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FINANCIAL MARKETS WEEKLY – Global stock markets slightly up

Key events last week included the publication of the minutes of the July Fed and ECB meetings. In particular, both monetary authorities have acknowledged that the macroeconomic outlook is extremely uncertain. The word "uncertainty" even appeared 20 times in the ECB...

BOND MARKETS WEEKLY – As a global asset class, bonds are the most expensive in history

Global bond markets have so far experienced an extremely successful period this year, with the broadest global bond index, Bloomberg Barclays, recording a gain of 6.2% since the beginning of the year. Therefore bonds have clearly demonstrated diversification benefits during...

EQUITY VALUATIONS WEEKLY – Global equity valuation at a highest level since middle of 2002

According to the broadest MSCI All Country World index, global stock markets have strengthened by 4% since the last valuation update three weeks ago. This would indicate an increase of our global composite proprietary equity valuation by this value, specifically from +17% to...

CHART OF THE WEEK – Performance of the US stock index S&P 500 under scrutiny

US equities have continued the trend of recent years, with the main S&P 500 stock index outperforming its competitors from other regions this year. S&P 500 index is currently around 2% up since the beginning of the year. However, there is a very strong discrepancy...

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EQUITY VALUATIONS WEEKLY – Global equity valuation at a new high of this year

Investment sentiment has been neutral on financial markets over the past five trading days, with the broadest global equity index, MSCI All Country World, unchanged. Since the beginning of the year, the global stock index has remained slightly in the negative territory of -2.2%.

• Equity valuations

FINANCIAL MARKETS WEEKLY – Stock market growth has stopped

Last week's main event was the rise in the price of gold, which for the first time since 2011 reached the level of $ 1,900 per troy ounce. Gold strengthened by 5% last week and has been 25% stronger since the beginning of the year. Gold is being pushed up by the extremely...

• Financial markets weekly

CHART OF THE WEEK – US equities are strongly overvalued according to Shiller’s P/E

One of the most popular valuation indicators of the US stock market is the cyclically-adjusted P/E ratio (CAPE) of Nobel laureate in economics and Yale University professor of economics Robert Shiller.

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EQUITY VALUATIONS WEEKLY – Global equity valuation at the highest level of this year

Investment sentiment has been positive on financial markets over the past five trading days, with the broadest global equity index, MSCI All Country World, up 2.2 %. Since the beginning of the year, the global stock index has been only slightly in minus of -2.2 ...

FINANCIAL MARKETS WEEKLY – Stock markets continued to grow

Last week's main event was Thursday's meeting of the European Central Bank. However, the European monetary authority has not changed the monetary policy stance in any way, ie neither interest rates nor the stimulus program of asset purchases (quantitative easing).

• Financial markets weekly

CHART OF THE WEEK – S&P 500 index has been at zero since the beginning of the year

That is indeed the case. The performance of the main US stock index S&P 500 has reached zero since the beginning of the year. This year's local low was reached by the index on March 23, and since then the appreciation has reached an enormous level of 44%.

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EQUITY VALUATIONS WEEKLY – Global equity valuation at a slightly overvalued level

Investment sentiment has been neutral over the past five trading days, with the broadest global equity index, MSCI All Country World, unchanged. Global stock markets have not declined, despite the fact that the number of new cases of coronavirus is rising sharply globally...

• Equity valuations

FINANCIAL MARKETS WEEKLY – Stock markets continued to grow

Last week's top event was the fact that for the first time since 2011, the price of gold looked above $ 1,800 per troy ounce. The current price of gold is $ 1802 and has been 18% stronger since the beginning of the year. Gold so far this year can boast the best performance...

• týden na finančních trzích

CHART OF THE WEEK – Gold for the first time since 2011 above the level of $ 1800

Gold is clearly the best performing asset this year with a profit of 20%. On Tuesday, for the first time since 2011, it jumped over the $ 1,800-troy ounce mark and is currently trading at $ 1,823. The historical record is $ 1,890 from August 22, 2011. Only 4% now remains to...

• chart of the week

EQUITY VALUATIONS WEEKLY – Global equity valuation at a slightly overvalued level

Investment sentiment has been positive over the past week, with the broadest global equity index, MSCI All Country World, up about 2%. Global stock markets have grown despite the fact that the number of new cases of coronavirus is growing rapidly globally and the economic...

• Equity valuations

FINANCIAL MARKETS WEEKLY – Positive sentiment sent stock markets up

Positive sentiment prevailed in global financial markets last week. As a result, the broadest global stock index MSCI All Country World strengthened by 3.2% for the whole week.

• Financial markets weekly

CHART OF THE WEEK – Global stock "turn" has been almost completed

Global stock markets reached their temporary low this year on March 23, when they lost a very significant 32% since the beginning of the year, according to the broadest global stock index MSCI All Country World. Since then, they have strengthened by 37% thanks to massive...

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EQUITY VALUATIONS WEEKLY – Global equity valuation returned to the neutral range

Investment sentiment has been quite negative in the last five trading days. I attribute this to two facts. First, last week the International Monetary Fund significantly worsened the forecast for the development of the world economy this year. In the last April forecast, the...

• Equity valuations

FINANCIAL MARKETS WEEKLY – Global stock markets fell due to negative sentiment

The main event last week was the fact that the International Monetary Fund on Wednesday significantly lowered the outlook for the dynamics of the world economy. While in April the IMF expected the world economy to decline by 3% this year, in the updated forecast the IMF...

• Financial markets weekly

CHART OF THE WEEK – IMF has worsened its global economic outlook

International Monetary Fund (IMF) published a new World Economic Outlook yesterday. While in April the IMF expected the world economy to decline by 3% this year, in the updated forecast it expects a decline of 4.9%. At the same time, the economic recovery should be weaker next...

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EQUITY VALUATIONS WEEKLY – Global equity valuation rose slightly above neutral level

According to the broadest global stock index MSCI All Country World, global stock markets have strengthened by 2% in the last five working days. As a result, our global proprietary composite equity valuation increased from + 8% to + 11%.

• Equity valuations