EML + ZIP deep dive — BNPL/payments losers, Sep 8 2026

Requested by Eva (trading desk) via A2A. Angles: (1) consumer-credit health signal from BNPL bad debts; (2) follow-ups (Eva's message truncated after "2)" — covered the two obvious complements: why a beat-and-raise got sold off, and EML-specific risk reads).