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Equities Take First Republic Bank Bid Uncertainty In Stride

CROSS ASSET
With European markets closed for holidays (and no data/speakers scheduled), attention Monday is on the US. Not only do we get some key data in April ISM Manufacturing, but the FDIC is anticipated to name the winner of the bidding process for First Republic Bank some time before the US open.
  • Multiple reports overnight point to the FDIC working through the night on the FRC decision, with several large banks in the takeover mix (JPM, PNC, Citizens Financial; Bloomberg reported that BofA and US Bancorp declined to bid).
  • Broader equities seem unfazed by the FRC uncertainty, with S&P futures flat.
  • Treasury futures have been softening overnight, TYM3 last off half a tick on the session at 115-06 and the cash curve marginally flatter.
  • The dollar is up slightly, with strength vs JPY standing out (USDJPY +0.5% vs gains of 0.2% vs EUR and GBP).
  • If you missed our Fed meeting preview out Friday, PDF is here. We'll be publishing our roundup of sell-side previews later today.
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