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Global economies are not “growing in sync.” They were. And what comes next won’t be good, particularly for Europe. The continent has been growing, albeit slowly, for the better part of three years now, says Hedgeye CEO Keith McCullough in the video excerpt above from The Macro Show.

Today, it boils down to this: Europe is slowing. The U.S. is growing.

The bond market is already sniffing this out in Europe. Swiss bond yields have already dipped back into negative territory. Not good for the European growth story.

Look no further than consumer spending barometers, like retail sales. You’ll see a stark contrast between the economic growth set-up for the U.S. and Europe. For example, Italian retail sales missed year-over-year growth expectations by a full -120 basis points for 0% growth in July. Meanwhile, U.S. retail sales were up 4.2% in July.

“That’s awesome relative to some of the European data we’ve been seeing,” McCullough says.