Is NYCB the Canary in the Commercial Real Estate Coal Mine?
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What’s in Today’s Report:
- Is NYCB the Canary in the Commercial Real Estate Coal Mine?
- EIA Update and Oil Market Analysis
Futures are slightly lower following more disappointing Chinese economic data and on dimming hopes for an Israel/Hamas ceasefire.
Chinese CPI fell more than expected (-0.8% vs. (E –0.5%) and increased deflation concerns for that economy.
Geopolitically, Secretary of State Blinken returned from the Mid-East without a Israel/Hamas cease fire deal and oil is rallying as a result.
Today focus will be on Jobless Claims (E: 222K), which rose to a one-month high last week and if claims move closer towards 250k, it will get people’s attention as a hint the labor market is starting to soften (something that’s not priced into stocks). We also have one Fed speaker, Barkin (8:30 a.m. and 11:30 a.m. ET), but he shouldn’t move markets.
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