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NYC Bancorp Worries Felt

CROSS ASSET

The S&P regional bank index (KRE) is the best part of 4% lower in the wake of NYC Bancorp’s earnings release, dividend cut and flagging of some credit quality issues. This factors into the early NY equity market weakness, as well as adding to the bid in the likes of gold and bonds, while adding further weight to the broader USD.

  • A reminder that this does not appear systemic, simply an individual point of failure in a small US bank.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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