Top 5 Charts of the Day – December 10th 2020
#Europe’s primary bond market has surpassed 1.7 trillion euros ($2.1 trillion) of deals this year — more than 300 billion euros above 2019’s tally – Bloomberg pic.twitter.com/tvEWMtAcja
— Christophe Barraud (@C_Barraud) December 10, 2020
Leverage in one chart! The % of investment grade companies with a leverage ratio of above 4 has skyrocketed. pic.twitter.com/ufSBA2q0HB
— jeroen blokland (@jsblokland) December 10, 2020
Some say we’re in the very early stages of a new secular bull market.
Really?
At 1.8X GDP we’re currently trading a whopping 157% above median & 29% above Dot-Com peak lvls.
Today, equities are more expensive than they’ve been in over 70yrs.
Not something you see early cycle. pic.twitter.com/V1SIBAc404
— Julien Bittel, CFA (@BittelJulien) December 10, 2020
MSCI Switzerland vs. MSCI ACWI.
Only 9X in the last 27Y have Swiss equities been more than 10% below their 200DMA in relative terms.
Looking very oversold on this basis. pic.twitter.com/KTG0NcShCQ
— Julien Bittel, CFA (@BittelJulien) December 10, 2020
The Euro jumps after President Lagarde says in today's ECB press conference that the PEPP envelope for asset purchases need not be used in full. There's a perception in markets that the ECB is a reluctant and conflicted easer. Sadly, this kind of comment feeds that perception… pic.twitter.com/2rs2AhqDbM
— Robin Brooks (@RobinBrooksIIF) December 10, 2020