Gold and U.S. 10-Year Treasury Yield Risk sentiment in the market has improved and investors shift away from gold, while U.S. equities have reached new all-time highs. Image: U.S. Global Investors

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

OECD Diffusion Index Leads Global Manufacturing PMI Chart suggesting that the OECD diffusion index leads global manufacturing PMI by 6 months. Image: Pictet Asset Management

Global Air Travel – CO2 Emission In 2018, annual global passenger numbers rose 7% to 4.4 billion and could double by 2037. Image: Financial Times

U.S. Misery Index (Unemployment Rate + Core Inflation) The misery index is an economic indicator, created by economist Arthur Okun. Because both inflation and unemployment are very low, the U.S. misery index (unemployment rate +…

S&P 500 vs. U.S. Business Activity Index and Recessions This chart suggests that a recession in the U.S. is not imminent. Image: Paolo Cardena

S&P 500 Index vs. Trailing 12-Month Earnings Per Share Earnings have diverged from the S&P 500. Earnings matter, because equities move with earnings over the long run. Image: Hayek and Keynes, Bloomberg

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 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 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 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