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Asset managers remain very, very long this market, says JP
Morgan. |
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00:01 -
30/04/24 |
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To put things into perspective: In the US,
the risk-free yield is now higher than the risky stock
market yield. 10y US yields have jumped to 4.62 this week
while S&P 500 earnings yield (1/PE ratio) trades at 4.21%. |
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Treasury Bills
BIL
are yielding 381% more than the S&P 500
SPY
dividend. The large spread between cash & stock yields is
similar to what was seen during the Dot-com bubble, a period
of high stock market valuations. It's uncommon to see a
spread this high over the past century |
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The
US Money Supply fell 0.3% over the last year, a record 16th
consecutive month with a YoY decline.
But this is the smallest YoY decline we've seen in the last
16 months and it looks likely to turn positive again next
month. The return of money printing? |
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Gold purchases by central banks are helping to keep prices
supported, as they are now close to a record amount of
purchases vs mine supply |
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