Average Monthly Return During Global Manufacturing PMI Expansion Phases Since August 15 2019, the rotation performance has been higher than average during global manufacturing PMI expansion phases. Image: Goldman Sachs Global Investment Research
Holdings of U.S. Treasuries as Percent of Treasury Debt Outstanding U.S. domestic investors are buying a lot of U.S. Treasuries, while foreign demand is weakening. Image: Deutsche Bank Global Research
Central Banks – Market Risk Trend and Economic Policy Trend Chart suggesting that risk assets’ sensitivity to political risks has been neutralized by central banks’ QE and dovish monetary policy stance. Image: Image: BofA Global Research
Annualized EPS Growth Across Major Global Equity Markets Goldman Sachs expects that EPS will modestly accelerate to 6% in the U.S. next year. Image: Goldman Sachs Global Investment Research
S&P 500 Index and Fed Insurance Rate Cut Chart suggesting around 5% upside for the S&P 500 Index through mid-2020. Image: J.P. Morgan
Global Manufacturing PMI Cycle Chart suggesting that the worst is over for global manufacturing PMI. Image: Goldman Sachs Global Investment Research
Momentum to Value Rotation The rotation into value suggests a rebound in global economic growth, not a recession. Image: BofA Merrill Lynch US Equity & US Quant Strategy
Correlation – Euro Equities and Economic Surprise The correlation between euro equities and economic surprise has diverged recently. Image: Oxford Economics
Average Age of U.S. Private Fixed Assets Since the Great Financial Crisis, America’s equipment is getting older. Companies have been reluctant to invest and that’s not good news for the U.S. economy. Image: Deutsche Bank Global Research
Global CO2 Emissions Worried about climate change? Global carbon dioxide emissions hit a record this year. Image: Financial Times
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 big multiple expansion. Image: BofA Merrill Lynch US Equity & US Quant Strategy