Category: Blog

Manufacturing’s Share of the U.S. Economy Manufacturing accounts for only 10% of U.S. GDP, but 25% to 45% of the market response. Image: Goldman Sachs Global Investment Research

Gold Fund Flows Investors are flooding into gold as fears of a global slowdown mount. Image: BofA Merrill Lynch

U.S. Corporate Profits, Capital Expenditures, Dividends and Buybacks What would happen if U.S. companies reinvested instead of buying their own shares and paying dividends? Image: Financial Times

Global Equity vs. Bonds and U.S. Unemployment Rate and Recessions The chart shows that the U.S. business cycle drives global asset allocation and suggests a possible U.S. recession in 2020. Image: Pictet Asset Management

Developed Country Policy Rates Above the United States Look for the mistake: the number of countries with a policy rate above the U.S. is zero. Image: Bianco Research

U.S. ISM Manufacturing Index vs. U.S. ISM Non-Manufacturing Index Although the non-manufacturing sector’s growth slowed, it continues to reflect strength for now. Image: Nordea and Macrobond

S&P 500 Gap Risk The S&P 500 Index is subject to significant gap risks under the Presidency of Donald Trump. Image: Hayek and Keynes

U.S. Buybacks vs. European Buybacks This chart shows that European buybacks are not as popular as they are in the U.S.. Image: Goldman Sachs Global Investment Research

MSCI All Country World Index (ACWI) Dividend Yield Less U.S. 10-Year Yield When the spread has been greater than 1%, it has been a good support for the MSCI All Country World Index. Image: Exane BNP Paribas

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