Cyclicals vs. Defensives Performance

Cyclicals vs. Defensives Performance Cyclicals vs. defensives are now two standard deviations from 12M average, as risk-on tone grips stocks. Image: Morgan Stanley Research

U.S. Equity Market Outperformance

U.S. Equity Market Outperformance According to Gavekal, U.S. outperformance is mainly cyclical, not structural, and best investment opportunities could be in non-US assets. Image: Gavekal, Macrobond

2019 Assets Performance

2019 Assets Performance 92% of more than 300 assets across equities, commodities, FX and credit are up this year, compared to less than 20% in 2018. Image: BofA Merrill Lynch

Risky Assets Performance and Global Manufacturing PMI

Risky Assets Performance and Global Manufacturing PMI Interesting chart suggesting that risky assets are currently following the typical path when global growth is bottoming. Image: J.P. Morgan Asset Management

S&P 500 Performance During Past Recessions

S&P 500 Performance During Past Recessions In recent history, the median S&P 500 performance during past recessions (peak to trough) is -24% Image: Barclays Research