Tech Stocks – G3 Central Bank Balance Sheet vs. Nasdaq 100 Will the divergence between central bank liquidity and tech stock performance continue through 2024? Image: BofA Global Investment Strategy
G3 Real Core Retail Sales Since 2019, real core retail sales in the United States have risen significantly, while Germany has seen stagnant growth and Japan has witnessed a decline, reflecting differing economic conditions and consumer behaviors. Image: BofA Global Research
G3 Credit Impulse and Global Manufacturing PMI (Leading Indicator) G3 credit impulse tends to lead global manufacturing PMI by 12 months. Image: Nordea and Macrobond
G3 Credit Impulse and MSCI ACWI vs. 10-Year UST (Leading Indicator) Is it time to switch to defensives? Image: Oxford Economics
Brent Crude Oil and GDP G3 (Leading Indicator) Brent crude oil prices tend to lead GDP G3 growth by 15 months. Image: Nordea and Macrobond
G3 Credit Impulse and Commodities (Leading Indicator) G3 credit impulse tends to lead commodity prices by 12 months. Image: Nordea and Macrobond
Financial Conditions Financial conditions in G3 economies have been experiencing a trend of loosening, posing challenges for central banks in their efforts to manage inflation and making it more difficult to keep it under control. Image: BofA Global Research
Major Central Bank Balance Sheets and Emerging Market Equities Chart suggesting that the growth in G3 central bank balance sheets is positive for emerging market equities. Image: Oxford Economics