There was no Chartcuterie today but thanks to Memorial Day Weekend I present you with the combined charts of 5/23/15 and 5/24/15. Hope you've had a great weekend and thank you for all who have served this great country.
Okay @SoBendito is taking too long, so we lead off with Industrial Production as a % of the economy. (Bespoke)
Next, BAML on China's bond market. Whole lotta capital account liberalization to go, these are the prize.
Barclays has been on fire lately. A reminder on the general price level and how it reacts to various shocks.
Moar Barclays. Global real money growth suggests we're about to see an impressive surge in equities, w/ EUR leading.
UBS surprise indices have held up better than others and support the view that USD responds to global, not US growth.
BAML got all the Millennial attention this week but Citi snuck this in earlier in the week. I was surprised.
MS quantifies P2P/"marketplace" lending from institutions.
DB gives a nice overview of standards and performance for consumer lending.
SocGen breaks down lending standards/drivers for the US and Europe side-by-side. Also, reminder: EZ bank-dependence.
Finally, Financials had a good guidance quarter. (Bespoke)
Continuing our parade of charts, here's the offering from Sunday..
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One of the best charts I've made in quite a while - corporate bond issuance smashing records of late. (Bespoke)
Treasury vol and LOLquidity from CS. Interesting approach in measurement here.
Meanwhile, MMMFs shortening up their negligible duration over the last few months - desperate for a hike. (JPM)
Speaking of hikes, timing/pace of hikes used to be correlated. Now? Not so much; flatter curve -> slower hikes. (CS)
From the BAML Fund Manager Survey. Stoxx 50 vs SPX is apparently one very crowded trade.
BNP think lowflation for the EZ is around to stay altho I wouldn't bet on the first chart re-converging, personally.
To EM! BAML on capital flows (negative) and portfolio flows (declining). Overall impressive EM assets have held up.
We talked about the Asian trade decline last week but helpful reminder that trade balances continue to improve. (GS)
Barclays does a nice little "what happened before" recap. Bonds & equities both sticking to the oil crash script.
Finally Bespoke. Only 7th time we've seen AAII Bulls this low at ATHs dating back to 1987.
That's it for this weekend. Chartcuterie will be back next Saturday. In the meantime, here's where you can find all Chartcuterie, ever, in one convenient place.