Global GDP Growth Outlook vs. Consensus SocGen remains below the consensus forecasts and expects a mild recession around mid-2020 in the U.S. and a projected U.S. GDP of 0.7%. Image: Societe Generale Cross Asset Research
S&P 500 and Equity Fund & ETF Flows Despite a record equity outflows, the U.S. stock market is up this year. Image: Fidelity Investments
EUR/USD and Differential in Balance Sheet Growth Fed – ECB Chart suggesting that differentials in balance sheet growth between the Fed and the ECB have pushed the U.S. dollar higher. Image: BofA Merrill Lynch Global Research
Strong vs. Weak Balance Sheet Stocks Forward P/E Ratio and CCC/BB OAS Ratio Quality in U.S. credit and equity markets is very expensive. Image: Goldman Sachs Global Investment Research
Share of World GDP U.S. consumption alone accounts for around 17% of word GDP, a larger share than the entire Chinese economy. Image: Deutsche Bank Global Research
Stock of Broad Money Around the World This chart shows how much money is in circulation around the world. China has the most money in circulation, followed by the U.S.. Image: howmuch.net
Share of Central Banks Cutting Rates More than 60% of the world’s central banks are easing, while the U.S. stock market is at an all-time high. Image: NBF Economics and Strategy
Valuation – Commodity Prices Relative to S&P 500 Chart suggesting that commodity prices have never been more depressed relative to stocks, since the late 90’s. Image: U.S. Global Investors
S&P 500 Index: Recession Rate Cuts vs. Precautionary Rate Cuts This chart shows what the U.S. market has done after first Fed cut in a business cycle. The current path follows precautionary rate cuts and does not suggest an imminent recession in the U.S.. Image: UBS
S&P 500 Cyclicals Relative to Defensives Chart suggesting that S&P 500 cyclicals could outperform defensives in 2020, based on higher U.S. nominal GDP growth. Image: Stifel