Daily Market Data Dump: Wednesday

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




Daily Market Data Dump: Wednesday - equity markets 7 13


Daily Market Data Dump: Wednesday - sector performance 7 13


Daily Market Data Dump: Wednesday - volume 7 13


Daily Market Data Dump: Wednesday - rates and spreads 7 13


Daily Market Data Dump: Wednesday - currencies 7 13

CHART OF THE DAY: Healthcare Investors, This Will Be A Jarring Experience

Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Managing Director Tom Tobin. Click here to learn more.


"... The US Medical economy is currently in very good shape, particularly for providers and investors. During the healthcare crisis 20 years ago Matt Damon played Rudy in “Rainmaker,” a not-quite Jason Bourne hero fighting an evil health insurance company, so maybe we’ve travelled some distance. But as we will detail tomorrow in our Healthcare Themes call, we think we are going back to normal for investors and providers.


In 2016, growth in insured medical consumers will slow, the country will go back to hating insurance companies, continue to pay even higher premiums and deductibles, creating more medical debt, with more political “crisis-mongering,” and a general re-awakening to the reality that affordability for individuals, state and federal government, employers, providers and insurers is still out of reach. For the investor class this will be a jarring experience for those that are unprepared."


CHART OF THE DAY: Healthcare Investors, This Will Be A Jarring Experience - 20160701 InsuredPopulation

Trouble Ahead In Europe? Keep An Eye On Credit Default Swaps

Takeaway: Europe financials' CDS have been widening all of 2016 despite the episodic hope that ECB stimulus (see March declines) will prove a panacea.

Trouble Ahead In Europe? Keep An Eye On Credit Default Swaps - european cds


Even as financial markets swoon over Italian bank bailout hopes, a number of European financials' credit default swaps remain elevated versus where they were at start of this year. Make no mistake, the chart above is yet another example of the central planning #BeliefSystem breaking down.


Can the ECB save Europe's troubled banks?


Probably not.

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Cartoon of the Day: Central Banking 101


Cartoon of the Day: Central Banking 101 - negative interest rates cartoon 07.12.2016


According to the Fiscal Times:


"Japan's household sentiment soured and inflation expectations hit the lowest since the Bank of Japan adopted its massive stimulus program in 2013, a quarterly central bank survey showed... The ratio of households who said they trusted the Bank of Japan's policy management also hit a seven-year low, with more than half of the respondents doubting whether it was independent from government interference, the survey showed."

Is Income Inequality Depressing Demand?

In this excerpt from The Macro Show this morning, Hedgeye Demography Sector Head  Neil Howe answers a subscriber’s question on how whether income inequality in the U.S. is depressing aggregate demand.

Capital Brief: Coup D'eTrump ... Congress' Fiscal Funding Fiasco

Takeaway: Convention Coup; Speaker Engagement; Fiscal Year Funding Fiasco

Editor's Note: Below is a brief excerpt from Hedgeye Potomac Chief Political Strategist JT Taylor's Capital Brief sent to institutional clients each morning. For more information on how you can access our institutional research please email


Capital Brief: Coup D'eTrump ... Congress' Fiscal Funding Fiasco - JT   Potomac under 1 mb


"Tell the truth, work hard, and come to dinner on time."

-Gerald R. Ford


With less than a week to go until the convention, anti-Trump forces are scrambling faster than ever to dethrone the presumptive nominee. Removing Donald Trump may be their main objective, but another option is being weighed – attempting to select his veep akin to an arranged marriage. The nominee's running mate is still technically decided by an independent delegate vote and delegates have no obligation to support the nominee's choice.


The Rules Committee is set to meet later this week to decide convention rules and the party platform, and we doubt any coup will succeed, but this could get interesting depending on Trump’s highly anticipated pick reportedly coming at the end of this week.


Speaker Paul Ryan has finally agreed to speak at the convention, becoming the most notable stumper on a somewhat atypical lineup. Ryan’s speech is expected to be penned by Ryan himself and will focus on the House Republican agenda and the sharp contrast between Republican ideals and another term of progressive Democratic policies. Expect Ryan’s speech to be more of a pitch for the party than a pitch for the nominee.


If you believed there was any chance of Congress agreeing on its annual spending bills this year, forget it – it’s time to focus on avoiding a government shutdown. As we mentioned numerous times throughout the past few months, the process of moving individual appropriations bills was limping along with some progress in each chamber, but with Congress about to call it quits for the summer, almost all hope has been lost. Republicans have now shifted their attention to a timeline for a stopgap spending bill they would need to move before the end of the fiscal year on September 30.

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