Concentration – Top 10 as % of Total (In Terms of Total Equity Market Capitalization) Compared to the U.S. market, China’s equity market currently shows a historically low level of market capitalization concentration, indicating greater…
3-Month Rolling S&P 500 Retail Flows Retail traders have demonstrated robust buying activity in recent months, with Goldman Sachs estimating net purchases of approximately $20 billion in U.S. stocks over the past three months. Image:…
The Cost of a Barrel of Oil in Real U.S. Dollar Terms While short-term oil price shocks can create significant economic disruptions and drive inflation higher, oil prices over the long run typically track the…
Fed Cuts – Implied by Fed Funds Futures Fewer Fed rate cuts are expected in 2025, but chances of greater easing in 2026 have risen. This reflects caution amid inflation and policy risks, and leaves…
Equities as a Share of Household Assets U.S. households now allocate about 49% of their assets to equities, a level that reflects strong market optimism and a significant appetite for risk. Image: Goldman Sachs Global…
U.S. Stocks Relative to Bonds U.S. stocks are at their strongest relative to bonds since Trump’s inauguration, supported by persistent risk appetite and the perception of U.S. market resilience amid global uncertainty. Image: Bloomberg
U.S. Net Margin Debt So far, U.S. margin debt as a share of market capitalization remains elevated, which reflects ongoing confidence in the market. Image: Goldman Sachs Global Investment Research
WTI Oil Prices While oil prices remain highly sensitive to geopolitical risks, particularly in regions like the Middle East, the market has so far avoided the kind of sustained shock that would trigger broader inflation.…
YTD Cumulative Global Fund Flows into U.S. Equities Despite some volatility and brief periods of outflows, flows into U.S. equities in 2025 have been running above the 24-year average, with projections pointing to a record…
U.S. Inflation Expectations U.S. inflation expectations have declined over the past month, making consumers more optimistic than in April. However, sentiment is still weaker than six months ago, with uncertainty persisting due to ongoing tariff…
Developed Market Valuations While the macroeconomic outlook has weakened, the U.S. stock market’s forward P/E ratio has moved back toward pre-Liberation Day levels. Image: TS Lombard