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Daily Market Data Dump: Thursday

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

 

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Daily Market Data Dump: Thursday - equity markets 8 11

 

Daily Market Data Dump: Thursday - sector performance 8 11

 

Daily Market Data Dump: Thursday - volume 8 11

 

Daily Market Data Dump: Thursday - rates and spreads 8 11

 

Daily Market Data Dump: Thursday - currencies 8 11

 

Daily Market Data Dump: Thursday - commodities 8 11


CHART OF THE DAY: Poking the Productivity Bear

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.

 

"... As we've highlighted in the Chart of the Day, productivity, which is a proxy for the goods and services produced each hour by Americans, has now declined for three straight quarters. As the chart shows, productivity declined both sequentially and year-over-year. This was also the first time since 1979 that productivity has declined for three quarters in a row."

 

CHART OF THE DAY: Poking the Productivity Bear - 08.11.16 chart


McMonigle: An OPEC Meeting Spoiler Alert

In this brief HedgeyeTV video, Hedgeye Potomac Senior Energy Policy analyst Joe McMonigle explains why Saudi Arabia and Iran will once again dash OPEC oil production “freeze” discussions.


Hedgeye Statistics

The total percentage of successful long and short trading signals since the inception of Real-Time Alerts in August of 2008.

  • LONG SIGNALS 80.65%
  • SHORT SIGNALS 78.64%

Cartoon of the Day: Sign of the Times

Cartoon of the Day: Sign of the Times - 10 yr yield cartoon 08.10.2016

 

Ten-year yields, globally, were down across the board this morning. Got #GrowthSlowing?


No Holding Back... Saudis Ramping Production Despite Oil Production "Freeze" Rumors

Takeaway: Saudis ramp oil production. That's right. No production freeze. Just as we've been saying.

No Holding Back... Saudis Ramping Production Despite Oil Production "Freeze" Rumors - Oil cartoon 04.07.2016

 

"Saudi Arabia told OPEC that it pumped a record 10.67 million barrels of oil a day in July to meet a summer surge in domestic demand, an increase that will do nothing to endear the group’s leading exporter to other members seeking output limits to shore up prices," Bloomberg writes.

 

That's right. No production freeze. Just as we've been saying. Check out Hedgeye Potomac Senior Energy analyst Joe McMonigle's piece "OPEC Oil Production "Freeze" Talk Will Have Similar Ending ... No Agreement." McMonigle has been making the case that Saudi Arabia and Iran have no incentive to agree to an oil production freeze anytime soon.

 

Here's a key chart from Bloomberg (with our commentary in red). As you can see, so far this year, Joe has been right. Saudia Arabia has, in fact, ramped production.

 

No Holding Back... Saudis Ramping Production Despite Oil Production "Freeze" Rumors - freeze


The NIRP Effect: A Look At Pancaking Yields & Trillions In Negative Yielding Debt

Takeaway: The $9.4 trillion in negative-yielding sovereign bonds now make up 37% of the Bloomberg Global Developed Sovereign Bond index.

The NIRP Effect: A Look At Pancaking Yields & Trillions In Negative Yielding Debt - Yield cartoon 06.14.2016

 

As yields on bonds from the U.K., Spain, and Ireland make news lows this week, sovereign bond yields are digging ever deeper into the red. According to the Bloomberg Global Developed Sovereign Bond index, which tracks nearly $25 trillion worth of sovereign bonds globally, there are $9.4 trillion in negative-yielding sovereign bonds, making up 37% of the index. That's up from just 13% at the start of 2016. 

 

Meanwhile, the value of global negative-yielding investment grade corporate debt is up 1,254% this year at $368 billion. That's according to data in the Bloomberg Global Investment Grade Corporate Bond index, which tracks 10,050 investment grade bonds globally. (These figures have backed up a bit in the past month with rising yields in Japan and the U.S. Click here for our previous update.)

 

The index now includes 445 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. 

Back to Sovereign Bonds...

 

A few notable developments... new lows for 10-year yields in Spain, Ireland and the U.K. Below are their respective yield curves versus this time last year. Note how they've fallen (yellow line last year versus green line today).

Spain

The NIRP Effect: A Look At Pancaking Yields & Trillions In Negative Yielding Debt - spain 8 10

U.K.

The NIRP Effect: A Look At Pancaking Yields & Trillions In Negative Yielding Debt - uk 8 10

Ireland

The NIRP Effect: A Look At Pancaking Yields & Trillions In Negative Yielding Debt - Ireland 8 10

Got #GrowthSlowing.


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