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The Week Ahead

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.

 

CLICK IMAGE TO ENLARGE.

The Week Ahead - 08.19.16 Week Ahead


PREMIUM INSIGHT

Why Target Shares Have 20% Downside From Here

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.


This Week In Hedgeye Cartoons

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.)

 

Enjoy!

 

1. Projections (8/19/2016)

This Week In Hedgeye Cartoons - Fed bunny cartoon 08.19.2016 


Fed projections are all rainbows, puppy dogs and ... bunnies. 

 

2. All Aboard? (8/18/2016)

This Week In Hedgeye Cartoons - Stocks Titanic cartoon 08.18.2016

 

Did you buy the all-time highs in U.S. equity markets?

 

3. Yield (8/17/2016)

This Week In Hedgeye Cartoons - Euro Zone cartoon 08.17.2016

 

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.

 

4. The Financial Market Olympics (8/16/2016)

This Week In Hedgeye Cartoons - Financial olympics cartoon 08.16.2016

  1. Total equity market volume was down -7% versus its 1-month average yesterday
  2. Gold is up +25% year-to-date
  3. Global growth continues to slow
  4. The best efforts of central bankers have failed to stimulate global economic growth
  5. The earnings recession continues (for Q2 2016, 458/500 S&P 500 companies have reported an aggregate earnings decline of -4.1%)
  6. Oil prices continue to fall on bearish fundamentals (and pop on OPEC oil production freeze rumors)

 

5. Devalued (8/15/2016)

This Week In Hedgeye Cartoons - British currency cartoon 08.15.2016

 

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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Cartoon of the Day: Projections

Cartoon of the Day: Projections - Fed bunny cartoon 08.19.2016

 

Fed projections are all rainbows, puppy dogs and ... bunnies.


Can The ‘Let Trump, Be Trump’ Strategy Beat Clinton In Election 2016?

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 Carnage Continues: Italian Bank Stocks Crushed (Again)

The Carnage Continues: Italian Bank Stocks Crushed (Again) - Italian bank cartoon

 

"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."

 

Yikes!

 

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%.

 

The Carnage Continues: Italian Bank Stocks Crushed (Again) - euro bank

 

The Carnage Continues: Italian Bank Stocks Crushed (Again) - euro bank 2

 

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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