy could have contingencies if you tax windfal

commerzbank. credit agricole. maybe some m&a story. wpp will be out. it is an advertising company.aersk out with numbers as well. right now this feels like a macro narrative. it is all about the move in the 30 year. how that is rippling through into other asset classes. kailey: let's get back to our question of the day, which is what breaks if rates keep rising. how does this beat into other asset classes like currencies? joining us is rbc global markets global head of fx strategy. first the question in regard to the dollar. if we see the march higher in treasury yields does that mean it keeps going from strength to strength? elsa: it is a combination of weakness in equities and bonds at the same time or strength in yields, which is very positive for the u.s. dollar. it dominated trading in 2022 and it is what we have seen in recent trading sessions. it is still early days to say that will be an extension from here on out, but if it were to hold it would certainly be a positive environment for the u.s. dollar. guy: how would you play that in terms of is that something you're lookin