Search Results for: corporate

Dividend Yield vs. Corporate Bond Yield This chart shows that dividend yields of European companies appear more attractive than corporate bond yields. Picture source: Goldman Sachs Global Investment Research

S&P 500 Operating EPS vs. USA National Income, Corporate Profits Thanks to buybacks, this chart clearly shows the current divergence. Is a new bubble being formed? Picture source: Nordea and Macrobond

U.S. Corporate Profits, Capital Expenditures, Dividends and Buybacks What would happen if U.S. companies reinvested instead of buying their own shares and paying dividends? Picture source: Financial Times

Japan Corporate Profits Leads MSCI World EPS This chart suggests that Japan corporate profits leads MSCI World EPS by 7 months. Picture source: Nordea and Macrobond

S&P 500 and NIPA Corporate Profits After Tax S&P 500 rose relative to NIPA corporate profits after tax, thanks to buybacks. Picture source: Morgan Stanley

Negative Yielding European Corporate Bonds Now, €1.1 trillion of European corporate bonds yield are below zero: exactly half of the European high-grade credit market. Picture source: BofA Merrill Lynch

Total Negative Yielding Corporate Bonds Outstanding Negative-yielding corporate debt passed $1 trillion in market value. Investors face significant risk should rates start to rise. Picture source: Bianco Research

U.S. Yield Curve Leads Corporate Profits This chart suggests that the U.S. 10-year less 3-month yield curve leads corporate profits by two years. Picture source: Oxford Economics, Macrobond

S&P 500 EPS vs. U.S. Nonfinancial Corporate Profits Creative accounting is imaginative ways to present accounts. The divergences between earnings and U.S. nonfinancial corporate profits occur before recessions. Picture source: Gavekal, Macrobond

S&P 500 and Bloomberg Barclays U.S. Corporate High Yield Index The chart shows that the S&P 500 and high-yield bonds tend to go up and down together. Keep in mind that historically, the correlation between the S&P 500 and the Bloomberg Barclays U.S. Corporate High Yield Index is 91.7%. Picture source: First Pacific Advisors, LP