Morning News: McDonald’s Sales Down 0.6% Worldwide, China Faking Its Economic Data, CNBC Viewership Plunges To Eight Year Lows, Roubini Says Look Out for A Big Market Crash

McDonald’s Asia Brings Down April Comparable Store Sales

Here’s the regional breakdown:

  • U.S. up 0.7% (Est. down 0.05%)
  • Europe down 2.4% (Est. down 1.01%)
  • Asia/Pacific, Middle East and Africa (APMEA) down 2.9% (Est. down 1.44%)

“In April, APMEA’s comparable sales declined 2.9%, reflecting the impact of Avian influenza, primarily in China, and softer results in Japan and Australia,” wrote the company.
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McDonald’s Sales Slip 0.6% in April


CHART OF THE DAY: It Doesn’t Take A Genius To See Something Fishy In China’s Trade Data

No wonder people question the reliability of the data.

china taiwan trade

Societe Generale

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SocGen: Nearly Every Company We Met ‘Admitted’ That Chinese Trade Is About More Than Moving Goods

“As for reasons, our observation from the trips to the mainland led us to believe that there is indeed a large amount of speculative capital flows,” wrote Yao in a note to clients. “Nearly all corporates we met admitted that they were conducting some forms of interest rate arbitrage on the expectation of further yuan appreciation.

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Germany Under Pressure To Create Money


Bank of China Cuts Off North Korea Trade Bank: One of China’s biggest banks said Tuesday it has halted business with a North Korean bank accused by the U.S. of financing Pyongyang’s missile and nuclear programs in the latest sign of Beijing’s anger with its estranged ally.

From Vegas, Roubini says look out for a big market crash

Stocks aren’t in bubble territory, but they could be headed for a big crash.

So says Nouriel Roubini, economics professor at New York University, who is known for his pessimistic outlooks. According to CNBC, he made the comments at a private dinner event in Las Vegas, when he said a “huge rally in risk assets” over the next two years could be setting markets up for a major selloff.

Friendly Reminder: CNBC Viewership Plunges To Eight Year Lows