Valuation – MSCI AC World 12-Month Forward P/E and 10-Year Real U.S. Treasury Yield The surge in U.S. real rates does not bode well for global equities. Image: Goldman Sachs Global Investment Research
Earnings Sentiment – S&P 500, STOXX 600, Topix, MSCI EM, MSCI World U.S. earnings sentiment remains negative. Image: Goldman Sachs Global Investment Research
Earnings – MSCI U.S. 12-Month EPS and U.S. Nominal GDP 12-month forward EPS and U.S. nominal GDP have a strong relationship. Image: J.P. Morgan
MSCI Emerging Market Equities vs. S&P 500 Relative Performance How long will emerging market equities continue to underperform the S&P 500? Image: Topdown Charts
MSCI All Country World Index and Global Pairwise Stock Correlations The bear market bottom is probably not yet in, as stock correlation is higher at global market bottoms. Image: Morgan Stanley Wealth Management
Valuation – 12-Month Forward P/E, MSCI AC World Could valuation decline further? Image: Goldman Sachs Global Investment Research
MSCI EMU 12-Month Forward EPS Earnings estimates are revised significantly downward during recessions. Image: Gavekal, Macrobond
U.S. Dollar vs. MSCI EM Performance Should equity investors consider overweighting EM stocks in their portfolio? Image: Goldman Sachs Global Investment Research
MSCI Cyclicals/Defensives Ratio Is it too early for investors to favor cyclicals over defensives? Image: The Daily Shot
Cumulative Global Equities Flows vs. MSCI ACWI Index Global equities just saw massive outflows of $17.5 billion. Image: BofA Global Investment Strategy