In this video we run through the free weekly email newsletter “The Top 5 Charts of the Week” and add a bit of extra comments and context. It’s a useful tour across some of our latest work and thinking and just a great selection of global macro/market charts.
This week we look at the following charts and themes:
1. Global PMI vs Bond Yields – the composite manufacturing PMI is pointing to a possible move lower in bond yields.
2. Developed Market PMIs – gone from synchronized strength in 2017 to asynchronous apathy in 2018.
3. Global trade growth (EM vs DM) – EM growth is accelerating whereas DM growth is softening. #divergence
4. Global equities death cross – the main global equity benchmark (ACWI) has put in a death cross (bear market warning sign), and now 80% of countries have seen this signal triggered.
5. US Margin Debt warning sign – this risk management indicator is starting to light up, so caution is advised.
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