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Short Tokyo?

Takeaway: We still don't see signs of a rising sun anytime soon.

Heli-Ben IV ran out of fuel overnight – Yen ramped +1.5% to $104.23 and the Nikkei resumed its crash, closing down -1.4% to -21.6% from the Global Equity #Bubble high of 2015. Reiterating the short on Japanese Equities; fighting the BOJ continues to work as the #BeliefSystem continues to break-down.

 

Short Tokyo? - nikkei usdjpy

 

Editor's Note: The snippet above is from a note Hedgeye CEO Keith McCullough wrote for subscribers this morning. Click here to learn more.


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, key currency crosses, and commodities. 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

 

CLICK TO ENLARGE

 

Daily Market Data Dump: Tuesday - equity markets 7 26

 

Daily Market Data Dump: Tuesday - sector performance 7 26

 

Daily Market Data Dump: Tuesday - volume 7 26

 

Daily Market Data Dump: Tuesday - currencies 7 26

 

Daily Market Data Dump: Tuesday - rates and spreads 7 26

 

Daily Market Data Dump: Tuesday - commodities 7 26


CHART OF THE DAY: Long 2010 Brunello Vs. Short $QQQ

Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

 

"... For those of us who have been investing in real estate, private companies, gold, platinum, wine, an NHL team, etc., that’s an easy question to answer. With Italian wines in particular, #EuropeImploding has provided for some fantastic buying opportunities this year.

 

If you want a primer on investing in IGW (Investment Grade Wines), the aforementioned quote comes from a great book that my wife Laura got me, titled Investing In Liquid Assets. As David Sokolin likes to say, “with wine, there’s no such thing as a losing investment”… if you’re underwater, you eventually win by drinking it! Long 2010 Brunello vs. Short QQQ."

 

CHART OF THE DAY: Long 2010 Brunello Vs. Short $QQQ - 07.26.16 chart


the macro show

what smart investors watch to win

Hosted by Hedgeye CEO Keith McCullough at 9:00am ET, this special online broadcast offers smart investors and traders of all stripes the sharpest insights and clearest market analysis available on Wall Street.

[From The Vault] Cartoon of the Day: Iceberg(s)

 [From The Vault] Cartoon of the Day: Iceberg(s) - Greek iceberg cartoon 06.30.2015 large

Our inimitable, in-house cartoonist Bob Rich is on a much-deserved summer vacation. While he kicks back and relaxes, we're going into the Hedgeye Vault and highlighting some of his best work. On that note, and given the resurgence of Europe’s ongoing, multifaceted issues, we bring you this audience favorite. Originally published in June 2015, it's just as fitting today as investors fret over Italian bank solvency and a host of other issues in Europe.


The Market Value Of Negative Yielding Corporate Debt Globally Is Up +1,322% In 2016

Takeaway: As central banks push interest rates further into negative territory, the market value of negative yielding debt hits $387 billion.

The Market Value Of Negative Yielding Corporate Debt Globally Is Up +1,322% In 2016 - Yield cartoon 06.14.2016

 

That's no misprint. The value of negative yielding investment grade corporate debt is up +1,322% this year, hitting $387 billion. That's according to data in the Bloomberg Global Investment Grade Corporate Bond index, which tracks 9,976 investment grade bonds.

 

The index now includes 621 negative yielding bonds, versus just 59 at the start of the year, issued by companies such as General Electric, Siemens, Total, Unilever, Daimler, and Roche. 

 

Meanwhile, on the sovereign bond front, there is $9.1 trillion in negative yielding bonds globally, according to the Bloomberg Global Developed Sovereign Bond index. That's up from $2.8 trillion at the start of the year. (Note: The yield on the Bloomberg Global Developed Sovereign Bond index is currently 0.49%, versus 1.14% in November.)

 

The Market Value Of Negative Yielding Corporate Debt Globally Is Up +1,322% In 2016 - bgdsb

 

Don't expect this trend to reverse any time soon. With central banks globally desperately trying to reverse the general economic malaise expect yet more bonds to test negative territory.


Lazard: Cheap On The Wrong Numbers

In this excerpt from The Macro Show earlier today, Hedgeye Financials analyst Jonathan Casteleyn reiterates his short call on Lazard ahead of its earnings report on Thursday.


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