Japan Stock Market Japan holds more than 4% of the domestic stock market, making the BoJ the top shareholder of more than 55 companies in the Nikkei 225. Image: Macrobond Financial

Globalization – Economic Growth Between Economies Is globalization in reverse? This chart puts things into perspective. Image: Arbor Research & Trading LLC

Global Real GDP Growth It may take a few quarters for the financial system to feel the effects of the monetary easing measures implemented by central banks this year. Image: Morgan Stanley Research

Share of Total U.S. Equity Trading Are stock pickers an endangered species? Only one-tenth of the US equity market’s trading volumes comes from fundamental equity investors. Image: Financial Times

S&P 500 and Mini-Cycles Chart suggesting that market participants have started to take into account the start of a fourth mini-cycle. Image: Societe Generale Cross Asset Research

Debt to Net Worth Ratio for U.S. Households vs. Financial Obligations Ratio Chart suggesting that U.S. household finances are in good shape. This is good news for consumption spending, which accounts for about 70% of…

ISM Manufacturing PMI and Nonfarm Payroll Growth vs. U.S. Election Outcome Chart showing the relationship between growth trends into U.S. elections and the margin of victory or defeat for incumbent candidates. Historically, the probability of…

U.S. Dollar – Trade-Weighted Real Exchange Rates Chart suggesting that the U.S. dollar looks overvalued against euro and sterling. Image: Gavekal, Macrobond

A Long-Term History of Debt and Inflation in the U.S. This chart puts debt and inflation in perspective. MMT could lead to high inflation and financial repression, as in the 1940s. Image: Fidelity Investments

S&P 500 and Large-Cap Funds Outperformance Over Benchmarks Only 28% of large-cap funds are outperforming their benchmarks this year. Image: Goldman Sachs Global Investment Research

Global Growth Outlook (Global GDP) Goldman Sachs is optimistic and expects global growth to rise to 3.4% in 2020. Image: Goldman Sachs Global Investment Research