Valuation – Price-to-Book Ratio – MSCI Japan Index vs MSCI ACWI ex Japan Index Warren Buffett’s positive view on Japanese stocks has raised the question of whether it is the right time to consider investing in them. Image: Morgan Stanley Wealth Management
Performance – Global Equities Equal Weighted (MSCI ACWI Equal-Weighted Index) The MSCI ACWI Equal-Weighted Index has done virtually nothing since February 2020. Image: BofA Global Investment Strategy
Cumulative Global Equities Flows vs. MSCI ACWI Index Global equities just saw massive outflows of $17.5 billion. Image: BofA Global Investment Strategy
Global Equities – MSCI ACWI vs. ISM New Orders ISM new orders could suggest negative global equity returns. Image: BofA Global Investment Strategy
Global Equity Markets – MSCI ACWI Index with HY/IG Flows BofA sees a rates shock this year and remains bearish on equities and credit. Image: BofA Global Investment Strategy
Inflation – MSCI ACWI Energy vs. Consumer Discretionary Price Relative Historically, real assets tend to perform well in inflationary environments. Image: BofA Global Investment Strategy
Equities – MSCI ACWI Total Return vs. U.S. High Yield/High Grade Total Return Relative Is credit a bearish sign for global equities? Image: BofA Global Investment Strategy
G3 Credit Impulse and MSCI ACWI vs. 10-Year UST (Leading Indicator) Is it time to switch to defensives? Image: Oxford Economics
MSCI ACWI – Global Equities Breadth Global equity market breadth is deteriorating. Is it time to reduce exposure to risk assets? Image: Topdown Charts
Global Manufacturing PMI vs. MSCI ACWI PMI’s are peaking. Historically, markets tend to lead the macro for most time periods. Image: BofA Global Investment Strategy