MCD - Asia Slowing?

As noted in HedgEye's early look today - the prime investment focus should be moving away from the credit crisis and towards Asia's double edged sword of accelerating inflation and decelerating growth."

A data point from MCD Japan supports this thesis. MCD Japan reported that same-store sales fell 0.5% in April, the first decline in 27 months. One-time issues like difficult comparisons and one fewer Sunday should be noted, but even after adjustments the trends are slowing from 1Q08 same-store sales of 4.4%.