Stocks, Bonds, Foreign Exchange and Commodities Outperformance
Stocks, Bonds, Foreign Exchange and Commodities Outperformance Stocks, bonds, FX and commodities outperformed in 2019. Image: Deutsche Bank Global Research
Stocks, Bonds, Foreign Exchange and Commodities Outperformance Stocks, bonds, FX and commodities outperformed in 2019. Image: Deutsche Bank Global Research
High Yield CCC-Rated Bonds Consumer-related and technology industries now represent more than one-third of CCC issues. Image: Arbor Research & Trading LLC
Equity Yields vs. Bond Yields vs. Cash Yields Chart showing the large gap in yields between equities, bonds and cash. Image: J.P. Morgan
U.S. Corporate CCC-Rated Bonds Diverge During Trade War As the chart suggests, CCC-rated bonds are not the canary in the coal mine. The divergence in option-adjusted spreads between CCCs and higher-rated issues reflects the impact of the US-China trade war. Image: Arbor Research & Trading LLC
Total Negative Yielding Bonds Outstanding Global negative-yielding debt has now fallen below the 2016 peak. Image: Bianco Research
U.S. Bond Market Based on GDP and the forward curve, the U.S. 10-year seems less expensive right now, and may perhaps climb higher. Image: Fidelity Investments
Average Valuation Percentile: Equity, Bond, Credit Chart suggesting that credit and equities look expensive, while bonds are the most expensive. Image: Goldman Sachs Global Investment Research
S&P 500 Index vs. U.S. High Bond Yield Spread Chart showing the current divergence between U.S. equities and high yield bond spreads, while they are generally correlated. Image: Jeroen Blokland
U.S. Corporate Bond Ownership More than 25% of U.S. corporate bonds are held by insurance companies. Many investment grade investors are not allowed to hold junk-rated bonds. Any drop in the credit ratings could amplify the next recession. Image: NBF Economics and Strategy
Super-Cycles – Commodities, Stocks, and Bonds The importance of asset allocation and diversification: commodities, stocks, and bonds do not necessarily moved together over the long term. Image: Wells Fargo Investment Institute