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Risk assets are trading past the rates rally - S&P futures -0.6%, CDX IG ~unch, HY +3bps

CREDIT PRE-MARKET

The majors to report in US pre-market, Mastercard (Aa3, A+) & Thermo Fisher (A3, A-,A-) have disappointed slightly. Mastercard on a fall in operating margins (purchase volume was in line), Thermo Fisher on slight FY24 guidance range miss. Boeing (Baa2, BBB-) equities are up after strong Q4 beat (FCF $2.95b vs. c$2.1b) but its pulled FY24 guidance amidst its 737 Max debacle.

Biggest move in US equities is coming from New York Community Bancorp - its down -30% in pre-market after posting a Q4 loss of -$252m vs. c+$206m driven by increases in provisions for loan losses to $552m vs. c$45m. Purchase of signature banks deposits has increased capital requirements for the regional bank (now Cat. 4 bank with assets $100-250b) - the company said this has driven the decision to cut the qtrly dividend from 17c to 5c against expectations.

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