Rotation from U.S. Stocks to Rest-of-World
Rotation from U.S. Stocks to Rest-of-World The rotation from U.S. stocks to cheaper global stocks continues, reaching $123 billion recently. Image: BofA Merrill Lynch Global Investment Strategy
Global Debt by Sector and Recession Risk
Global Debt by Sector and Recession Risk With global growth slowing, this chart suggests that the biggest recession risk is corporate deleveraging. Image: BofA Merrill Lynch Global Investment Strategy
Global Flows YTD
Global Flows YTD Chart showing a record bond inflows and equity outflows this year. Image: BofA Merrill Lynch Global Investment Strategy
New Orders to Inventory Ratio Leads Global Manufacturing PMI
New Orders to Inventory Ratio Leads Global Manufacturing PMI Chart suggesting that the new orders to inventory ratio leads global manufacturing PMI by 2 months. Image: BofA Merrill Lynch Global Investment Strategy
Share of Central Banks Cutting Rates
Share of Central Banks Cutting Rates More than 60% of the world’s central banks are easing, while the U.S. stock market is at an all-time high. Image: NBF Economics and Strategy
Gold and Silver Weekly Fund Flows
Gold and Silver Weekly Fund Flows This is the biggest outflows from gold since December 2016, as a more positive global outlook drives optimism. Image: BofA Merrill Lynch Global Investment Strategy
BofAML U.S. Regime Indicator
BofAML U.S. Regime Indicator The BofAML’s U.S. regime indicator suggests that the “early cycle” is coming soon, and value typically outperforms. Image: BofA Merrill Lynch US Equity & US Quant Strategy
Probability of U.S. Recession in 12 Months Based on the Slope of the Yield Curve
Probability of U.S. Recession in 12 Months Based on the Slope of the Yield Curve The yield curve slope suggests odds of a recession in the next 12 months at less than 30% in the U.S., and the continuation of economic expansion. Image: NBF Economics and Strategy
Correlation Between Value and Momentum
Correlation Between Value and Momentum The correlation between value and momentum is near record lows. Below this level, value outperformed momentum over the next 250 days (77% of the time) since 1986. Image: BofA Merrill Lynch US Equity & US Quant Strategy
S&P 500 Valuation Dispersion on Forward P/E – Value vs. Growth
S&P 500 Valuation Dispersion on Forward P/E – Value vs. Growth When valuation dispersion was this high or higher, value stocks tended to outperform growth stocks (95% of the time) over the next 12 months. Image: BofA Merrill Lynch US Equity & US Quant Strategy