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Something for your Espresso: The FDIC remains worried, while China is bouncing..

Was it too early to burry the Chinese rebound? Manufacturing is now showing signs of life. Meanwhile, the FDIC sounds worried about the health of the US banking system in their quarterly report. Expect a stinker in the ISM Manufacturing report today.
2023-06-01
<a href="https://stenoresearch.com/author/andreas/" target="_self">Andreas Steno</a>

Andreas Steno

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Good morning from Europe

The FDIC hosted its quarterly banking profile webcast yesterday and they continue to sound worried about the health of the US banking system. Around 2.5% of total deposits left the US system in Q1 and the FDIC hinted that Q2 numbers could prove to be even worse. The list of “problem banks” now contain 43 banks – up from 4 in the Q4-2022 report.

This banking crisis is probably not over, and we are looking for smart ways to express a bearish view on financials relative to other cyclical equity categories in coming days.

Chart 1: Credit demand points to a severe credit contraction in H2-2023

Was it too early to burry the Chinese rebound? Manufacturing is now showing signs of life. Meanwhile, the FDIC sounds worried about the health of the US banking system in their quarterly report. Expect a stinker in the ISM Manufacturing report today.

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