Thursday, 6 February 2014

Global PMIs, emerging market replacement value, obesity and gold...in charts today

A lot is happening today, including another 'super Thursday' for corporate results plus Central Bank action in the UK and Europe.  As a warm-up, here are a few more macro and theme centred charts that have said something to me.
 
Lots of services PMI numbers were out yesterday, although I found the JPM global composite PMI index of greatest interest.  Look at the top chart below: if you get your magnifying glass out then it is possible to see an improvement but it is fairly shabby.  The global GDP equivalent, shown on the bottom of the two charts, again shows an improvement over the last 18 months BUT it is a very different recovery this time compared to earlier periods. 
 
Emerging markets so far have had a better Thursday.  I found this chart interesting though as it shows the switch of relative value that has gone on. I am continuing to find opportunities in investments with emerging market angles...
 

 (h/t @spreadbetmag)

Obesity remains a growth theme...as this graphic from The Financial Times shows:

Finally, another gold chart.  Everyone seems to be cutting inventory...and people wonder why the gold price is going up!

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