Editor's Note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye Senior Macro Analyst Darius Dale. Click here to learn more about the Early Look.

CHART OF THE DAY: Global Growth Concerns - zba

"[W]hat both the BASF and AVGO management teams are missing—alongside US investor consensus—is the simple fact that the ongoing global economic downturn started well before any of the trade issues developed. We know – we authored the bearish outlook on global growth back in January 2018 when BASFY stock peaked amid a deafening chorus of “Globally Synchronized Recovery” chants from our competitors...

...Since then, according to our proprietary Global Macro Risk Monitor, nothing has changed with respect to those views on global growth."

CHART OF THE DAY: Global Growth Concerns - Chart of the Day