U.S. High-Yield vs. Investment-Grade and MSCI ACWI ex-US (Leading Indicator) This chart suggests that the ratio of high-yield to investment-grade bond performance is a leading indicator for stocks. Image: BofA Global Investment Strategy
MSCI ACWI – Global Equities Breadth This interesting chart suggests that a new bull market is underway in global equities. Image: Topdown Charts
Performance of MSCI ACWI Around Global Health Emergencies Historically, the global stock market has bottomed, when the WHO has declared a global health emergency. Image: Ned Davis Research
MSCI ACWI and S&P 500 Forward P/E Multiple This year, the forward P/E multiple for global equities and for the S&P 500 increased by approximately 24%. Historically, multiples contract or remain flat following years of big multiple expansion. Image: Morgan Stanley Research
BofA Fund Managers Sentiment vs. MSCI ACWI TR Fund managers are euphoric about the future state of the global economy, but the chart suggests that the euphoria has not yet reached the warning zone. Image: Tomasz Hońdo
MSCI ACWI Total Return Index vs. OECD Composite Leading Indicator Chart suggesting that usually, when the OECD composite leading indicator is up (slightly), it is positive for equity markets. Image: Tomasz Hońdo
Major Economies Central Banks Total Assets and MSCI ACWI Chart suggesting that central bank stimulus would support financial markets in 2020 (R = 0.95 since 2009). Image: BofA Merrill Lynch Global Research
MSCI ACWI Total Return Index – Rallies and Corrections Interesting chart showing the deviation of the MSCI AC World Total Return Index against its trend line, like the swing of a pendulum. Image: Fidelity Investments
MSCI ACWI and Global Composite PMI Chart suggesting that global equities expect a pickup in global growth, as policy stimulus takes effect. Image: Morgan Stanley Research
FTSE Renaissance Global IPO Index and MSCI ACWI Index This chart shows that global IPOs overall have performed similarly with the overall global equity market. Image: Wells Fargo Investment Institute