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Takeaway: "The Old Wall will blame Brexit, but stocks in London are only -0.39% - blame #GrowthSlowing."

[Crash]: A Look At Global Stocks - World Market No 12.16.14

Global Equity markets are getting crushed this morning.

  1. Japan, Nikkei (-3.5%)
  2. China, Shanghai Comp (-3.2%)
  3. Germany, DAX (-1.3%)
  4. Italy, FTSE MIB (-2.3%)

The common refrain cited by mainstream media this morning is Brexit risk ... but that's a mirage. "The Old Wall will blame Brexit, but stocks in London are only -0.39% - blame #GrowthSlowing," Hedgeye CEO Keith McCullough wrote this morning.

Here's more analysis from McCullough in a note sent to subscribers this morning:

"... Not that this would matter, but Japan, China, Germany, Italy, etc. are all in crash mode from 2015 cycle highs – Nikkei hammered -3.5% last night (-23% from July 2015); Shanghai -3.2% overnight (-45% y/y); Italy -2.4% (-30% from July 2015) #GrowthSlowing."

Take a look at Japan...

... And China

Meanwhile, over in Europe...

Italian equities lead the losers:

... German equities are still crashing:

While global equity markets get eviserated, our favorite Macro positions like Long Bonds (TLT) and Gold (GLD) are winning. McCullough continues:

"Our call for an all-time low this year in the UST 10yr is playing out and the Long Bond remains our Best (Long) Macro Idea – 1.62% 10yr in the USA, taking it to -65bps YTD; Germany 10yr testing negative at 0.01%, Swiss 10s new lows at -0.51%."