ISM Manufacturing PMI and Global Stocks vs. Government Bonds In a potential shift from a “no” to a “hard” landing scenario, government bonds may outperform due to increased risk aversion, interest rate cuts, lower inflation expectations, and their historical performance during economic downturns. Image: BofA Global Investment Strategy
ISM Manufacturing PMI and ISM New Orders – Inventories The spread between U.S. ISM New Orders and Inventories does not suggest a promising upward trend in the ISM manufacturing PMI, as new orders are decreasing at a faster pace than inventories. Image: BofA Global Investment Strategy
Global Manufacturing PMI The global manufacturing PMI has returned to expansion territory, indicating a positive trend in global manufacturing activity. This is a welcome sign for the global economy. Image: Goldman Sachs Global Investment Research
U.S. ISM Manufacturing PMI vs. S&P 500 EPS Growth A rise in the U.S. ISM manufacturing PMI is suggesting positive growth in 1Q EPS, with expectations of outperforming the initial projections. Image: BofA US Equity & Quant Strategy
U.S. Nonfarm Payrolls vs. U.S. ISM Manufacturing PMI A reading below 50 on the ISM manufacturing index indicates a contraction in manufacturing activity, potentially affecting payrolls. However, the relationship between the index and actual payrolls is not straightforward. Image: BofA Global Investment Strategy
Central Banks – Global Monetary Policy Stimulus Leads Global Manufacturing PMI As global monetary policy stimulus tends to lead global manufacturing PMI by 8 months, could this signal the end of the economic slowdown? Image: Topdown Charts
ISM Manufacturing PMI vs. ISM New Orders – Inventories The U.S. ISM New Orders less Inventories spread continues to suggest a higher ISM Manufacturing PMI. This correlation points towards a positive outlook for the manufacturing sector. Image: The Daily Shot
Big 4 Asia Imports vs. ISM Manufacturing PMI The weak demand in Asian markets is affecting various industries and economies worldwide. Image: BofA Global Investment Strategy
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
ISM Manufacturing PMI and U.S. Recessions When the U.S. ISM Manufacturing PMI falls below 45, recession risks are rising significantly, as the manufacturing sector is experiencing a sharp decline. Image: BofA Global Investment Strategy