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To help contextualize this morning's market moves around the world, below are insights and analysis from our research and Hedgeye CEO Keith McCullough's Twitter feed.
Europe
Over the weekend, Catalonia voted to declare independence from Spain. Catalan officials said there was 42.3% turnout among the 5.3 million registered voters in the autonomous community on the easternmost extremity of Spain. Just under 90% voted for independence, according to Catalan officials. Spain's constitutional court had banned the vote and 900 people were hurt as police tried to quash voting.
https://twitter.com/KeithMcCullough/status/914776523361669120
https://twitter.com/KeithMcCullough/status/914781958084939777
The Euro is down 2.7% from its September high. Germany's DAX is up more than 4% since then.
https://twitter.com/KeithMcCullough/status/914780977544798209
Taiwan
We remain bullish on emerging market capital goods manufacturers like Taiwan on the ongoing U.S. growth acceleration.
https://twitter.com/KeithMcCullough/status/914780302496731136
Gold
Simple play here, if bond yields are rising don't own Gold. For more check out, "McCullough: My Response to Ray Dalio’s ‘Buy Gold’ Recommendation."
https://twitter.com/KeithMcCullough/status/914783623785648128
https://twitter.com/KeithMcCullough/status/914784340340543489
IN CASE YOU MISSED IT...
"The rising risk in Catalonia poses significant risks to what is already a promising recovery of the Spanish economy," writes economist and author Daniel Lacalle in this Hedgeye Guest Contributor piece.
https://twitter.com/KeithMcCullough/status/914785458072236032
Want to better understand the big picture macro market developments? Sign up for more information about our soon to be released weekly newsletter Market Edges.
