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DAILY SKETCH - Bond correction may not have even started yet

DAILY SKETCH - Bond correction may not have even started yet

Global bond markets are experiencing the worst start to the new year in at least the last five years. The broadest global bond index, Bloomberg Barclays Global Aggregate Bond, has been losing 2.0% since the beginning of the year. At the same time, the average global bond yield...

DAILY SKETCH – US equities are extremely overvalued

DAILY SKETCH – US equities are extremely overvalued

For a long time now, I have thought that US equities are extremely overvalued. This is also evidenced by today's chart from the US brokerage house Charles Schwab. The chart shows the share of stocks in the main US stock index S&P 500, which have a valuation indicator...

DAILY SKETCH - IMF’s World Economic Outlook Update

DAILY SKETCH - IMF’s World Economic Outlook Update

International Monetary Fund published a new global macroeconomic forecast (World Economic Outlook) last week. According to IMF calculations, the world economy contracted by 3.5% last year, marking the deepest economic recession since World War II. At the same time, it is worth...