Editor's Note: Each morning our Financials team sends a round-up of interesting insights to institutional subscribers before the market opens. Below are eight charts with corresponding analysis from recent commentaries. Email sales@hedgeye.com for more information.
1. Late Cycle, Corporate Buybacks
"Corporate buybacks have fallen -20% year-over-year in the most recent annual score of repurchase activity as they always do late in the economic cycle."
2. Foreign Profit Repatriation
"In any hypothetical tax reform scenario, the paydown of existing debt is the most popular motive in a recent survey around foreign profit repatriation."
3. Nafta: 'The Worst Trade Deal Ever' (TRUMP) or Growth Engine?
"As NAFTA renegotiations get underway, the Northeast has disproportionate exposure to Canada while the West has a higher exposure to Mexico. China sits third on the list of economic exposure by state."
4. Stock Market Risk Rising
"As the Bull market ages, drawdown risk always heightens when the log of valuation sits over 2.0."
5. De-FANG-ed
"While investors have been obsessed with FANG stock performance domestically, the technology monopolies in China have actually performed better year-to-date."
6. Expensive Stocks & Aftermarket Earnings
"With valuations so high, it has been difficult to get any aftermarket reaction to 2Q17 earnings reports. On average, this earnings season was met with equity price declines."
7. An Eerie Comparison to the Dot Com Bubble
"Stub" equities or Technology IPOs with negative earnings are getting back to levels last seen during the Tech Bubble of 2000."
8. What's Weighing On Investors' Minds
"According to the most recent Oxford Economic Risk Survey, political mishaps, North Korea, and a bond market sell-off are weighing most heavily on investor's minds."
