U.S. Household and Personal Saving Rate Americans are accumulating cash, as savings rate hits its highest level since 1981. The Daily Shot – The Wall Street Journal

Relative Valuation: MSCI Emerging Markets vs. S&P 500 Index Emerging markets stocks have dropped to a record valuation discount relative to U.S. equities. Image: Morgan Stanley

Stocks – GRANOLAS vs. NASDAQ Europe does not have the FAAMG, but it has the GRANOLAS (Glaxosmithkline, Roche, ASML, Nestle, Novartis, Novo Nordisk, L’Oreal, LVMH, Astrazeneca, SAP and Sanofi). Image: Goldman Sachs Global Investment Research

Contributions to % Change in U.S. Real GDP Morgan Stanley expects 38% (annualized) US real GDP decline in Q2 2020. Image: Morgan Stanley Research

U.S. – Cumulative GDP Decline During Recessions This chart suggests a contraction in U.S. real GDP of more than 12% from peak-to-trough this year, as a result of the coronavirus pandemic. Image: Oxford Economics

Change in G4 Central Bank Balance Sheets G4 central bank balance sheets are expected to expand by 29% of GDP by year-end 2021. Image: Morgan Stanley Research

Tech Giants – FAAMG vs. Tech Bubble and Nifty 50 This table puts into perspective FAAMG today vs. the tech bubble and the Nifty 50 bubble. Image: Goldman Sachs Global Investment Research

Relative Valuation: Small Caps vs. Nasdaq 100 Index The relative valuation today suggests that small caps should lead the Nasdaq 100 over the next decade. Image: Morgan Stanley

Forecast – New Path of the S&P 500 Market in 2020 Goldman Sachs has set a price target of 3000 by the end of 2020, and a new mid-year S&P 500 target of 2400. Image:…

MSCI ACWI and Number of Countries Reporting a New High in Daily Coronavirus Cases The correlation between the MSCI AWCI and new high in daily coronavirus cases (inverted) suggests continued recovery as the coronavirus pandemic…

Growth in New Coronavirus Cases and VIX (Volatility) As the coronavirus pandemic subsides, volatility is going away. Image: Deutsche Bank Global Research