Chart from GS showing the equity market cap as a share of GDP for different nations
At the end of 2022, the US' equity market cap was 164% as a share of their GDP. Source: Goldman Sachs
Energy prices collapsed: European Gas Future now 84% below ATH, German 1y ahead Power Price 85% below ATH
Source: Bloomberg, HolgerZ
Global investors are dumping US equities
Source: BofA Fund Manager Survey
Earnings vs. price
Source: Goldman Sachs
China High Yield property index yield is collapsing
According to UBS, China High Yiled property index yield is collapsing from 70% toward 19% as the housing sector is recovering amid stimulus.
Oil and gas exploration & production companies are by far paying their highest dividend yield in history of the data
Source: Tavi Costa, Bloomberg
London office deals slumped to lowest for 20 years
Almost no one was buying office space in the capital in the final quarter of 2022. Less than £400 million of offices were bought and sold, an 88% drop from the prior quarter, according to CoStar. That’s worse than the decline during the financial crisis or Covid lockdowns. Source: Bloomberg
Global stocks have gained $3.3tn in market cap last week
Global stocks have gained $3.3tn in market cap last week thanks to growing evidence of soft landing/mild recession economic scenario, characterized by cooling inflation, non-recessionary growth, & reduced monetary tightening overhang. All stocks are now worth $103tn, equal to 106% of global GDP. Source: Bloomberg, HolgerZ
