Multiple Expansion – Year-Over-Year Change in the S&P 500 Forward P/E Since the beginning of the year, the multiple expansion explains the S&P 500 return. Historically, S&P multiples contract or remain flat following years of…

G7 OECD Composite Lead Indicator and Global Manufacturing PMI This chart also suggests a pick-up in the global manufacturing PMI, after having been in contraction territory. Image: BofA Global Research

Stoxx Europe 600 and Europe Manufacturing PMI Is the Europe manufacturing PMI rebound in the cards? European stock markets remain bullish. Image: Goldman Sachs Global Investment Research

Output Gap and Stages of the U.S. Business Cycle Despite gloomy headlines, this chart suggests that the U.S. economic expansion is still intact. Image: BlackRock Investment Institute

Global Growth in 2020 Goldman Sachs expects a pick-up in global growth over the next year, led by the United States. Image: Goldman Sachs Global Investment Research

High Yield CCC-Rated Bonds Consumer-related and technology industries now represent more than one-third of CCC issues. Image: Arbor Research & Trading LLC

Negative Yielding Debt in the Bloomberg/Barclays Aggregate Index This chart puts negative yielding debt into perspective. Bondholders will get back less than what they paid if they hold bonds to maturity. Image: Bianco Research Click…

Real U.S. GDP Growth Contribution and Forecast Chart showing real U.S. GDP expected at 2.0% in the fourth quarter of 2020. Image: Oxford Economics

U.S. Job Growth by President Chart suggesting that President Trump is an “average” president on job growth. Image: Scotiabank Economics

Most CFOs Expect A Recession Next Year CFO Survey: most CFOs predict a recession in 2020. Image: Charles Schwab, Duke CFO Magazine

U.S. and Global Real GDP Growth Chart suggesting a rebound in global growth outside the United States. Image: Morgan Stanley Research