• run with the bulls

    get your first month

    of hedgeye free



TODAY’S S&P 500 SET-UP – December 3, 2012

As we look at today's setup for the S&P 500, the range is 20 points or 0.72% downside to 1406 and 0.69% upside to 1426.      















  • YIELD CURVE: 1.38 from 1.37

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Corelogic Oct. foreclosures
  • 8:58am: Markit US PMI Final, Nov. est. 51.7 (prior 51.4)
  • 10am: ISM Manufacturing, Nov. est. 51.5 (prior 51.7)
  • 10am: Construction Spending, Oct. est. 0.5% (prior 0.6%)
  • 11am: Fed sells $7b-$8b debt due 12/31/2015-1/31/2016
  • 11:30am: U.S. Treasury to sell $32b 3-mo., $28b 6-mo. bills
  • 12:15pm: Fed’s Rosengren speaks at New York Fed conference
  • 1:40pm: Fed’s Bullard speaks in Little Rick, Arkansas


    • House, Senate in session
    • Secretary of State Hillary Clinton in Prague
    • Democratic Governors to being 2-day conference in Los Angeles
    • Federal Housing Finance Agency closes public comment on plan to create standardized system for issuing mortgage bonds
    • U.S. High Speed Rail Association opens 3-day conference; to discuss California’s plan for $68b bullet train


  • Auto sales may have increased 12% in Nov. to highest monthly pace in 4 years
  • Rupert Murdoch chooses WSJ editor Robert Thomson to lead publishing spinoff
  • UBS said to be close to settlement over Libor-rigging
  • EADS says talks on changes to shareholder structure are ongoing
  • Starbucks in discussions with U.K. Treasury regarding taxes
  • Health Management pressured doctors to admit patients to increase revenue, CBS’s “60 Minutes” reports
  • Carl Icahn’s offer to buy Oshkosh expires at midnight; will drop offer if <25% of shares tendered by deadline
  • Northrop, other defense contractors speak on fiscal cliff in DC
  • Macau gambling rev. climbed 7.9% in Nov. vs est. 8%
  • California may fine makers of mobile apps over piracy: San Francisco Chronicle
  • North Korea continues plans to test long-range rocket, Japan says will shoot it down if deemed necessary
  • Yahoo facing $2.7b non-final verdict in Mexico on charges related to a Yellow Pages listing service


    • Conn’s (CONN) 7 a.m., $0.27
    • Exa (EXA) 4:05 p.m., $0.08
    • Casella Waste Systems (CWST) 4:30 p.m., $(0.09)


  • Crude Trades Near Two-Week High as China Manufacturing Improves
  • Hedge Funds Increase Bullish Bets Most Since August: Commodities
  • Gold Gains as Physical Demand Improves After Price Decline
  • Crop Futures Advance as Demand Increases Amid Supply Concerns
  • Copper Swings Between Gains and Drops on Manufacturing Gauges
  • Sugar Rises for Third Day on Lower Indian Output; Coffee Falls
  • Rebar Jumps Most in Six Weeks on Chinese Manufacturing Data Gain
  • Palm Oil Drops for Fifth Day on Indonesian Stockpile Concerns
  • Oil Bulls Boost Bets as U.S. Economy Strengthens: Energy Markets
  • Russia’s Grain Exports Fall 18% as Wheat Takes Smaller Share
  • Auto Aluminum Gains on Steel Thanks to Tighter Fuel Standards
  • Nickel-Ore Cargoes from Philippines to China Delayed by Storm
  • Goldman Forecasts 7% Return on Commodities in a Year on Energy
  • Rubber Climbs to Six-Week High as China Manufacturing Improves




USD – get the dollar right and you get most things beta right; last wk was the 2nd consecutive down wk for the Dollar (European and US stocks were up for the 2nd consecutive wk as the inverse correlation on a TREND duration remains close to -0.9 b/t USD and SP500).





GREECE – thank goodness this is the bullish catalyst every Monday; after rallying last Monday on whatever the news was, Greek stocks closed the wk down -4.2%, but rally +1.3% to another lower-highs on this morning’s funny money news. Net net, the Athex is down -8.2% from the OCT lower-high.





CHINA – the Chinese get it; Washington update: Geithner’s “deal” includes changing the rules on the Debt Ceiling (rising debt) and raising, not cutting, “stimulus” spending; Shanghai Comp dropped another 1% to a fresh YTD low before the Greek “news”; China crashing again (-20.4% from the March global #GrowthSlowing peak).








The Hedgeye Macro Team




We Build

This note was originally published at 8am on November 19, 2012 for Hedgeye subscribers.

“Together we build.”

-Henry Kaiser


In 1941, “the experts predicted it would take Bedford, McCoon, and their teams six months to build up enough solid ground before they could begin work in the shipyard. It took Kaiser’s men exactly 3 weeks.”


“There was a race … between the Kaiser draftsmen and the field people as to whether we could build it first or the engineers and architects could draw it first.” (Freedom’s Forge, page 131)


That was during WWII. We are in a very different kind of war now – a globally interconnected economic one that is dominated by compromised politicians and theoretical Keynesian draftsmen – but it is a war we free-market libertarians can still win. We, the field people, need to lock arms and build a new foundation for global growth. There’s only 1 big one that we have not tried.


Back to the Global Macro Grind


The difference between us and them is that we believe in a Strong Dollar providing the foundation for a Strong America (1983-1989 and 1993-1999) and a stronger global consumption economy at large.


They have always believed that a weak US currency would drive “strong exports.” We believe that a weak currency drives global food, energy, and cost of goods inflation – that, in turn, slows real (inflation adjusted) global economic growth.


With the US Dollar up for 8 of the last 9 weeks, if the SP500 can re-capture my long-term TAIL line of 1364, together, we can build upon 2 very bullish economic developments:


1.       Food Inflation is deflating

2.       Institutional Commodity gambling is imploding


With the US Dollar up +0.2% last week to $81.26, the Euro continued to weaken and the Japanese Yen got slammed for a -2.2% wk-over-wk decline. Japan is channeling its inner-Krugman (1997 “Print Lots of Money) by attempting to do what the USA did at the Bernanke Top (print money, juice stocks, and eventually fizzle out at another 20yr lower-high in the Nikkei).


Back to Food Deflation last week (and from Bernanke’s Top, 2 months ago):

  1. Wheat = down another -5.5% week-over-week (-7% in the last 2 months)
  2. Soy = down another -4.7% week-over-week (-20% in the last 2 months)
  3. Coffee = down another -1.7% week-over-week (-19% in the last 2 months)

If you eat carbs and drink coffee every morning, that’s good. And it’s really good for the likes of our Top 2 Global Consumption long ideas right now (Starbucks, SBUX and Walmart, WMT) too.


Forget about the USA’s politicized class warfare thing. When you deflate food prices, you save money for at least 99% of the world’s 7,053,206,438 people. With taxes going up on the some-of-us, I like tax cuts like that for the all-of-us.


If you’ve been living large long Oil futures contracts since 2009, you may not like how this story ends. If you’ve been shorting food and energy since September, you are smiling.


Here’s a look at how Institutional Commodity Gambling (CFTC futures/options contracts) is imploding:

  1. Net long contracts (bets on commodity inflation) = down another -17% last wk to 772,512 contracts
  2. Bullish Commodity bets are now crashing, down -42% from the Bernanke Top (SEP14, 2012)
  3. Crude Oil contracts = down another -18% last week (despite Israel/Gaza) to 100,021
  4. Farm Goods = down -22% last week to 415,498 contracts
  5. Corn (biggest component of the Farm Goods basket) = down -14% wk-over-wk to 202,853 contracts
  6. Copper joined Cotton as the 2nd major commodity to move into a net SHORT position

Since I won large in Vegas last week ($736 bucks!), I’ll bet my whole lot that at least 1/2 of institutional investors reading this note will call what I just outlined as a bullish contrarian indicator. On the margin (immediate-term TRADE duration) that’s probably right.


But, as you move out from intermediate (3 months or more) to longer term durations (TREND and TAIL), averaging down into a wildly volatile asset class like commodities can put perma-commodity bulls out of business, fast. So be careful.


From an asset allocation perspective, the most asymmetric long-term risk to all of Global Macro continues to be Strong Dollar. If it manifests itself into the mid-to-high $80 levels (US Dollar Index), you haven’t seen anything in terms of commodity deflation yet.


While it may sound perverse to call deflation bullish, it’s not. Letting free-market prices clear without fiscal and/or monetary price supports is the only big idea we have not tried for the last decade.


I think it’s the only way We Build sustainable consumption growth in both the US (71% of GDP) and global economy. Get the Dollar right, you’ll get long-term growth right. If you want to know how I get bullish on the economy, look no further than that.


Our immediate-term Risk Ranges (support and resistance) for Gold, Oil (Brent), US Dollar, EUR/USD, UST 10yr Yield, and the SP500 are now $1704-1723, 106.12-109.98, $80.87-81.45, $1.26-1.28, 1.49-1.64%, and 1335-1364, respectively.


Best of luck out there today,



Keith R. McCullough
Chief Executive Officer


We Build - Chart of the Day


We Build - Virtual Portfolio


Takeaway: We remain bearish on GMCR for FY13

The market move in GMCR on its most recent earnings print was emphatic but there was nothing in the 4Q12 results that led us to believe that our bearish stance on the stock should change.  We have been bearish on the stock since early 2011.




Brian Kelley, formerly of KO, is a respected executive and showed wise judgment, in our view, to get himself paid up front.   The company’s cash flow situation is yet to be resolved and there are several potentially serious issues ahead in the form of SEC investigations and class action law suits.  Green Mountain has been in a downward spiral and investors will be watching closely over the coming quarters to see if Kelly can formulate a plan to solidify the company’s role in the coffee market.  As things stand, there is a large number of questions related to competitive pressures in the brewer segment, margin pressure in the K-Cup business, and the potential for the aforementioned investigations and law suits to yield negative outcomes for the company. 



4Q12 Numbers Flattered to Deceive


GMCR reporting 4Q12 EPS of $0.64 versus consensus of $0.48, along with the FY13 guidance raise, pushed the stock higher on Tuesday after the market close.   We believe that much more clarity is required before we get comfortable with an expected earnings number for FY13. 



Pulling the Goalie?

  • SG&A saved the day in 4Q12.  A 220bps decline in SG&A expenses was instrumental in GMCR offsetting the negative margin impact of increased promotional activity
  • Promotional activity is not a sustainable driver of sales for a business that is already seeing its margins decline


Positives in 4Q12

  • Inventory was brought under control for the first time in 9 quarters
  • FCF was positive as capex came in $100m lighter than expected


Issues Facing GMCR in FY13

  • Competitive pressures due to patent expiration:  The company reiterated several times that this is not a significant issue for the company but the data tells a different story. 
  • Negative K-Cup mix (-2% in 4Q):  Lower ASPs and mix with partner brands  should bring further mix declines going forward as we are only in early stages of transition from wholly-owned brands to private label brands.
  • Promotional Activity:  Gross margins declined 230 bps helped by 100 bps of coffee cost benefit.  Starbucks is taking advantage of favorable input costs to make strategic acquisitions while Green Mountain is using the COGs environment to discount product.
  • Starbucks’ Commitment Issues: We doubt that SBUX has committed itself to a long-term contract with GMCR. Even if that is the case, we know SBUX is not shy when it comes to extricating itself from relationships it does not see as being to its advantage.  The Starbucks Investor meeting on December 5th could shed light on this relationship.


Other Red Flags


Accounting Signals? The surge in deprecation in as a percentage of sales is a potential red flag.  Is the company changing its accounting practices with respect to depreciation?


Vue Appeal?  The company reported $10mm in Keurig Vue sales, down from $20mm in F3Q.  While the company insists the brand will be a slow build, brewer sales declining by 50% sequentially indicates that the rollout has been underwhelming.


Margins Rolling Over?  Neither lower coffee costs nor managing SG&A constitutes a sustainable strategy for expanding margins.


Cash Flow Slow Drip?  CFFO/Net Income is a key metric for Green Mountain as it indicates the proportion of earnings that are yielding cash.  A higher ratio relative to the industry can indicate more conservative accounting, signaling a sustainable level of income.  Any ratio that is nearly flat or negative is generally a concern for us.  The company has moved out of the “danger zone” over the past few quarters but we will continue to monitor this metric.


GMCR VOLATILITY CONTINUES - gmcr cffo net income




GMCR VOLATILITY CONTINUES - gmcr inv growth sales growth


Howard Penney

Managing Director


Rory Green



the macro show

what smart investors watch to win

Hosted by Hedgeye CEO Keith McCullough at 9:00am ET, this special online broadcast offers smart investors and traders of all stripes the sharpest insights and clearest market analysis available on Wall Street.


Takeaway: Another negative datapoint for MGM

  • Assuming normal slot and table hold, we believe October Strip gaming revenue should fall between -5% to -9% YoY. An unfavorable calendar—one less Saturday and Sunday—likely contributed to the decline.  Baccarat, as usual, will be the wild card.
  • McCarran airport passengers fell 1.5% while NV taxi trips fell 3.6% in August— the 4th consecutive month of declines.
  • After a respite in September, we believe, slot volume, the most important Strip metric in our opinion, will resume its downward trend in October.  



FedEx Idea Alert: Degrees of Freedom Skewed To Upside

Takeaway: $FDX is a top long idea. Inventories are flashing a buy signal and cost opportunities could drive significant upside, among other positives.

FedEx Idea Alert: Degrees of Freedom Skewed To Upside



TREND = 88.52

TAIL = 86.23



FDX A Top Long Idea:  FedEx is our top transport idea and we believe it is one of the best investment opportunities in the Industrials sector.  We have put together a Black Book on the Express & Courier Services industry here and written a note detailing how FDX fits into our investment process here.   FDX has many more positive degrees of freedom than negative ones, in our view, and we review the key aspects of our thesis below.


Inventories:  Inventory levels in the broader economy are a key driver of express volumes.  Businesses generally do not pay to express an item that they already have on hand.  Relative to trend, inventories have risen to a level that has historically signaled a good entry point for the Airfreight & Logistics sub-industry.  If you buy cyclicals when times are bad and sell them when times are great, the chart below indicates that it is currently lean times for express carriers like FedEx.  Note that this inventory signal is rare, breaching this level only half a dozen times in the past 30 years and remaining below it for about 86% of observations.


FedEx Idea Alert: Degrees of Freedom Skewed To Upside - 6



FedEx Ground Set to Dominate Industry:  UPS is not the first company to stand at a competitive disadvantage because of uncompetitive union labor costs.  FedEx Ground appears destined to dominate the US ground parcel industry as UPS’s iconic franchise loses share to a more nimble competitor, in our view.  Similar dynamics have occurred in many other unionized industries in recent decades.  FedEx Ground has ~18% operating margins and a clear revenue growth trajectory, positioning the unit to be a significant value driver for shareholders.


FedEx Idea Alert: Degrees of Freedom Skewed To Upside - 7



Express Cost Cuts:  FedEx Express has ~$26 billion in revenue at a rough 4% operating margin run-rate in fiscal 1Q 2013.  UPS and DHL have much higher margins (about 5 points) and there is no reason we see why FedEx cannot match or exceed competitors’ profitability.  Management is targeting ~$1.6 billion in P&L improvement at FedEx Express.  If management hits that target, which looks achievable to us in a normalized operating environment, the value of just the Express division could exceed the firm’s current market value, by our estimates.  We would happily take FedEx Ground for free.


TNT Deal Divestitures:  Since UPS’s future appears to be in express services, we expect the firm to pursue the TNT merger aggressively.  Divestitures of European operations are almost certainly needed to obtain EU antitrust approval for the deal.  FedEx would benefit from a stronger presence in Europe and is the only real buyer for the assets, in our view. 


FedEx Idea Alert: Degrees of Freedom Skewed To Upside - 8



Other Factors:  We also explore the impact of containerized freight rates vs. airfreight rates, airfreight capacity and global trade in our Express & Courier Services Black Book.


Valuation Scenarios Suggest Positive Risk/Reward:  We may be a little early in terms of the inventory cycle, but the cost reductions, FedEx Ground growth and TNT divestitures more than assuage our anxieties.  Our bear case FDX valuation is ~$85, suggesting limited downside from current levels if our thesis fails to play out.  Our base case valuation range of $120-$150 suggests healthy reward potential and upside to ~$180 if our thesis really comes together.   







Jay Van Sciver, CFA

Managing Director

120 Wooster St.

New York, NY 10012





Weekly European Monitor: Padding Greece’s Pocket

Takeaway: There’s no prospect of this being the last bailout or concession thrown Greece’s way.

-- For specific questions on anything Europe, please contact me at to set up a call.


Asset Class Performance:

  • Equities:  The STOXX Europe 600 closed up +0.9% week-over-week vs +4.0% last week. Top performers:  Austria +2.7%; Hungary +2.2%; Czech Republic +2.1%; Switzerland +1.6%; Netherlands +1.5%; Germany +1.3%; Sweden +1.3%; Poland +1.3%; Italy +1.1%.  Bottom performers:  Cyprus -12.2%; Greece -4.2%; Portugal -1.3%. [Other: UK +0.8%].
  • FX:  The EUR/USD is up +0.22% week-over-week vs +1.84% last week.  W/W Divergences:  HUF/EUR +0.45%; CZK/EUR +0.40%; RUB/EUR +0.38%; PLN/EUR +0.30%; TRY/EUR +0.18%; DKK/EUR -0.03%; CHF/EUR -0.09%; GBP/EUR -0.28%; NOK/EUR -0.39%; SEK/EUR -0.66%.
  • Fixed Income:  The 10YR yield for sovereigns were down across the region week-on-week. Spain declined the most at -30bps to 5.38%, followed by Portugal -29bps to 7.62%, Italy -25bps to 4.53%, Greece -23bps to 16.21%, and Belgium -22bps to 2.07%. France fell -11bps to 2.05% and Germany declined -5bps to 1.37%.   

Weekly European Monitor: Padding Greece’s Pocket - cc. yields



EUR/USD: Our TRADE range is $1.29 – 1.31 with a TREND resistance of $1.31.


  • Our call - the EUR/USD will trade within our quantitative levels and reflect much of the daily headline risk (from Spain, Greece, and Italy in particular), however ECB President Mario Draghi’s September announcement that “the ECB is ready to do whatever it takes to preserve the euro” and the resolve of Eurocrats to maintain the Union will prevent levels falling anywhere near parity.
  • We believe there is a high likelihood that no significant policy action comes in the remaining weeks of 2012, which could support the band the cross has been trading in over the last weeks.

Weekly European Monitor: Padding Greece’s Pocket - cc. eur usd


Weekly European Monitor: Padding Greece’s Pocket - cc  cftc



Padding Greece’s Pocket:


For updated thoughts on Europe, and in particular Greece’s most recent hand-out, see Thursday’s Early Look Titled Europe’s Shell Game.



The European Week Ahead:

Saturday - Beginning of the Russian Presidency of G20


Sunday - Nov. UK Lloyds Business Barometer and Hometrack Housing Survey


Monday - ECB Governing Council Meeting; Eurogroup Meeting in Brussels; Nov. Eurozone PMI Manufacturing – Final; Nov. Germany PMI Manufacturing – Final; Nov. UK PMI Manufacturing, BRC Sales Like-For-Like; Nov. France PMI Manufacturing – Final; Spain Manufacturing PMI; Nov. Italy PMI Manufacturing, Budget Balance, New Car Registration; Greece Manufacturing PMI


Tuesday - Oct. Eurozone PPI; Nov. UK PMI Construction, BRC Shop Price Index; Nov. Spain Unemployment


Wednesday - Nov. Eurozone PMI Composite and Services Final; Oct. Eurozone Retail Sales; Nov. Germany PMI Services – Final; UK Chancellor Osborne Makes Autumn Statement in Commons; Nov. UK Official Reserves, PMI Services; Nov. France PMI Services – Final; Spain Services PMI; Oct. Spain Industrial Output; Nov. Italy PMI Services


Thursday - ECB Announces Interest Rates, ECB Deposit Facility Rate; 3Q Eurozone Household Cons, Gross Fix Cap, Government Expend and GDP – Preliminary; Oct. Germany Factory Orders; UK BoE Announces Interest Rates, BoE Asset Purchase Target; Nov. UK New Car Registration; Oct. UK Visible Trade Balance, Total Trade – Preliminary; 3Q France ILO Unemployment Rate; Sep. Greece Unemployment Rate


Friday - Oct. Germany Industrial Production; Nov. Germany Wholesale Price Index (Dec. 7-12); 3Q Germany Labor Costs Workday Adj, Labor Costs Seas. Adj; Dec. UK CBI Trends Total Orders, Trends Selling Prices and Reported Sales (Dec. 7-15); Nov. UK BoE/GfK Inflation Next 12 Mths, NIESR GDP Estimate; Oct. UK Industrial Production, Manufacturing Production; Oct. France Central Govt. Balance, Trade Balance; 3Q Greece GDP - Final



Extended Calendar:

DEC 12-13 –          First public consultation between the Russian government, B20 Coalition and international civil society representatives on G20 agenda for 2013 (in Moscow)

DEC 20 –               ECB Governing and General Council Meeting

APR 2013 –           Parliamentary elections in Italy

MAY 2013 –           Presidential elections in Italy



Call Outs:

Spanish Banks - The European Commission approved the restructuring plans for four Spanish banks - Bankia, NCG Banco, Catalunya Banc and Banco de Valencia (which will be sold to CaixaBank). The approval will allow the banks to receive aid from the ESM.


Spanish banks - Cut their government bond holdings by €5.2B in October after an €8.8B increase in September. Total sovereign holdings, adjusted by market value, fell to €253.7B last month.


Spain - Bankia said that holders of preferred shares will have to take a write-down of 39%, while holders of perpetual subordinated debt will face a write-down of 46% and holders of subordinated debt with a maturity date will have to take a loss of 14%. According to estimates by Barclays, ~€30B of these products were sold to individual savers/retail investors before the crisis by small Spanish banks, including Bankia.


Spain - Bank of Spain noted that Spain experienced a capital inflow of €31B in September (August saw an outflow of €11.8B).


OECD  - Slashes 2013 growth forecast for advanced economies (1.4% versus 2.2% forecast in May).


ECB and OMT - Vice President Constancio said that the central bank expects Madrid to apply for support, triggering the OMT. While he noted that this is the ECB's base scenario for Spain, he reiterated that it is up to the Rajoy government to make a request.


UK - Bank of Canada Governor Mark Carney was named head of the Bank of England.



Data Dump:


Eurozone Services Confidence -11.9 NOV (exp. -12.5) vs -12.1 OCT

Eurozone Business Climate -1.19 NOV (exp. -1.60) vs -1.61 OCT

Eurozone Industrial Confidence -15.1 NOV (exp. -17.1) vs -18.3 OCT

Eurozone Economic Confidence 85.7 NOV (exp. 84.5) vs 84.3 OCT

Eurozone Consumer Confidence -26.9 NOV Final (inline)


Weekly European Monitor: Padding Greece’s Pocket - cc. manu and serv conf


Weekly European Monitor: Padding Greece’s Pocket - cc. business conf


Weekly European Monitor: Padding Greece’s Pocket - cc. consumer conf



Eurozone CPI 2.2% NOV Y/Y vs 2.5% OCT

Eurozone M3 3.9% OCT Y/Y vs 2.6% September

Eurozone Unemployment Rate 11.7% OCT vs 11.6% SEPT


Weekly European Monitor: Padding Greece’s Pocket - cc. unemploy eur and italia


Germany Unemployment Rate 6.9% NOV vs 6.9% OCT

Germany Unemployment Change 5K NOV vs 19K OCT

Germany Retail Sales -0.8% OCT Y/Y (exp. -0.3%) vs -3.4% SEPT   [-2.8% OCT M/M (= most in ~4yrs)  (exp. -0.4%) vs 0.5% September]

Germany GfK Consumer Confidence 5.9 DEC (exp. 6.2) vs 6.1 NOV

Germany CPI 2.0% NOV Prelim Y/Y (inline) vs 2.1% OCT

Germany Import Price Index 1.5% OCT Y/Y vs 1.8% September


France Consumer Confidence 84 NOV vs 84 OCT

France Producer Prices 2.9% OCT Y/Y vs 2.9% SEPT

France Consumer Spending -0.5% OCT Y/Y vs -0.3% September


UK Q3 GDP Preliminary -0.1% Y/Y vs -0.5% in Q2   [1.0% Q/Q vs -0.4% in Q2]

UK Nationwide House Prices -1.2% NOV Y/Y vs -0.9% OCT

UK M4 Money Supply -3.2% OCT Y/Y vs -3.7% September

UK GfK Consumer Confidence -22 NOV (exp. -30) vs -30 OCT


Italy Consumer Confidence 84.8 NOV (exp. 86.3) vs 86.2 OCT [new record low]

Italy Unemployment Rate 11.1% OCT vs 10.8 SEPT

Italy CPI 2.6% NOV Y/Y vs 2.8% OCT

Italy PPI 2.6% OCT Y/Y vs 2.8% SEPT

Italy Hourly Wages 1.5% OCT Y/Y vs 1.4% SEPT

Italy Business Confidence 88.5 NOV vs 87.8 OCT

Italy Economic Sentiment 76.4 NOV vs 77.1 OCT


Spain Retail Sales -8.4% OCT Y/Y (exp. -10.0%) vs -12.7% September

Spain Total Housing Permits -51.3% SEPT Y/Y vs -31.7% AUG

Spain CPI 3.0% NOV Prelim. Y/Y vs 3.5% OCT

Spain Mortgages on Houses -32.2% SEPT Y/Y vs -28.5% AUG


Switzerland Q3 GDP 1.4% Y/Y vs 0.3% in Q2   [0.6% Q/Q vs -0.1% in Q2]

Switzerland KOF Swiss Leading Indicator 1.50 NOV (exp. 1.60) vs 1.64 OCT

Switzerland UBS Consumption Indicator 1.31 OCT vs 1.04 SEPT


Austria Producer Prices 0.7% OCT Y/Y vs 0.7% SEPT

Belgium CPI 2.26% NOV Y/Y vs 2.79%

Ireland Property Prices -8.1% OCT Y/Y vs -9.6% SEPT


Portugal Consumer Confidence -59 NOV vs -55.3 OCT

Portugal Economic Climate -5 NOV vs -4.6 OCT

Portugal Industrial Production -4.3% OCT Y/Y vs -9.5% September

Portugal Retail Sales -6.9% OCT Y/Y vs -5.9% September


Sweden Manufacturing Confidence -18 NOV vs -16 OCT

Sweden Economic Tendency Survey 86 NOV vs 92.7 OCT

Sweden PPI -2.3% OCT vs -1.9% September

Sweden Household Lending 4.5% OCT Y/Y vs 4.5% SEPT

Sweden Q3 GDP 0.7% Y/Y vs 1.3% in Q2   [0.5% Q/Q vs 0.7% in Q2]

Sweden Retail Sales 1.2% OCT Y/Y vs 4.5% September

Sweden Consumer Confidence -7.4 NOV vs -2.9 OCT


Finland Business Confidence -14 NOV vs -12 OCT

Finland Consumer Confidence 1.0 NOV vs -1.6 OCT

Denmark Q3 GDP Prelim -0.5% Y/Y vs -0.6% in Q2   [0.1% Q/Q vs -0.7% in Q2]

Norway Consumer Confidence 25.4 in Q4 vs 23.4 in Q3

Netherlands Producer Confidence -7.0 NOV vs -7.7 OCT


Greece Retail Sales -10.7% SEPT Y/Y vs -7.2% AUG


Hungary Unemployment Rate 10.5% OCT vs 10.4% SEPT

Slovakia Consumer Confidence -33.1 NOV vs -38.0 OCT

Slovakia PPI 4.2% OCT Y/Y vs 4.4% SEPT

Czech Republic Business Confidence 0.3 NOV vs 2.6 OCT

Czech Republic Consumer and Business Confidence -5 NOV vs -3.3 OCT

Czech Republic Consumer Confidence -26.3 NOV vs -27 OCT


Poland Retail Sales 3.3% OCT Y/Y vs 3.1% SEPT

Poland Unemployment Rate 12.5% OCT vs 12.4% SEPT



Interest Rate Decisions:


(11/27) Hungary Base Rate Announcement CUT 25bps to 6.00%



Matthew Hedrick

Senior Analyst

get free cartoon of the day!

Start receiving Hedgeye's Cartoon of the Day, an exclusive and humourous take on the market and the economy, delivered every morning to your inbox

By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails.