[Crash]: A Look At Global Stocks

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...

https://twitter.com/KeithMcCullough/status/742283372320464896

... And China

https://twitter.com/KeithMcCullough/status/742284189026930688

Meanwhile, over in Europe...

Italian equities lead the losers:

https://twitter.com/KeithMcCullough/status/742286237235617792

... German equities are still crashing:

https://twitter.com/KeithMcCullough/status/742285320302022656

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%."

https://twitter.com/KeithMcCullough/status/742289695007244288

https://twitter.com/KeithMcCullough/status/742288279467331584

ARE YOU LONG #GROWTHSLOWING?