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The bad news just keeps on coming for the Eurozone. The outlook for Italy looks particularly awful.

Italian Retail Sales were down -0.5% on a year-over-year basis (versus 0.0% in the month prior). The headwinds continue to grow. In other words, Italy’s economic outlook looks “godawful,” says Hedgeye CEO Keith McCullough.

Both secular and cyclical factors in Italy – and across Europe – continue to point towards Europe slowing.

“Italy has awful demographics, a fully-loaded secular problem running into the cyclical headwind,” McCullough says in the above video. “Tell me why I’m wrong.”

Watch the above video for more.

McCullough: Italy's Outlook is "Godawful" - the macro show