China Property Sales and Total Credit Growth

China Property Sales and Total Credit Growth According to Gavekal, Chinese monetary policy is still in a moderate “selective easing” mode. Image: Gavekal, Macrobond

ISM Manufacturing Index and S&P 500 1-Month Return

ISM Manufacturing Index and S&P 500 1-Month Return The current S&P 500 option implied 1-month return distribution is pricing a low probability of a right tail relative to historical realised. Image: Goldman Sachs Global Investment…

China’s Global Acquisitions

China’s Global Acquisitions Global acquisitions by Chinese companies continue to fall, due to tight credit conditions and US-China trade tensions. Image: Financial Times

Brent 5-Year Futures Price

Brent 5-Year Futures Price This chart shows that long-dated oil prices stayed relatively flat after attacks on Saudi Arabia’s oil infrastructure. Image: Goldman Sachs Global Investment Research

U.S. Long-Term Business Cycle and Recessions

U.S. Long-Term Business Cycle and Recessions This chart suggests that historically, when the U.S. long-term business cycle peaks in the 90th percentile and turns lower, it doesn’t bode well for equities around 4 months later…

Seasonality – S&P 500 Cycle Composite for 2019

Seasonality – S&P 500 Cycle Composite for 2019 This great chart shows the S&P 500 cycle composite for 2019 vs. the actual S&P 500 composite (places equal weight on: one-year seasonal cycle, four-year presidential cycle, and…