Editor's Note: This is a chart and brief excerpt from this morning's Early Look written by Hedgeye CEO Keith McCullough. Click here if you'd like to beat consensus and subscribe to the firm who made the best call on Wall Street in Q3.
...Well, for those of you who didn’t take the advice to “not pay so much attention to the data” in Q3, let’s kick off the advent of Q4 with the most recently reported European economic data:
- Eurozone CPI (inflation reading) deflated to -0.1% y/y in SEP vs. +0.1% AUG
- Germany’s CPI slowed to 0.0% in SEP vs. +0.2% AUG
- Producer Price (PPI) #Deflation was -0.9% y/y in France, -2.9% y/y in Italy, and -9.9% y/y in Greece
Yep. It’s a good thing Greece and the rest of Europe is fixed. Maybe their stock markets moving into #crash mode (German DAX -23% since April) will supersede Draghi’s flawed belief that #Deflation risks were dead (in June).