WTI Oil Prices in Real Terms The 2026 oil shock looks far less dramatic in historical terms. It still bites, just not with the same force. Once you adjust for inflation and reduced energy intensity, today’s price levels compare more favourably than in 2022. Image: Deutsche Bank
Central Bank Gold Purchases Central bank gold buying eased to 863 tonnes in 2025 from 1,092 tonnes in 2024. Buying has cooled, but official-sector demand remains well above historical standards and continues to play a strategic role in reserve diversification. Image: Real Investment Advice
Various S&P 500 Index 6-Month Returns May-October is often seen as the weaker stretch for U.S. stocks, averaging just 2.1%. But when April rallies more than 5%, history flips the script: since 1950, the S&P 500 has averaged a 6.6% gain, with a median return of 10%. Image: Carson Investment Research
Risky vs. Safe Assets Fund Flows Over the past four weeks, inflows into risk assets have outpaced those into safer funds, pointing to a shift in investor appetite toward higher-return bets. With confidence rebuilding, markets are tilting back toward risk. Image: Goldman Sachs Global Investment Research
U.S. New Private Housing Units Authorized by Building Permits and Recessions In March, U.S. building permits declined to 1.372 million, below expectations. Historically, building permits tend to peak and then decline prior to economic recessions. Image: Federal Reserve Bank of St. Louis
Returns – S&P 500 Price Index and Implied Trend Growth Rate The S&P 500 sits squarely in the middle of its post-GFC trend channel, hardly stretched, but far from a bargain. Image: Deutsche Bank
Discretionary Positioning and Ex-MCG & Tech Earnings Growth Discretionary positioning continues to lag earnings growth beyond MCG and Tech, leaving upside on the table if revisions hold and macro risks stay in check. Image: Deutsche Bank Asset Allocation
Typical Path of S&P 500 Bottom-Up Consensus EPS Estimate Analysts usually trim EPS estimates in the first four months of the year. Not this time. In 2026, revisions are heading higher, fueled by AI optimism and backed by confident management guidance. Image: Goldman Sachs Global Investment Research
Equity Sector Flows Money is still flooding into tech, industrials and real estate. Investors are chasing visible growth, hard assets and direct exposure to AI and infrastructure demand. Image: J.P. Morgan Equity Derivatives Strategy
S&P 500 Index Returns Past 10 Years (May – October) May-October is often seen as the weaker stretch for the S&P 500, but the track record tells a different story. Over the past decade, the index has finished that period in the red just once, which should keep bulls comfortable. Image: Carson Investment Research
S&P 500 Performance Since Start of the Year AI is no longer just a buzzword lifting mega-cap names, it is actively driving earnings growth and boosting productivity across corporate America. Since the start of the Q1 reporting season, the S&P 500 has gained 5.1%. Image: Deutsche Bank Asset Allocation