Capex to Operating Cash Flow for U.S. and China Hyperscalers U.S. hyperscalers are on track to spend more than their operating cash flow in 2026, 2027 and 2028. The market’s question has shifted from “Can…
Systematic Strategies Equity Positioning vs. S&P 500 Realized Volatility Systematic strategies remain heavily overweight, with positioning in the 88th percentile. That alone is no immediate sell signal. Positioning can stay stretched as long as the…
Truck Tonnage vs. S&P 500 Index The Truck Tonnage Index fell 0.5% in August. Trucks represent 72.7% of U.S. freight and serve as a barometer of the U.S. economy. This chart shows that, historically, the…
Discretionary Positioning vs. Earning Growth Discretionary investors are still positioned cautiously relative to the strength of earnings growth. With revisions still supportive and macro risks contained, more cash could move into stocks. Image: Deutsche Bank…
MSCI World Sector/Style Valuations Valuations are rich across sectors and styles, leaving investors with almost no cushion. A slight turn in mood could push prices lower, with few supports below. Image: Goldman Sachs Global Investment…
S&P 500 2027 EPS Growth Based on Semiconductor Gross Margin Scenarios With semiconductors now an outsized, high-margin engine for the S&P 500, 2027 earnings growth is highly sensitive to how chip margins evolve. Image: Goldman…
5-Year Rolling Return of U.S. 10-Year Bonds Five-year rolling returns on 10-year U.S. Treasuries are now among the worst in a century, both before and after inflation. Much of the damage was done in the…
S&P 500 Real Trailing 4Q EPS Relative to 30-Year Trend S&P 500 earnings are running well above a 30-year trend. That’s good news for profits, but a warning for valuations if the boom starts to…
U.S. Corporate Profits as % of GDP U.S. corporate profits as a share of GDP are at record highs, which on their own don’t signal an imminent recession. The question is not whether margins are…
EUR/USD vs. Average of 5-Year Real & Nominal Rate Differential U.S–euro area rate differentials remain a key headwind for EUR/USD, with the narrative increasingly about Fed hawkishness and the prospect of wider spreads ahead. Image:…
Mega-Cap Growth and Large-Cap Tech Positioning Positioning in mega-cap growth and large-cap Tech has eased from its highs but remains modestly overweight, at the 61st percentile. Image: Deutsche Bank Asset Allocation