Hedgeye - Another Epic Day for Our Macro Themes: #ChinaSlowing, #EuropeSlowing, #ReflationsRollover...

It's another epic day for our market calls. The carnage continues in global equity markets.

Here's a selection of Macro themes that we've been warning investors about for some time now..

#ChinaSlowing: This has huge implications for global markets. We reiterate our bearish bias on the “Old China” economy, as the aftereffects of the pullback in the People's Bank of China's massive 2016 stimulus program continues to reverberate.
#EuropeSlowing: We've been making this call for some time now, particularly on equity markets in Spain, Italy and Germany. Investor consensus was fully-loaded on European growth accelerating heading into 2018.
#Reflation'sRollover: Our call was for inflation to disappoint Wall Street consensus expectations causing lopsided positioning (overwhelmingly short 10-year Treasuries and long WTI) to get washed out.
#GlobalDivergences: This one is obviously an extension of our calls on Europe and China but has been the primary driver for the pickup in global volatility.

"Macro Tourist Note: not one of my macro calls this year has been based on US political views," writes CEO Keith McCullough this morning. Below are a selection of tweets from McCullough's Twitter feed laying out what's happening in our Macro calls...

Another Epic Day for Our Macro Themes: #ChinaSlowing, #EuropeSlowing, #ReflationsRollover...

japan

#ChinaSlowing

#EuropeSlowing

Oil

#Reflation'sRollover

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