Global Monetary Policy Stimulus and Global Manufacturing PMI The rebound in global growth has been the central macro story of 2026. But the tone is shifting, as firmer inflation brings rate hikes back into the conversation. Leading indicators now point to a different backdrop for 2027. Image: Topdown Charts
Global Manufacturing PMI and Global Consumer Discretionary vs. Staples The global consumer discretionary vs. staples relative performance suggests that the global manufacturing PMI could be trending towards expansion, which is good news. Image: Topdown Charts
Commodities – Global Manufacturing Output PMI vs. Bloomberg Commodity Index Will commodity prices decline in 2023 amid slowing global demand? Image: TS Lombard
Percent of Central Banks Tightening vs. Global Manufacturing PMI Global policy tightening is putting downward pressure on global growth. Image: BofA Global Research
Earnings – Global Manufacturing PMI New Orders vs. World Trailing 12-Month EPS (Leading Indicator) Global manufacturing PMI new orders tend to lead world EPS growth by 12 months. Image: BofA Global Research
U.S. 10-Year Treasury Yield and Global Manufacturing PMI (Leading Indicator) Should investors prepare for a substantial decline in the global economy? Image: TS Lombard
Markets – Financial Conditions, Global Manufacturing, PMI, S&P 500, U.S. Dollar, 10-Year UST Yield and Fed Fund Rates Should investors brace for tighter financial conditions in 2022? Image: BCA Research
G3 Credit Impulse and Global Manufacturing PMI (Leading Indicator) G3 credit impulse tends to lead global manufacturing PMI by 12 months. Image: Nordea and Macrobond
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
Global Manufacturing PMI Despite a slight decline, global manufacturing activity remains expansionary. Image: J.P. Morgan Asset Management
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