Editor's Note: Below is a brief excerpt from a comprehensive recent Hedgeye Risk Manager research note written by our Macro team. Click here to learn about Hedgeye Risk Manager research package, the Holy Grail of risk management tools.

The Eurozone’s recent Industrial Production growth rate being more-or-less cut in half in April (1.7% YoY ↓ from 3.2%) speaks volumes to just how wrong investor consensus was when it thought Europe turned the corner with respect to potential growth.

The 97th percentile reading on Eurozone Real GDP growth in 4Q17 was little more than the culmination of the lagged impact of the recovery in #OldChina and disinflation propping up real consumption growth. Europe is still Europe and Macro Tourism continues to be a very dangerous pitfall for active managers.

Click here to read more about our #EuropeSlowing call.

This 1 Chart Is A Perfect Picture of #EuropeSlowing - Eurozone Industrial Production YoY

This 1 Chart Is A Perfect Picture of #EuropeSlowing - hedgeye risk manager