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
Global Negative Yielding Bonds This chart shows all bonds in the world at negative interest rates. Image: Goldman Sachs Global Investment Research
Total Allocated Exchange Reserves by Currency The U.S. dollar represents 61% of all central bank foreign reserves. And the total value of all currencies held in foreign exchange reserves is almost $11 trillion. Image: howmuch.net
MSCI All Country World Index (ACWI) – Period of Consolidation Exane is bullish and suggests that the MSCI ACWI might be nearing an end to this period of consolidation. Image: Exane BNP Paribas
Stocks Dividend Yields Exceed Government Bond Yields in Major Countries In major countries, dividend yields are now significantly higher than yields on 10-year bonds. Image: Charles Schwab