The Economic Data calendar for the week of the 22nd of August through the 26th of August is full of critical releases and events. Here is a snapshot of some of the headline numbers that we will be focused on.
In this excerpt from The Macro Show on Friday, Hedgeye Retail analyst Alec Richards explains why Target shares have significant downside from today’s levels.
Our cartoonist Bob Rich captures the tenor on Wall Street every weekday in Hedgeye's widely-acclaimed Cartoon of the Day. Below are his five latest cartoons. We hope you enjoy his humor and wit as filtered through Hedgeye's market insights. (Click here to receive our daily cartoon for free.)
Fed projections are all rainbows, puppy dogs and ... bunnies.
Did you buy the all-time highs in U.S. equity markets?
In the past year, other than the U.K.'s FTSE, European equity market drawdowns range from the German DAX's -3% to -29% for Italy's FTSE MIB.
The pound has lost -12.6% of it's value (against the U.S. dollar) year-to-date as U.K. growth has slowed.
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In this Capital Brief video Q&A, Hedgeye Potomac Chief Political Strategist JT Taylor the recent shakeup in Donald Trump’s campaign team and a shift in strategy for Hillary Clinton.
"The chief executive and former chairman of Monte dei Paschi di Siena are under investigation for alleged market manipulation and false accounting, casting a cloud over Italy’s embattled lender nearly three weeks after it agreed to a dramatic €5bn rescue package," the FT reports.
"It is with confidence in the judicial system and serenity about the correctness of our actions that I await the quick clarification of the situation," writes CEO Fabrizio Viola in a statement. "I cannot hide that it is emotionally difficult for me as well as for the bank, considering the enormous efforts of these past four years to restore the bank to health, to witness further negative effects from past events and other people's actions."
Check out the struggling Italian banks dragging down the EuroStoxx 600 Bank index, with Italian banks such as UniCredit, Banca Popolare dell'Emilia Romagna and Banca Popolare di Milano Scarl down as much as 6%.
And yet, the ECB Minutes from July 21 show continued use of phrase “it [ECB] would act by using all instruments available within its mandate.” To be sure, the ECB's negative interest rate policy will continue to exacerbate existing problems in the Eurozone's banking system.
Look out below!
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