Weekly Flows from Global Investors into European Equity Funds Flows into European equity funds are strong this year. Image: Goldman Sachs Global Investment Research

Ownership of Euro Area Equities The U.S. has become the dominant investor, owning 28% of euro area equities. Image: Goldman Sachs Global Investment Research

U.S. Labor Market and U.S. Output Gap Should investors expect a quick recovery in the U.S. labor market? Image: BCA Research

MSCI ACWI Performance – Real Rates and Inflation Expectations Historically, inflation expectations tend to drive equity performance. Image: Morgan Stanley Wealth Management

U.S. Dollar DXY Index and CPI Inflation (U.S. Less DM Ex-U.S.) Historically, the U.S. dollar tends to fall when U.S. CPI is higher than rest of DM. Image: BCA Research

S&P 500 Earnings Surprise Current estimates are forecasting an earnings surprise of 14.6% for the S&P 500, well above the long-run average of 7%. Image: J.P. Morgan Asset Management

7-Week Cumulative Flows to Tech Stocks Should investors still continue to dump tech stocks in favor of cyclicals? Image: BofA Global Investment Strategy

Equity/Bond Performance – Stock-to-Bond Ratio The S&P 500 total return divided by total return in U.S. 10-year Treasury bonds is at an extreme level. Image: Alpine Macro

Valuation – High Quality Stocks vs. Russell 1000 High quality stocks look cheap relative to the broad market. Image: Financial Times

Interest Rates – Federal Funds Target Rate The Fed funds rate has declined over time and could peak at 150bp in the coming cycle. Image: Nordea and Macrobond

Valuation – U.S. 10-Year Real Yield and MSCI World Index Forward Price/Earnings Ratio The price of global equities is expected to fall, if U.S. real yields rise. Image: Morgan Stanley Wealth Management