S&P 500 Cumulative Price Return vs. Model Based Solely on Investment Flows and Market Liquidity The analysis from Goldman Sachs suggests that the S&P 500 has underperformed liquidity-adjusted investment flows. Image: Goldman Sachs Global Investment Research
Growth in Gold Price and Central Bank Balance Sheets Chart suggesting that the growth of central bank balance sheets should drive gold prices higher. Image: BofA Global Research
Brent Oil Price Forecast Morgan Stanley expects only modest upside in oil prices. Image: Morgan Stanley Research
Gold Price Forecast Goldman Sachs raises its 12-month gold price forecast to $2000/toz. Image: Goldman Sachs Global Investment Research
Valuation – MSCI ACWI Index’s 12-Month Forward Price to Earnings The risk of a correction is rising, as global stocks continue to rally and become more expensive. Image: Bloomberg
Oil Rig Counts and WTI Crude Oil Price (Leading Indicator) Oil price is impacting drilling activity. WTI crude oil price tends to lead oil rig counts by three months. Image: Nordea and Macrobond
U.S. vs. Developed Market Equities (ex-US) Price Relative This chart shows the dominance of the U.S., as the U.S. stock market has grown bigger than the rest of the world’s stock market. Image: BofA Global Investment Strategy
Price of Oil Forecast Goldman Sachs remains bullish on oil prices, forecasting $53 oil in 2021 and expecting a recovery in global oil demand. Image: Goldman Sachs Global Investment Research
S&P 500 Price Return vs. 2021 EPS Revisions This chart highlights the positive correlation between price return and 2021 earnings revisions. Image: Goldman Sachs Global Investment Research
S&P 500 Sector Return on Equity vs. Price to Book Valuation This chart suggests that sectors trade closely to their return on equity implied valuations (R² = 0.87). Image: Goldman Sachs Global Investment Research