U.S. ISM Manufacturing PMI vs. 10-Year U.S. Treasury Yield Easing rate pressure is projected to facilitate a recovery in U.S. manufacturing as financial conditions improve, inflation declines, and both domestic and foreign demand strengthen. Image: BofA US Equity & Quant Strategy
Ownership of Developed Markets Government Debt Most U.S. government debt is owned domestically, while foreign investors hold a smaller but still significant portion. Image: BofA Global Investment Strategy
Ownership of U.S. Government Bond Market Foreign investors remain the larger owners of U.S. Treasuries. Image: Goldman Sachs Global Investment Research
Total Non-Resident Portfolio into China Stocks and Bonds China remains the darling of foreign investors. Image: Institute of International Finance
Percentage of Company Revenue from International Trade European companies are highly dependent on foreign markets for their revenues. A rebound in world trade may benefit them directly. Image: Charles Schwab
Global FX Volatility In the current environment of low inflation and low interest rates, volatility in foreign exchange markets hits record low. Image: BofA Global Investment Strategy
U.S. Seaborne Imports of Crude Oil by Origin The United States is also less dependent on foreign oil supply than it was a decade ago. Image: Financial Times
Domestic China Equities and Bonds Held by Overseas Investors Foreign holdings of Chinese equities rose to a record high this year, despite the U.S.-China trade war. Image: Bloomberg
Holdings of U.S. Treasuries as Percent of Treasury Debt Outstanding U.S. domestic investors are buying a lot of U.S. Treasuries, while foreign demand is weakening. Image: Deutsche Bank Global Research
Cumulative S&P 500 Buybacks 2009-2019 Are buybacks driving the show? Thanks to tax cuts and low interest rates, corporate stock buybacks are booming. Over the past decade, S&P 500 companies bought back $5 trillion shares, while cumulative flows from households and foreigners are only a drop in the bucket. But what would happend if companies reinvested instead…
Who Owns the U.S. Treasury Market? American institutions and individual investors are big holders. A large part of the treasury market is also owned by foreigners. Image: Bianco Research