U.S. Corporate CCC-Rated Bonds Diverge During Trade War As the chart suggests, CCC-rated bonds are not the canary in the coal mine. The divergence in option-adjusted spreads between CCCs and higher-rated issues reflects the impact of the US-China trade war. Image: Arbor Research & Trading LLC
Gold ETF Cumulative Change and Trade Implied Vaulted Gold Build High-net-worth individuals around the world are trying to minimize economic and political risks by buying physical gold. Image: Goldman Sachs Global Investment Research
Trade War – S&P 500 Peaks and U.S. Trade Policy What is the likelihood of a trade deal between the U.S. and China? Past market peaks have been followed by major trade escalations. Image: Deutsche Bank Asset Allocation
U.S. Trade Balance in Crude Oil and Petroleum Products The United States becomes a net exporter of crude oil and petroleum products. Image: Financial Times
Broad Trade-Weighted U.S. Dollar Forecast Chart suggesting that the U.S. dollar is expected to weaken in 2020, as global economic activity improves. Image: Goldman Sachs Global Investment Research
U.S. Dollar – Trade-Weighted Real Exchange Rates Chart suggesting that the U.S. dollar looks overvalued against euro and sterling. Image: Gavekal, Macrobond
World Real Exports and Composite Trade Indicator Chart suggesting a recovery in world exports growth Image: Pictet Asset Management
U.S. vs. China Trade Balance and Treasury Holdings China’s Treasuries holdings drop, while the U.S.-China trade balance shrinks very slightly amid the trade war. Image: BofA Merrill Lynch Global Research
U.S. and China – Effect of the Trade War on Real GDP Growth Assuming no futher escalation, the trade war drag on real GDP growth is expected to peak in Q4 2019. Image: Goldman Sachs Global Investment Research
U.S. Trade Deficit to GDP The chart shows that the U.S. trade deficit as percentage of gross domestic product is still huge, despite the US-China trade war. Image: BofA Merrill Lynch Global Research