Emerging Money Daily Audio Call January 4
Emerging Money Daily Audio Call January 4 - Translating massive expectations into real data may be what we are starting to get if you believe Auto sales are a real macro indicator.
December auto sales reflect better confidence and are leading to real industrial growth. We talk more about the auto trade and the politics of reality for Ford and GM.
European financials continue to be the best trade in the world right now and if balance sheets are to be the ultimate criteria we learn towards Switzerland. If we are looking for higher beta we are looking towards Germany.
China data is fine yet the currency controls are worrying. Last night’s headlines don’t give us more confidence but we hold to the view that China is never going to be as bad as people think even if true fundamentals warrant more concern.
Oil overcomes the outside reversal but maybe range bound here. Oil trades still in vogue but value not found in the integrateds but rather OFS and refiners.
Have a great day.
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