Global Breadth – MSCI ACWI and Global Advance-Decline Line of 73 Country Indices The chart suggests a bullish trend for the weekly global index level breadth. Image: BofA Global Research
MSCI ACWI Value vs. Growth Relative Valuation and Global Manufacturing PMI Chart suggesting that value should outperform growth in the recovery phase. Image: Morgan Stanley Research
Valuation – MSCI ACWI Index’s 12-Month Forward Price to Earnings The risk of a correction is rising, as global stocks continue to rally and become more expensive. Image: Bloomberg
Fund Managers Sentiment and Global Stock Market Returns (MSCI ACWI) Are fund managers too bearish? Two-thirds of global fund managers say this is a bear market rally. Image: Hondo Tomasz
MSCI ACWI and Number of Countries Reporting a New High in Daily Coronavirus Cases The correlation between the MSCI AWCI and new high in daily coronavirus cases (inverted) suggests continued recovery as the coronavirus pandemic fades out. Image: BofA Global Research
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