China Credit Impulse and U.S. 10-Year Treasury Yield (Leading Indicator) China’s credit impulse tends to lead the U.S. 10-Year Treasury yield by one year. Lower Treasury yields ahead? Image: Alpine Macro
China Credit Impulse and Euro to U.S. Dollar (EUR/USD) – Leading Indicator China credit impulse tends to lead EUR/USD by 12 months. Image: Nordea and Macrobond
China Credit Impulse and Corporate Financing Index China credit impulse is weakening as Beijing orders banks to limit loan growth for rest of the year. Image: Alpine Macro
China Credit Impulse Leads Global Manufacturing PMI China credit impulse tends to lead global manufacturing PMI by 12 months. Credit impulse is the change in new credit issued as a percentage of GDP. Image: Nordea and Macrobond
Euro to U.S. Dollar (EUR/USD) and China’s Credit Impulse (Leading Indicator) China’s credit impulse tends to lead the EUR/USD by 12 months. Image: Nordea and Macrobond
China Credit Impulse and Germany PMI (Leading Indicator) China credit impulse tends to lead Germany PMI by 6 months. Image: Scotiabank GBM Portfolio Strategy
U.S. Credit Impulse as % of GDP vs. U.S. Private Domestic Demand Growth Credit growth in the U.S. has historically been a good indicator of underlying GDP growth. Image: Deutsche Bank
China Credit Impulse – Reflation Cycle This chart shows that China credit impulse has not yet boosted relative earnings. Credit impulse is the change in new credit issued as a percentage of GDP. Image: Fidelity Investments
China GDP and China Credit Impulse The chart shows the correlation between credit impulse and China GDP. Credit impulse is the change in new credit issued as a percentage of GDP. The chart also suggests that the latest stimulus has been more effective than previous ones. Image: TS Lombard
China Credit Impulse and Number of Central Banks Easing vs. Tightening Lead Global Manufacturing PMI This chart suggests that China credit impulse and the number of central banks easing vs. tightening lead global manufacturing PMI by 6 months. Credit impulse is the change in new credit issued as a percentage of GDP. Image: J.P. Morgan