In this brief excerpt from our “Healthcare Earnings Recap” call earlier this week, Hedgeye’s Tom Tobin explains why Healthcare earnings trends don’t bode well for the industry’s stocks.
If you believe this ends well, you also have to believe the Fed’s next ease will involve buying of corporate bonds and monetization of debt.
Given the nasty reality of underperforming corporate earnings, Wall Street's earnings estimates for coming quarters look downright ridiculous.
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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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Takeaway: European economic growth data disappoints (again).
Got GDP Slowing? Yes! Inline with our #EuropeSlowing theme, Q2 preliminary GDP slowed across the Eurozone, to 0.3% vs 0.6% in the prior quarter. Specific country results: Germany (0.4% vs 0.7% in the prior quarter); France (0.0% vs 0.7%); and Italy (0.0% vs 0.3%). Our bearish bias on the Eurozone remains intact.
Below is the country-by-country breakdown.
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Editor's Note: The snippet above is from a note written by the Hedgeye Macro team and sent to subscribers this morning. Click here to learn more.
Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Managing Director Neil Howe. Click here to learn more.
"... One is part-time workers, who have grown as a share of the workforce by about 2 percentage points since the Great Recession. Another is independent digital contractors, who—while still few in number—are surging. JPMorgan Chase finds that, as of August 2015, 1 percent of adults make money in the “online platform economy” each month (as Uber drivers, Airbnb renters, etc.)—a tenfold increase from October 2012. During the same time period, the share of Americans who report ever having worked in the online platform economy exploded 47-fold to 4.2%."
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