ECB Balance Sheet, with Forecast Until End-2021 The ECB’s balance sheet is expected to expand further and hit 62% of GDP in 2021. Image: UBS

Sentiment Indicator – Current vs. Market Peak Currently, this sentiment indicator is relatively bullish compared to the last ten years. Image: Goldman Sachs Global Investment Research

Forecast in Corporate Earnings Fiscal support will largely, but not entirely, offset the decline in coporate earnings. Image: Goldman Sachs Global Investment Research

Performance over 12 Months: S&P 500 vs. FTSE All World and FTSE 100 U.S. equities had their best month since 1987, in the global rebound. Image: Financial Times

S&P 500 and 10% Monthly Gains, What Happens Next? Historically, 10% monthly gains for the S&P 500 have led to continued strong returns. Image: LPL Research

S&P 500 – Top Months Since World War II The S&P 500 posted its biggest one-month gain since 1987, surging 12.7% in April. Image: CNBC

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