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NYCB Weakness Contained For Now

CREDIT UPDATE

$IG equity basket is up +0.3% today, outperforming SPX - tech the main drag on the latter. Rates have rallied ~6bps in the last hour - our analyst point to technicals & NYCB headlines/moves - the stocks selling off this morning (-13%) despite opening unch & seems to be linked to Yellen headlines on small banks concentration to CRE.

Its had little impact on broader financials (including regional banks) -$IG & €IG fin. equities are unch.* Strong gain from Auto names post-Toyota earnings & ahead of Ford reporting tonight - Ford's € bonds are unch to 2bps tighter today. UAW strikes will impact 4Q numbers, FY24 guidance in focus.

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