Valuation – Price-to-Book Ratio – MSCI Japan Index vs MSCI ACWI ex Japan Index Warren Buffett’s positive view on Japanese stocks has raised the question of whether it is the right time to consider investing in them. Image: Morgan Stanley Wealth Management
U.S. Senior Loan Officers Survey (SLOOS) and U.S. GDP The U.S. Senior Loan Officers Survey (SLOOS) doesn’t bode well for U.S. GDP in the coming quarters. Image: Deutsche Bank
Cumulative Equity Inflows vs. S&P 500 Investors have been moving their money from stocks to bonds and money market funds, resulting in flat flows into equities since the start of the year. Image: BofA Global Investment Strategy
Performance – U.S. Core Capital Good Orders and DJIA vs. Treasuries Price Relative The performance of stocks relative to bonds is closely linked to the capital expenditure cycle. Image: BofA Global Investment Strategy
Global High Yield Bond Prices High-yield bonds are often called the “canary in the coal mine”, as they are seen as a leading indicator of the health of the economy. Image: BofA Global Investment Strategy
GWIM Equity Flows BofA’s private clients have been sellers of stocks this year. Image: BofA
S&P 500 YTD >7% on Day 100 and What Happened the Rest of the Year Historically, when the S&P 500 Index has recorded a gain over 7% on day 100, it has tended to signal a positive market for the rest of the year. Image: Carson Investment Research
U.S. Equity Mutual Funds – Cash and Liquid Assets Cash holdings of mutual funds are going down. Image: Goldman Sachs Global Investment Research
S&P 500 Return vs. Modeled Price Based on Nine Flow Variables Goldman Sachs expects the S&P 500’s growth potential to be limited, as S&P 500 daily returns are typically linked with inflows. Image: Goldman Sachs Global Investment Research
U.S. Debt Ceiling If Congress fails to raise the debt ceiling, it is probable that the U.S. Treasury will not be able to pay its bills completely and promptly in early June 2023. Image: Goldman Sachs Global Investment Research
FMS Investors – Net % Overweight Real Estate FMS investors continue to have a pessimistic outlook on the real estate market. Image: BofA Global Fund Manager Survey