 banking profitability in the second quarter in the United States who would have thought US banks have never been more profitable than in the second quarter of this year. 43.6 billion was their profit in the second quarter which was 1.4% above the expectations of Standard & Poor's who have came out with those numbers. Actually there is no zero rate interest rate problem in the United States. It seems the banking sector has adapted to that environment which is quite interesting because investors are not quite happy with banking stocks. DKBW Nasdaq banking index is 4% below the start of the year and so well let's see if the banks could catch up until the year end. Germany, Kommerzbank and Deutsche Bank there were rumors about a merger between the two largest banks in Germany but Deutsche Bank actually said that there is nothing of substance on those rumors. Actually Manager Magazine has reported with referral to internal circles in the Deutsche Bank that the Deutsche Bank is actually thinking about merging with Kommerzbank after they came out with their article. Deutsche Bank came out to the press and said okay there's nothing we're not thinking about a merger but if you look at Kommerzbank stock yesterday it rose by over 4% and held those gains until the close and so investors might be inclined to think that this is really something that could actually happen. The ECB yesterday came out with a study talking about the zero-rate problem that banks have with the original business which is lending money to companies and private individuals. If the rates are at zero there is no money to be made and the ECB somehow recognized that and yet recognized that this is really a problem which they didn't do just some months ago. The reaction is of the ECB that they said okay we need economic growth now. We're not altering our monetary policy path. We know that next year the QA program will run out so everybody will wait until next Thursday to get more hints about the QA program. Will it be will it be increased in time-length until the end of next year until the end of 2018? There are a lot of speculations out there. Mario Draghi hasn't been in a public speech since months now. It will be his first appearance before the press next week on Thursday when the ECB meets again. So another big topic was the price of oil which has gone down by over 4% yesterday. After distillate stocks in the United States the inventories went up by a stunning 3 million barrels. It was expected that only a quarter million built was in distillates 275,000 barrels was expected plus 3 million barrels really came in and that is somewhat of a dampener for the sentiment there in the oil markets because we just had some weeks ago we had those large gasoline stocks which went up to a multi-year high so everybody is asking how long will it take until the gasoline stocks will be normalized and now we have the same situation with the distillate stocks which is diesel primarily and heating oil and heavy oil that is distillate stocks they went up by 3 million barrels so that really was a bad news for the oil markets yesterday but it was also a typical day for range binaries when you trade range binaries actually you could have made a trade to sell a range binary in the morning of that inventory data day in WTI and you would bet that WTI would really spike to one or the other direction so up or down you don't need to know actually in which direction those range the WTI price will go you only need to know that there is a high potential you must expect that there is a big spike in volatility in WTI and then a range binary says okay you can make money if it if the price of WTI for example leaves the range and closes outside the range and you will not make money if it stays within the predefined range so that is a perfect example where range binaries would have been really interesting another data point will come out tomorrow and those are the official NFP numbers non-form payrolls out of the United States so job market data next on Friday afternoon so tomorrow that will be a big major news point and data point economic data release point for euro dollar for dollar yen and the equities markets