Valuation – MSCI World 12-Month Forward PE With global equities trading at 18.5 times forward earnings, valuations look stretched by historical standards. Not a bubble, but far from cheap. Image: Goldman Sachs Global Investment Research
Annual Average IPO Return During First Trading Day In 2026, U.S. IPOs rose 19% on average in their first trading session, edging above the 30-year median and delivering a solid first-day pop. Image: Goldman Sachs Global Investment Research
% of Companies with Revenue Exposure to Just One Sector (TOPIX 500, MXAPJ, STOXX 600, S&P 500) The S&P 500 shows a striking level of concentration, with 61.1% of its companies relying on a single sector for revenue, leaving the index more exposed to shocks. Image: Goldman Sachs Global Investment Research
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
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
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
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
U.S. Tech Sector Share Buyback Announcements There’s no sign of a pause in U.S. tech buybacks, as strong earnings keep the pipeline active. That’s a tailwind for shareholders, and as long as profits hold up, the pace is unlikely to fade. Image: J.P. Morgan Flows and Liquidity