Global Equity vs. Bonds and U.S. Unemployment Rate and Recessions The chart shows that the U.S. business cycle drives global asset allocation and suggests a possible U.S. recession in 2020. Image: Pictet Asset Management
2019 U.S. IPOs 2019 is well on its way to being the biggest IPO year in recent years. Image: Goldman Sachs Global Investment Research
S&P 500 vs. the Rest of the World Over the past decade, the S&P 500 has outperformed the rest of the world by 130%. Image: Financial Times
Developed Country Policy Rates Above the United States Look for the mistake: the number of countries with a policy rate above the U.S. is zero. Image: Bianco Research
U.S. ISM Manufacturing Index vs. U.S. ISM Non-Manufacturing Index Although the non-manufacturing sector’s growth slowed, it continues to reflect strength for now. Image: Nordea and Macrobond
S&P 500 Gap Risk The S&P 500 Index is subject to significant gap risks under the Presidency of Donald Trump. Image: Hayek and Keynes
Purchasing Power of the U.S. Dollar since 1913 How does inflation effect the purchasing power of money? $100 in 1913 would only be worth $3.87 in 2019. Image: howmuch.net
U.S. Buybacks vs. European Buybacks This chart shows that European buybacks are not as popular as they are in the U.S.. Image: Goldman Sachs Global Investment Research
MSCI All Country World Index (ACWI) Dividend Yield Less U.S. 10-Year Yield When the spread has been greater than 1%, it has been a good support for the MSCI All Country World Index. Image: Exane BNP Paribas
Demographics and U.S. 10-year Treasury Yield The trend in global savings has turned. The chart suggests that the dis-saving phase is likely to be inflationary. Image: Gavekal, Macrobond
Forward PE Ratio and Real 10-Year Treasury Rate Lower real 10-year Treasury rates suggest lower equity market multiples. Image: Morgan Stanley Research