China Imports of Semiconductor Manufacturing Equipment by Country China is a net importer of semiconductors and depends heavily on manufacturers from the U.S. and its allies. Image: Gavekal, Macrobond
Semiconductors – Integrated Circuits vs. Crude Oil Are semiconductors the new oil? Image: TS Lombard
ISM Manufacturing Index and SOX Philadelphia Semiconductor Index Chart showing the good correlation between the ISM Manufacturing Index and the performance of the SOX Philadelphia Semiconductor Index. Image: BofA Global Investment Strategy
SOX Semiconductor Index vs. ISM New Orders Semiconductors suggest ISM levels above 60. Image: BofA Global Investment Strategy
Semiconductor Prices and ISM Manufacturing Index Chart suggesting that the surge in semiconductor prices implies ISM Manufacturing Index above 55 in the next 3-months. Image: BofA Merrill Lynch Global Research
Global Semiconductor Sales vs. MSCI World EPS Growth Chart suggesting that global semiconductor sales may have bottomed. That’s good news for global EPS growth. Image: Jeroen Blokland
Global Semiconductor Sales Lead U.S. GDP Growth This interesting chart suggests that global semiconductor sales lead U.S. GDP growth by six months. Image: Nordea and Macrobond
U.S. Dollar to China Yuan (USD/CNY) Leads Semiconductor Sales This chart suggests that the U.S. Dollar to China Yuan (USD/CNY) leads semiconductor sales by four months. Keep a close eye on USD/CNY. Image: Nordea and Macrobond
World Semiconductor Sales Lead Emerging Markets This chart suggests that world semiconductor sales lead the MSCI emerging markets index by 3 months. This is very interesting before investing in emerging market equities. Country weights of the MSCI Emerging Markets Index: 33% China, 13.02% Korea, 11.35% Taiwan. Image: Nordea and Macrobond
Philadelphia Semiconductor Index (SOX) Leads Global Manufacturing PMI by Three Months This chart suggests that the rally in semiconductor stocks may herald a global growth rebound. Image: Oxford Economics, Macrobond