Regional Bank Earnings

Good morning contrarians! It is Monday, April 17.

State of Play

As of 0635 all is pretty quiet:

• Stock futures aren’t doing much. Only the Russell 2000 which tracks small caps is moving at all from the break-even point, up 0.6%;

• Commodities are unchanged. WTI crude oil is changing hands around $82/barrel. Copper is down <1%;

• Bonds are seeing a bit of selling at the short end of the curve with the 2-year yield up 5 basis points to 4.15% (yields move inversely to prices). The 10-year is unchanged at 3.54%. So further yield curve inversion there;

• Cryptos aren’t doing much either but Bitcoin did just drop below the $30,000 level, down just 1.5%.

Earnings

It’s a big day for regional bank earnings. The first earnings report that includes the bloody month of March that took down a few of these institutions.

M&T Bank (MTB 0.00%↑) just beat on top- and bottom-line estimates and made some noise about how “prudent management” allowed them to continue to deliver, blah, blah, blah. Not sure that’s exactly what analysts were looking for but then maybe M&T was not seen as much of a problem bank to begin with.