Category: Blog

Global Equity Risk Premium The global equity risk premium does not show a high excess equity return over global government bonds. Image: BofA Global Investment Strategy

U.S. Equity Funds Split Between Active and Passive Strategies Can active funds beat passive funds in a recovering U.S. economy? Image: Financial Times

1-Year Correlation – S&P 500 vs. U.S. Dollar Index How long will the negative correlation between the S&P 500 and the U.S. dollar persist? Image: Morgan Stanley Research

S&P 500 Returns After Strong First Quarter Historically, returns between 5-10% in the first quarter tend to be bullish for the S&P 500 through the rest of the year. Image: LPL Research

7-10 Treasuries Total Return Index / Gold in U.S. Dollar Gold tends to beat U.S. Treasuries on inflationary fears. Image: Gavekal, Macrobond

Global Stocks (MSCI ACWI ex-U.S.) – Global Equity Prices Excluding U.S. Stocks Global stocks ex-U.S. remain below pre-Global Financial Crisis highs. Image: BofA Global Investment Strategy

U.S. GDP Forecast – Return to Pre-COVID-19 GDP Path Morgan Stanley expects U.S. GDP to reach its pre-COVID-19 GDP trend by 3Q21 and then rise above it. Image: Morgan Stanley Research

U.S. Treasuries Seasonality Historically, U.S. 10-year yields tend to drop on average from May to November. Image: Nordea and Macrobond

U.S. Consumer Spending – Comparison of Spending Between March 2021 and February 2020 Travel spending remains low, while goods spending across sectors are well above pre-pandemic levels. Image: BofA Global Research

FY2 P/E Premium of Highest vs. Lowest Valuation S&P 500 Firms The dispersion of stock multiples has narrowed, but is still wide relative to history. Image: Goldman Sachs Global Investment Research

ISM Manufacturing Index and Recessions Economic growth tends to peak about a year after the recession ends. Image: Deutsche Bank Asset Allocation