Stocks – GRANOLAS Dividend Yield and German 10-Year Bond Yield Europe does not have the FAAMGs, but it has the GRANOLAS (Glaxosmithkline, Roche, ASML, Nestle, Novartis, Novo Nordisk, L’Oreal, LVMH, Astrazeneca, SAP and Sanofi). Image: Goldman Sachs Global Investment Research
Real Yield – Five-Year Government Bonds, U.S. and Germany Real rate convergence helps explain the weakness of the U.S. dollar. Image: Morgan Stanley Wealth Management
China Credit Impulse and Germany PMI (Leading Indicator) China credit impulse tends to lead Germany PMI by 6 months. Image: Scotiabank GBM Portfolio Strategy
Ifo Business Expectations Index Lead German GDP Chart suggesting that the Ifo Business Expectations Index leads German GDP by 3 months. Image: Nordea and Macrobond
Fears of a German Recession Are Rising A recession in Germany could mean economic damage across the region. Image: The Economist
Germany – Explaining 10-Year Bund Yields This great chart suggests that demographics explain Germany’s 10-year bund yields. An R² of 0.87 is quite high and significant. Image: Arbor Research & Trading LLC
U.S./German 2-Year Yield Spread vs. U.S./Euro Foreign Exchange Rate This chart shows the Euro vs. US Dollar (EUR/USD) and how a wider U.S./German 2-year yield spread corresponds to a stronger US dollar. R² = 0.62 since 2005.
Germany: GDP Growth Composition Since 2013 In 2019Q1, there is a slight rebound in the German economy but the outlook remains gloomy. Image: Oxford Economics
10-Year Real Yields Across Regions This chart highlights the recent sharp decline of 10-year real yields in the U.S., the U.K. and Germany. Image: Goldman Sachs Global Investment Research
Gold Reserves by Country The United States has the largest gold reserve, followed by Germany. Image: IMF