{"id":"sector-financials","category":"sector","title":"Financials Sector Context","summary":"Rate environment impact, credit quality, bank NIM dynamics, capital markets.","trigger":{"always":false,"sectors":["Financials"],"tickers":["JPM","BAC","GS","MS","WFC","C","AXP","BLK","SPGI","MCO"],"regimes":[]},"ttl_hours":168,"content":{"sector_outlook":"neutral","verdict":"Big banks entering rate normalization with NIM peaking. Capital markets (M&A, IPO) showing recovery. Credit quality holding but consumer delinquencies creeping up in lower-income cohorts.","key_drivers":["Capital markets revival — M&A activity up 30% YoY, IPO pipeline building","NIM compression ahead as Fed cuts — net negative for deposit-funded banks","Buyback capacity remains high — JPM, GS returning capital aggressively"],"key_risks":["CRE (commercial real estate) loan book — office exposure still unresolved","Consumer credit deterioration — BNPL and credit card delinquencies rising","Basel III endgame capital requirements increase 15-20% for largest banks"],"favored_tickers":["JPM","GS","BLK"],"cautious_tickers":["WFC","C"],"downstream_impacts":{"FOMC_cut":"Short-term positive for bond marks, negative for NIM medium-term","credit_shock":"Sector-wide selloff — avoid regionals (larger CRE exposure)","vix_spike":"Financials drop fast — significant beta to risk-off moves"}}}