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Chinese Rebar On The Rise

Here at Hedgeye, we like to observe the price of Chinese steel rebar. It’s a decent barometer of Chinese construction activity and subsequently, growth. The spot price for Chinese rebar jumped 3% day-over-day and is now back to the highest price since November. Combined with our macro team’s research that signals growth accelerating throughout Asia, rebar is another catalyst that shows that the growth slowing days are over.

 

Chinese Rebar On The Rise - 3


MACAU: DECEMBER DETAIL

Here is some more detail on the final December numbers from Macau:

 

Y-O-Y TABLE OBSERVATIONS

 

Total table revenues grew 21% in December.  Mass revenue growth was strong at 32%, just a little above the 6-month trailing average of 31%.  VIP revenues grew 16% - the best growth in 9 months.  Junket RC volume grew 9% YoY.  We expect that January’s growth rate will slow to 7-12% growth, due to the smoking restrictions and unfavorable calendary.

 

LVS

 

Table revenues grew 52% YoY (Mass +48%; VIP+55%), garnering the best growth in the market for the 6th straight month.  We estimate that Sands China held at 3.14% vs 2.86% last year, adjusted for direct play of 19%.  

  • Sands table revenue fell 9% YoY, aided by high hold but hurt by an even tough comparison. 
    • Mass grew 12%
    • VIP was down 20%.  We estimate that Sands held at 3.70% in December compared to 4.01% in the same period last year.  We assume 9% direct play in December vs 11% in December 2011.
    • Junket RC declined 11% YoY, aside from September; 12 of the 13 trailing months have seen YoY declines in RC volume. 
  • Venetian table grew 19% YoY, negatively impacted by low hold but offset by an easy comparison.
    • Mass increased 15%
    • VIP was grew 24%
    • Junket VIP RC increased 14%, breaking 10th consecutive months of declines at Venetian
    • Assuming 30% direct play, hold was 2.70% compared to 2.59% in December 2011, assuming 27% direct play (in-line with 4Q11)
  • Four Seasons continued to perform well, growing 43% YoY, driven by high hold and an easy comparison
    • Mass revenues were flat YoY
    • VIP grew 52% and Junket VIP RC rose 16% YoY
    • If we assume direct play of 16%, in-line with the first 3Q of 2012, hold in December was 3.19% vs. 2.42% in December 2011 when direct play was ~16%
  • Sands Cotai Central produced $169MM in December
    • Mass revenue of $62MM, $1MM lower MoM
    • VIP revenue of $107MM
    • Junket RC volume of $2.83 BN, up 2% MoM
    • If we assume that direct play was 9%, hold would have been 3.46% 

WYNN

 

Wynn table revenues fell 10% YoY in December.  Hold was high but last year’s comparison was more difficult.

  • Mass was up 4% YoY– the worst performance of the 6 concessionaires for the 4th consecutive month
  • Wynn was the only concessionaire to record a decline in VIP revenues this month, which fell 13%.  With the exception of September, Wynn has had YoY declines in VIP revenues for the last 8 of 9 months.
  • Junket RC fell 9%, the worst performance of the group.  Aside from a 1% gain in November, 7 of the last 8 consecutive months have been in the red.
  • Assuming 10% of total VIP play was direct (in-line with 3Q12), we estimate that hold was 3.10% compared to 3.21% last year (assuming 11% direct play – in-line with 4Q11).

MPEL

 

MPEL table revenue grew 14%, negatively impacted by low hold and a difficult YoY comparison.  Hold across MPEL’s two properties was 2.84% vs. 3.16% last year.

  • Altira revenues grew 11%, with a 21% increase in Mass and a 10% increase in VIP
    • VIP RC increased 13%, breaking its 12th month consecutive streak of losses
    •  We estimate that hold was 3.11%, compared to 3.30% in the prior year
  • CoD table revenues grew 15% YoY, despite low hold
    • Mass revenue grew an impressive 62%, offset by a 2% drop in VIP revenue
    • RC grew 13%
    • Assuming a 15% direct play level, hold was 2.70% in December compared to 3.08% last year (assuming 16% direct play)

SJM

 

Table revenue grew 20%

  • Mass revenue was up 9% and VIP revenue grew 25%
  • Junket RC grew 12%
  • Hold was 3.03%, compared with 2.70% last December

GALAXY

 

Galaxy table revenues grew 14%.   Mass growth took the top spot with 59% growth.  VIP revenues only grew 3%YoY, despite high hold.  Across its two owned properties, Galaxy held at 3.39% vs. 3.04% in December 2011.

  • StarWorld table revenues fell 2%, marking the 7thconsecutive month of declines
    • Mass grew 57%, offset by a 9% drop in VIP
    • Junket RC fell 11%, marking the 7th month of consecutive declines
    • Hold was normal at 2.84% vs. an easy comparison of 2.76% last December
  • Galaxy Macau's table revenues grew 33%
    • Mass grew 63%
    • VIP grew 25%, while RC grew 8%, breaking a 4 consecutive month streak of declines
    • Hold was high in December at 3.86% vs. 3.34% last  year

MGM

 

MGM table revenue grew 38% in December, aided by high hold. 

  • Mass revenue grew 51%
  • VIP revenue grew 35% on a 10% increase in VIP RC.
  • If direct play was 8%, then December hold was 3.55% compared to 2.90% last year

 

SEQUENTIAL MARKET SHARE

 

LVS

 

LVS’s MoM share increased 20bps to 21.0%.  December’s share was better than its 6 month trailing market share of 20.2% and better than Sands’ 2011 average share of 15.7%.

  • Sands' share was flat at 3.7%.  For comparison purposes, 2011 share was 4.6% and 6M trailing average share was 3.8%.
    • Mass share ticked down to 5.3%
    • VIP rev share was flat at 3.0%
    • RC share was 2.4%, down 10bps MoM
  • Venetian’s share ticked up 10bps to 8.0%.  2011 share was 8.4% and 6 month trailing share was 8.1%.
    • Mass share fell 40bps to 13.1%
    • VIP share increased 30bps to 5.9%
    • Junket RC share increased 1% to 5.1%
  • FS was flat at 3.7%.  This compares to 2011 share of 2.2% and 6M trailing average share of 3.2%.
    • VIP ticked up 10bps to 4.6%. 
    • Mass share fell 30bps to 1.6%
    • Junket RC fell 40bps to 4.1%
  • Sands Cotai Central's table market share ticked up 10bps to 5.0% and compares to the 6M trailing average share of 4.5%.
    • Mass share of 6.2%
    • VIP share of 4.5%
    • Junket RC share ticked down 10bps to 4.0% 

WYNN


Wynn was the biggest share donor in December, losing 1.8% to 10.3% in December.  Wynn’s 2011 share averaged 14.1% and their 6-month trailing share averaged 11.5%.  

  • Mass market share increased 50bps to 8.0%, an all-time property low
  • VIP market share plunged 3.1% to 11.1%
  • Junket RC share decreased 70bps to 10.7%, the lowest level since October 2007

MPEL

 

MPEL’s lost 20bps of share in December to 13.5%, below their 6 month trailing share of 13.7% and their 2011 share of 14.8%.  

  • Altira’s share fell 10bps to 4.0%, above its 6M trailing share of 3.9% but below their 2011 share of 5.3%. 
    • Mass share ticked up 10bps to 1.4%
    • VIP fell 20bps to 5.1%
    • VIP RC share fell 20bps to 5.2%
  • CoD’s share fell 10bps to 9.4%.  December’s share was above the property’s 2011 and in-line with 6M trailing share of 9.3% and 9.5%, respectively.
    • Mass market share was flat 11.7%, in-line with an all-time high for the property set in November
    • VIP share was flat at 8.5%
    • Junket share fell 90bps to 9.0%

SJM

 

SJM’s share fell 1.5% to 26.1%.  December’s share compares to their 2011 average of 29.2% and its 6M trailing average of 26.5%.

  • Mass market share fell 1.6% to 28.7%, an all-time company low
  • VIP share dropped 1.4%to 26.0%
  • Junket RC share increased 1.6% to 29.0%

GALAXY


Galaxy was the largest share gainer in December, increased 2% points to 18.2%, below its 6M trailing share average of 18.5%

  • Galaxy Macau share increased 2.5% to 11.0%, positively impacted by 3.86% and an easy comparison in November
    • Mass share increased 70bps to 9.8%
    • VIP share increased 3.3% to 11.5%
    • RC share grew 60bps to 10.2%, reversing 6 consecutive months of share declines
  • Starworld share fell 30bps to 6.2%
    • Mass share increased 90bps to 3.5%
    • VIP share fell 90bps  to 7.3%
    • RC share increased 10bps to 8.7%

MGM

 

MGM gained 1.3% share to 10.9% in December, above their 6M average of 9.7% and above their 2011 share of 10.5%.

  • Mass share increased 1.2% to 8.1%
  • VIP share grew 1.6% to 11.9%
  • Junket RC fell 90bps to 10.5%

 

Slot Revenue

 

Slot revenue grew 7% YoY to $145MM in December.

  • LVS took the top prize for YoY growth of 49% to $49MM
  • Galaxy’s slot revenue grew 26% to $19MM, also setting a company record
  • MPEL grew 3% YoY to $24MM
  • MGM slot revenues fell 8% to $20MM
  • WYNN fell 18% to $19MM
  • SJM had the worst YoY performance in slots with a 29% YoY decline to $14MM  

 

MACAU: DECEMBER DETAIL  - table1

 

MACAU: DECEMBER DETAIL  - mass1

 

MACAU: DECEMBER DETAIL  - rc1


MACAU JANUARY

Through the first 6 days of January, average daily table revenues (ADTR) were HK$889, an increase of 14% over the first week of January in 2012.  We did hear that the favorable luck in the VIP has continued from December but there hasn’t been an noticeable impact from the smoking ban, yet.  The weekly comps get much more difficult in the 2nd half of the month, partly due to the timing of Chinese New Year in February of this year versus January of last year.  Moreover, January of 2012 contained 10 weekend days versus only 8 in January of 2013 – reversing the favorable December 2012 calendar impact.  In the 2nd half of January of 2012, ADTR increased 58% over January of 2011.

 

Our full month GGR projection is for +7% to +12% YoY growth – still solid considering the tough comparison.

 

Market shares mean little this early in the month but Wynn’s continued struggles are notable and derived from more than just hold.  MPEL is off to a strong start in January, no doubt at least partially due to higher than market VIP hold.

 

MACAU JANUARY - adtr

 

MACAU JANUARY - ggr


Early Look

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Relied upon by big institutional and individual investors across the world, this granular morning newsletter distills the latest and most vital market developments and insures that you are always in the know.

Flying High Again

Client Talking Points

Growth Stabilizing

Last week, we saw stocks soar with the Russell 2000 hitting a new all-time high and the S&P 500 returning to levels not seen since 2007 right before the financial crisis. With our S&P sector multi-duration model flashing bullish signals across the board, it’s clear that growth stabilizing is here and could eventually morph into true growth. Bonds got smoked and the yield on the 10-year remains elevated. Gold is making a recovery this morning, but only after getting rocked last week. There are a lot of people who are still long gold and are hurting after the past month. We’re still bearish on commodities and that won’t change unless the Fed starts making moves.

Gimme A Buck

The correlation risk related to the US dollar should be considered when investing around the political class. For now, the dollar has stopped going down and thus, commodities have stopped inflating. That can change quickly if Congress makes a move that hurts our currency. Remember our adage: get the dollar right and you get a lot of other things right.

Asset Allocation

CASH 49% US EQUITIES 18%
INTL EQUITIES 18% COMMODITIES 0%
FIXED INCOME 0% INTL CURRENCIES 15%

Top Long Ideas

Company Ticker Sector Duration
NKE

Our competitors are neutral to bearish on the name ahead of earnings, but we think they’re missing the bigger picture. We think concerns over the shoe cycle rolling over are overdone. With R&D in the mid-teens, NKE has the ability to drive the ‘sneaker cycle’ in a case of “the tail wagging the dog”. We also think $NKE is a candidate for releasing a special dividend when they report EPS next week.

ADM

ADM has significantly lagged the overall market in 2012 over concerns that weakness in the company’s bioproducts (ethanol) and merchandise and handling segment will persist. Ethanol margins suffered from higher corn costs, as well as weak domestic demand and low capacity utilization across the industry. Merchandising and handling results were at the mercy of a smaller U.S. corn harvest. Both segments could be in a position to rebound as we move into 2013 and a new crop goes into the ground. With corn prices remaining at elevated levels, the incentive to plant corn certainly exists, and we expect that we will see corn planted fencepost to fencepost.

FDX

Margins are in a cycle trough as the USPS is on the brink. FDX is taking more share in the U.S. and following the recent $TNT news flow we think $UPS is in a tough spot.

Three for the Road

TWEET OF THE DAY

“Basel move, watershed moment for the banks, 25 years from now bank capital requirements will be tied to GDP, stronger economy = more capital” -@Convertbond

QUOTE OF THE DAY

“The absence of alternatives clears the mind marvelously.” -Henry Kissinger

STAT OF THE DAY

Bank of America Corp said it will pay $3.6 billion to Fannie Mae to settle claims related to residential mortgage loans for the nine years to the end of 2008.


MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES

Takeaway: Chinese steel as well as industrial commodities moved modestly higher, while the TED spread moved lower. Short-term downside trumps upside.

Key Takeaways

 

American Financial CDS -  Across the board, US Financial swaps tightened. BofA and Citi were tighter by 16 and 15 bps, respectively, while MS tightened 21 bps. Mortgage insurers MTG and RDN tightened 153 bps and 68 bps, respectively.

 

* European Financial CDS - With the exception of Greece and one Spanish Bank (Caja de Ahorros del Mediterraneo), European bank swaps were tighter across the board on US fiscal cliff resolution. Italian and Spanish banks were the most improved, while German and French banks were close behind.

 

TED Spread – The TED spread fell 6.3 basis points last week, ending the week at 24 bps versus last week’s print of 30 bps.

 

Journal of Commerce Commodity Price Index – The JOC index rose 1 point, ending the week at 7.3 versus 6.3 the prior week, reflecting stabilizing/strengthening global growth/demand.

 

Chinese Steel – Steel prices in China rose 0.9% last week, or 34 yuan/ton, to 3676 yuan/ton. 

 

* XLF Macro Quantitative Setup –  Our Macro team’s quantitative setup in the XLF shows 0.9% upside to TRADE resistance and 3.2% downside to TRADE support.

 

Financial Risk Monitor Summary

• Short-term(WoW): Positive / 5 of 12 improved / 3 out of 12 worsened / 5 of 12 unchanged  

• Intermediate-term(WoW): Positive / 6 of 12 improved / 4 out of 12 worsened / 3 of 12 unchanged  

• Long-term(WoW): Positive / 9 of 12 improved / 2 out of 12 worsened / 2 of 12 unchanged

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - summary

 

1. American Financial CDS -  Across the board, US Financial swaps tightened. BofA and Citi were tighter by 16 and 15 bps, respectively, while MS tightened 21 bps. Mortgage insurers MTG and RDN tightened 153 bps and 68 bps, respectively.  

 

Tightened the most: MMC, BAC, MTG

Tightened the least: UNM, TRV, AON

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - us bank cds

 

2. European Financial CDS - With the exception of Greece and one Spanish Bank (Caja de Ahorros del Mediterraneo), European bank swaps were tighter across the board on US fiscal cliff resolution. Italian and Spanish banks were the most improved, while German and French banks were close behind.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - eu bank cds

 

3. Asian Financial CDS - Asian bank swaps were mostly flat WoW. One notable mover, however, was India's ICICI bank, which widened by 42 bps to 282 bps. In Japan, Nomura tightened by 10 bps to 192 bps.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - asian bank cds

 

4. Sovereign CDS – Sovereign Swaps were notably tightened last week around the globe on the resolution of the fiscal cliff. Ironically, the US was wider by 1 bp. Portugal, Italy and Spain posted the largest WoW improvements.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - sov cds table

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - sov cds 4

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - sov cds 5

 

5. High Yield (YTM) Monitor – High Yield rates fell 76.3 bps last week, ending the week at 6.01% versus 6.77% the prior week.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - hy

 

6. Leveraged Loan Index Monitor – The Leveraged Loan Index rose 5.9 points last week, ending at 1754.69.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - LLI

 

7. TED Spread – The TED spread fell 6.3 basis points last week, ending the week at 24 bps versus last week’s print of 30 bps.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - Ted spread

 

8. Journal of Commerce Commodity Price Index – The JOC index rose 1 point, ending the week at 7.3 versus 6.3 the prior week, reflecting stabilizing/strengthening global growth/demand.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - summary

 

9. Euribor-OIS spread – The Euribor-OIS spread widened by roughly half a basis point to 12.5 bps in the latest week. The Euribor-OIS spread (the difference between the euro interbank lending rate and overnight indexed swaps) measures bank counterparty risk in the Eurozone. The OIS is analogous to the effective Fed Funds rate in the United States.  Banks lending at the OIS do not swap principal, so counterparty risk in the OIS is minimal.  By contrast, the Euribor rate is the rate offered for unsecured interbank lending.  Thus, the spread between the two isolates counterparty risk. 

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - Euribor OIS

 

10. ECB Liquidity Recourse to the Deposit Facility – The ECB Liquidity Recourse to the Deposit Facility measures banks’ overnight deposits with the ECB.  Taken in conjunction with excess reserves, the ECB deposit facility measures excess liquidity in the Euro banking system.  An increase in this metric shows that banks are borrowing from the ECB.  In other words, the deposit facility measures one element of the ECB response to the crisis.  

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - ecb liq

 

11. Markit MCDX Index Monitor – Last week spreads tightened 15 bps, ending the week at 125 bps versus 140 bps the prior week. The Markit MCDX is a measure of municipal credit default swaps. We believe this index is a useful indicator of pressure in state and local governments. Markit publishes index values daily on six 5-year tenor baskets including 50 reference entities each. Each basket includes a diversified pool of revenue and GO bonds from a broad array of states. We are currently tracking the 16-V1 series. 

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - mcdx

 

12. Chinese Steel – Steel prices in China rose 0.9% last week, or 34 yuan/ton, to 3676 yuan/ton. From their highs in mid-2011, Chinese construction steel prices are down ~23%, but has been climbing steadily over the past month. We use Chinese steel rebar prices to gauge Chinese construction activity, and, by extension, the health of the Chinese economy.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - china steel 2

 

13. 2-10 Spread –  Last week the 2-10 spread tightened was essentially unchanged at 151 bps vs. the prior week. We track the 2-10 spread as an indicator of bank margin pressure. 

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - 2 10

 

14. XLF Macro Quantitative Setup –  Our Macro team’s quantitative setup in the XLF shows 0.9% upside to TRADE resistance and 3.2% downside to TRADE support.

 

MONDAY MORNING RISK MONITOR: GLOBAL FUNDAMENTALS CATCHING UP TO EQUITIES - xlf quant

 

Joshua Steiner, CFA

 


THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – January 7, 2013


As we look at today's setup for the S&P 500, the range is 43 points or 2.21% downside to 1434 and 0.72% upside to 1477. 

                                                                                                                              

SECTOR AND GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.63 from 1.64
  • VIX closed at 13.83 1 day percent change of -5.01%
  • BONDS – if Treasury yields backed off for real (below our TAIL risk line of 1.84%), we’d stop harping on this – but that’s not happening this morning; for the 1st time in a year fund flows are marginally tilting away from fixed income towards equities – maybe that’s a sign of a short-term equity market top; maybe it means we’ll keep making higher-highs; we don’t know – but its new.

MACRO DATA POINTS (Bloomberg Estimates):

  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2042 sector
  • 11:30am: U.S. to sell $32b 3M, $28b 6M bills
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • ITC to announce final decision in patent-infringement case by Vitec unit over television, movie-studio lighting, 5pm

WHAT TO WATCH

  • Banks win watered-down liquidity rule after Basel Grp deal
  • Celgene, Onyx, others to give updates at JPMorgan conf.
  • Citigroup said to seek stock buybacks in capital plan: WSJ
  • Sikorsky poised to win $6.8b U.S. helicoper contract
  • Hulu CEO Jason Kilar says he plans to leave co. by April
  • Google patent offers probably won’t end Microsoft, Apple suits
  • Nvidia unveils Tegra 4 mobile processor to spur smartphone push
  • Cerberus plans to sell most of Aozora stake valued at $1.7b
  • Flowers Foods, Bimbo said bidding for Hostess Brands: WSJ
  • Terra Firma to sell Odeon theater chain: FT
  • Sony, BMG to bid for Parlophone, other EMI labels: FT
  • Deal in foreclosure case may come as early as today: NYT
  • US Air pilot leaders back interim labor deal on AMR merger
  • “Texas Chainsaw” in #1 at wknd box office, “Django” #2
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • Canada Weekly Agendas: Energy, Mining
  • ECB, China Trade, Chavez, Oscar Noms: Week Ahead Jan. 5-12

EARNINGS:

    • Commercial Metals (CMC) 8am, $0.17
    • Team (TISI) 4:01pm, $0.60

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

GOLD – they tried to bounce it into Friday’s close, then again this morning – failed at both our TRADE and TREND lines of resistance; watching that TAIL line of $1671 closely as the downside gap opens up in our model (ie lower intermediate-term lows are signaling as probable).

  • Oil Declines a Third Day; Morgan Stanley Sees Supply Recovery
  • Bulls Add to Wagers for First Time Since November: Commodities
  • LBMA’s Best Gold Forecaster Hochreiter Says Bull Market Is Over
  • Gold Swings Between Gains and Drops in London on Stronger Dollar
  • Copper Falls as Report May Show Weaker German Factory Orders
  • Asia Naphtha Crack Rebounds; BP Sells Gasoil, Fuel: Oil Products
  • Sugar, Coffee Gain in New York on Index Rebalancing; Cocoa Rises
  • Hedge Funds Raise Brent Crude Net-Longs to Nine-Month High
  • U.K. Natural Gas Jumps Most Since August as Statoil Cuts Output
  • Shell Leads S. Africa on Record Oil Rush as Coal Falters: Energy
  • Iron Ore-Import Wave Seen by Morgan Stanley Boosting Shipping
  • European Oil Demand Outside CIS Declines Along With Production
  • U.S. Corn, Soy Reserves on Dec. 1 Seen Dropping to Nine-Year Low
  • Corn Climbs From Six-Month Low as Rains Threaten Argentine Crop

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

 

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS


TAIWAN – never mind growth stabilizing, Taiwanese export growth just accelerated, big time, from 0.9% NOV to +9.0% in DEC on Chinese demand; mostly every Asian market (equities, bonds, FX) is signaling the same thing that it has for a month; growth isn’t slowing anymore – couldn’t have said that 6 months ago.

 

THE HEDGEYE DAILY OUTLOOK - 8

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 


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