US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

MNI: CANADIAN SEP RETAIL SALES +0.4%; SALES EX-AUTOS/PARTS +0.9%

MNI: CANADIAN SEP RETAIL SALES +0.4%; SALES EX-AUTOS/PARTS +0.9%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Worth Watching After Today's Close: Bank Stocks in Focus Ahead of Stress Test Results

EQUITIES
  • After today's cash close, the Federal Reserve release the results of their stress tests on US banking institutions, due at 1630ET/2130BST.
  • The Fed outlined the adverse economic scenarios that bank operations would be tested against in February's release: 2021 Stress Test Scenario - found here: https://www.federalreserve.gov/newsevents/pressrel...
  • The adverse scenario is designed to replicate 'a severe global recession accompanied by a period of heightened stress in commercial real estate and corporate debt markets.'
  • The scenario sees US real GDP growth fall 5.5% in Q1 2021, trickling through to real disposable income contracting by 9.9% in Q2. House prices are seen falling over 20% over two years in the adverse scenario, with commercial prices shedding near 40%.
  • The results could prove key for markets at this juncture, with analysts expecting the Fed to allow banks to resume both share buybacks and increase dividend payments should they pass.
  • Sell-side analysts see Morgan Stanley and Goldman Sachs as benefiting most notably from any lower capital buffers, while Wells Fargo are seen holding the most excess capital.
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