Top 10 Macro/Financial Charts of the Week – w39
Market Valuations: Do they Still Matter? By NAVA Capital (@NAVACapital)https://t.co/2zozKNKnDr
— Christophe Barraud (@C_Barraud) September 23, 2020
#SPX | Every Day-Trader Dollar Is Worth Five in a New Theory on Stocks – Bloomberg
*New research sets out to explain equity market fluctuations
*Link: https://t.co/Ndd8SWC0DP pic.twitter.com/pkDo6IUJTY— Christophe Barraud (@C_Barraud) September 26, 2020
'Issuers have taken in $91 billion in U.S.-listed IPOs in 2020, exceeding the $84 billion raised at this point in 2000, the previous record year, according to Dealogic. Roughly 44% of the volume, or $40 billion, has come from SPACs.' https://t.co/jF7JC8C2A5 pic.twitter.com/qQFfpRqMh2
— Jesse Felder (@jessefelder) September 24, 2020
Global stocks have lost $2.4tn in mkt cap this week, almost equal to GDP of France, as investors position ahead of elections instead of ahead of vaccine, & grapple w/mkt concentration risk that built up over summer & on Dollar strength, meaning mkt value outside US is devalued. pic.twitter.com/UD6HYLTfkz
— Holger Zschaepitz (@Schuldensuehner) September 27, 2020
Most Volatile Years in Stock Market History (updated):
184 days into 2020 (x-axis), Stocks have moved >1% for a massive 87 days (y-axis).
Bad Seasonality now makes it even worse.
Few years ever reached such intense Volatility – ALL remained violent to the end. Stay nimble. pic.twitter.com/6Qa3FTSQh1
— Macro Charts (@MacroCharts) September 24, 2020
Weak performance for Financials & Energy over past decade has caused weights in S&P 500 to tank—especially when comparing to Tech … 2 groups combined have trailed Tech by ~17%, just a point away from low in March 2000 @Bloomberg
[Past performance no guarantee of future results] pic.twitter.com/HCugVVDIFs— Liz Ann Sonders (@LizAnnSonders) September 23, 2020
Anchored nominal yields contribute to everything correcting together, including gold & bitcoin. Higher breakeven inflation vs real yield correlation (i.e. anchored nominal) amplifies cross-asset correlations, essentially making everything a bet on higher inflation expectations. pic.twitter.com/OxZMKYy1Em
— Sebastian Dypbukt Källman (@sdypbuktkallman) September 24, 2020
Things you don't often see: a vertical jump in US debt levels as measured by corporate liabilities as a percent of GDP.
You can quibble about the metric but 2020 wasn't going to be a good year for systemic debt by almost any measure –except, of course, interest rate expenses! pic.twitter.com/0iEYz2NUCS
— Tracy Alloway (@tracyalloway) September 22, 2020
Probably nothing…..
US households are now worth over 6x today’s GDP. pic.twitter.com/dX9FtCd5Uu
— Otavio (Tavi) Costa (@TaviCosta) September 21, 2020
The divide between #retailsales and #confidence will likely "catch down" if another #CARES act is not passed soon. pic.twitter.com/QFgUdWPv8v
— Lance Roberts (@LanceRoberts) September 25, 2020