Welcome back! You can enjoy today's The Macro Show with Hedgeye CEO Keith McCullough and Senior Macro analyst Darius Dale HERE and access the associated slides (once they become available) HERE.
Hedgeye's Top 3 Things
Below are the top three things from Hedgeye CEO Keith McCullough’s Macro Notebook this morning:
1) CHINA – The immediate-term bounce from oversold didn’t last in China either with the Shanghai Composite Index getting tagged for another -2.2 loss overnight, taking its 2018 #crash to -28.6% as the Chinese economy remains in Quad 4 in Q4.
2) EURO – The Euro is down another -0.4% vs. #StrongDollar this morning as news of Merkel not running as the head of the CDU gets the attention it deserves. Cyclical German economic data continues to slow into epic secular (demographic) headwinds – still Bearish on both European Equities (since this time last year) and the Euro itself.
3) UST 10YR – It’s a good thing we didn’t capitulate alongside consensus at 3.23% on the UST 10YR Yield (bought 2s at 2.91% too). The 10YR was down -11bps last week and is down again this morning to 3.06% as Oil continues to break-down alongside U.S. growth and inflation expectations from their respective cycle peaks in Q3 of 2018; jobs report still a catalyst for hawks on Friday.
The Macro Show Schedule
Below is the lineup for this week, if you are unable to tune-in live and have a question for the team you can submit it HERE.
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