Economies in Recession This year is ending with 93% of the world’s economies contracting, with 53% shrinking by more than 6%. Image: BofA Global Research

IPO Market in the U.S. The U.S. IPO market heats up in 2020, but more unprofitable companies are going public. Image: Bloomberg

2020 Inflows: Equities, Bonds, Cash and Gold There is still a lot of cash on the sideline, which could be put to work in the market. Image: BofA Global Investment Strategy

Inflows as % of Assets Under Management (AUM) Cash, gold and tech are the largest inflows this year, amid the coronavirus pandemic. Image: BofA Global Investment Strategy

IPO and Secondary Offerings Net S&P 500 Buybacks This is the first time since 2009 that equity issuance is higher than S&P 500 buybacks. Image: BofA Global Investment Strategy

U.S. Companies – Record Balance Sheet Cash U.S. companies have accumulated record amounts of cash on their balance sheets to absorb the shock of the coronavirus pandemic and lockdown measures. Image: J.P. Morgan US Equity…

CTAs’ Net Position in Russell 2000 Futures vs. Russell 2000 CTAs may be slightly walking back their net long position in Russell 2000 futures. Image: Nomura

Excess Liquidity and S&P 500 Performance Is the relationship between excess liquidity and S&P 500 performance fading? Image: Deutsche Bank

IPO ETF – IPO U.S. Equity IPO ETFs are skyrocketing this year. Are investors on the cusp of the next dot-com bubble? Image: BofA Global Investment Strategy

DXY U.S. Dollar Index and WTI Crude Oil Price (Leading Indicator) The U.S. dollar tends to lead oil prices by 6 months. Image: Gavekal, Macrobond

Equity Valuations – MSCI 12-Month Forward P/E Ratios Indian equity valuations are high. Are investors ignoring fundamentals? Image: Gavekal, Macrobond