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

Secular Growth Stocks Relative to Defensive Stocks More downside ahead? This chart suggests that secular growth stocks are at risk. Image: Morgan Stanley Research

President Trump Tweets Contribute to Market Volatility President Trump’s tweets during his first term had a significant impact on financial markets, often contributing to increased volatility. During Trump’s second term, the dynamics appear similar. Image:…

Small Caps Debt-to-Equity Exceeds Large Caps The debt-to-equity ratio of small caps exceeds large caps for the first time. Image: Arbor Research & Trading LLC

U.S. Excess Liquidity Leads U.S. PMI This chart suggests that U.S. excess liquidity leads U.S. PMI by 12 months. U.S. PMI could bounce back in 2020. Image: Exane BNP Paribas

Global Manufacturing PMI This chart could suggest that the worst is over for global manufacturing after PMI ended 15 consecutive months of decline. Image: Charles Schwab