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Daily Market Data Dump: Tuesday

Takeaway: A closer look at global macro market developments.

Editor's Note: Below are complimentary charts highlighting global equity market developments, S&P 500 sector performance, volume on U.S. stock exchanges, rates and bond spreads, and key currency crosses. It's on the house. For more information on how Hedgeye can help you better understand the markets and economy (and stay ahead of consensus) check out our array of investing products

 

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Daily Market Data Dump: Tuesday - equity markets 7 12

 

Daily Market Data Dump: Tuesday - sector performance 7 12

 

Daily Market Data Dump: Tuesday - volume 7 12

 

Daily Market Data Dump: Tuesday - rates and spreads 7 12

 

Daily Market Data Dump: Tuesday - currencies 7 12


CHART OF THE DAY: A Post-Brexit Look At FTSE & Pound

Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Director of Research Daryl Jones. Click here to learn more.

 

"... The FTSE has largely shaken off the impact of BREXIT and is now approaching 52-week highs. The British pound on the other hand remains at close to 52-week lows and has barely budged since collapsing after the June 24th referendum. Perhaps no currency is an island?"

 

CHART OF THE DAY: A Post-Brexit Look At FTSE & Pound - 07.12.16 chart


About Everything | REPLAY: Driverless Cars: Unsafe at Any Speed?


In this complimentary edition of About Everything, Hedgeye Demography Sector Head Neil Howe discusses the future of driverless cars, assessing potential pitfalls that could ultimately delay the adoption of fully-autonomous vehicles.

 

"Yes, the 'low-hanging fruit' of semiautonomous driving has already been plucked," Howe writes. "But full autonomy requires infallible higher-order thinking, a golden apple which will prove difficult—if not impossible—to grasp anytime soon."

 

Click here to read Howe’s associated About Everything piece.

 

 


Daily Trading Ranges

20 Proprietary Risk Ranges

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Cartoon of the Day: The Italian Job

Cartoon of the Day: The Italian Job - Italian bank cartoon

 

Deutsche Bank’s chief economist said Europe's banks need a major recapitalization to the tune of €150 billion, as worries about Italian banks continue to make headlines. "And so Old Wall's begging for another bailout begins," Hedgeye CEO Keith McCullough wrote today.


Penney: The 2 Most Important Things In The Restaurant Space

In this brief excerpt from The Macro Show earlier today, Hedgeye Restaurants analyst Howard Penney explains how slowing restaurant sales and traffic points to a slowing economy.

 

Subscribe to The Macro Show today for access to this and all other episodes. 

 

Subscribe to Hedgeye on YouTube for all of our free video content.


The BS Filter: Begging For Bailouts, #EmploymentSlowing, The NIRP Effect

Takeaway: "Fragility is the quality of things that are vulnerable to volatility." -Nassim Taleb

The BS Filter: Begging For Bailouts, #EmploymentSlowing, The NIRP Effect - earth

 

Hedgeye's Take On Today's Financial News

 

Below is a collection of interesting links and insights from today's news with analysis filtered through our macro lens. This installment discusses last Friday's Jobs Report, Deutsche Bank's chief economist begs for a bailout, central planning nonsense, and the latest country to fall prey to negative interest rate.

#EmploymentSlowing

"Over the past year, job growth is up 1.7%, which is a touch below the average expansion of 1.8% witnessed over the past four years," WSJ economics correspondent Nick Timiraos wrote following Friday's jobs report. Timiraos tacitly admitted the jobs report slowdown in a tweet showing "hiring, change from year ago" that has slowed from 2.14% in June 2015 to 1.72% this June. 

 

OUR TAKE: As we've noted many times before (most recently in "Don't Believe the June Jobs Report Hype"), the peak in year-over-year non-farm payroll growth was February 2015. Take a look at the chart below. We reiterate our call... #EmploymentSlowing.

 

The BS Filter: Begging For Bailouts, #EmploymentSlowing, The NIRP Effect - nfp 7 8

"Begging For Bailouts"

"Deutsche Bank's chief economist urged the European Union to set up a 150 billion euro ($165.39 billion) rescue fund to recapitalize European banks," German newspaper Die Welt reported on Monday.

 

OUR TAKE: "Old Wall is begging for another round of bailouts," Hedgeye CEO Keith McCullough wrote this morning. Just sad.

Central Planning 101

"Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending after a crushing election victory over the weekend as evidence mounted the corporate sector is floundering due to weak demand," Reuters reported over the weekend. Before the election, "ruling party sources" told Reuters, the government was ready to spend more than 10 trillion yen ($100 billion).

 

OUR TAKE: Central planners are stepping up efforts to prop up equity markets and their slowing economies. And while the currency war continues to heat up, don't bet on the whims of bureaucrats.

More nonsense...

"The Bank of England mulls property fund shake up to stop panic sales," the Sunday Telegraph newspaper said late on Saturday. The BoE is apparently considering curbs on property investment fund withdrawals.

 

OUR TAKE: "Central-market planning remains the socialist rage," Hedgeye CEO Keith McCullough wrote today. Question: Can central bankers fix the underlying reality that caused the outflows to begin with? No. The central planning #BeliefSystem is breaking down.

The NIRP Effect: dutch 10-Yr Goes NEgative

"The Netherlands has joined a select group of countries able to boast of negative borrowing rates on 10-year debt. For the first time, yields on benchmark Dutch government bonds dipped below zero – hitting minus 0.0001 per cent on Friday afternoon," the Financial Times reports. The Netherlands joins the likes of Germany, Switzerland, Japan, and Denmark in global negative-yielding debt (which now amounts to $13 trillion).

 

OUR TAKE: As #GrowthSlowing continues to ravage economies across the globe, bond yields will continue to fall. 


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