Insight
Tech Tops S&P 500 Sector Performance in June
While the S&P 500 has fully recovered from the early April sell-off and continues to reach new all-time highs, let’s take a look at how its sectors are performing. In June, Technology and Communication Services led the way, while Healthcare…
U.S. Consumer Confidence Edges Up in June, Intermarket Signals Show Mild Improvement
As we do each month, we assess U.S. consumer confidence by analyzing a few intermarket ratios.The current takeaway is a slight improvement in sentiment.
7–10 Year Treasuries Beat the S&P 500 in H1 2025 — But the Trend May Be Turning
In the first half of 2025, U.S. Treasury bonds with maturities of 7–10 years outperformed the S&P 500.This is a typical occurrence in times of uncertainty, but it doesn’t appear likely to last—at least in the short term.
Wall Street’s Magnificent Seven Are Back in the Spotlight
Among the sectors that have contributed to the rebound of U.S. equities after the sharp drop in early April, the technology sector stands out without a doubt. The stars of the sector—the so-called Magnificent Seven—have recently begun to shine again.
Equity Markets: U.S. Regains Momentum Over Europe
There appears to be a new shift on the horizon between U.S. and European equities. After a period of strength for the stock markets of the Old Continent, Wall Street now seems to be gaining more momentum.
Government and Corporate Bonds: Is the Sentiment Signal Changing?
The comparison between government and corporate bonds is a powerful tool for understanding what’s happening in the markets from an intermarket perspective—that is, by observing the relationships between different asset classes. In particular, this ratio offers valuable insight into investor…
Global ex-US Equities Outperform the S&P 500 in 2025
2025 is proving to be a year of change when it comes to the geographical distribution of equity market performance. After years of dominance by U.S. stock markets, the bulk of gains is now being realized elsewhere. Let’s take a…
Correlation Between Global Equity and Bond Markets: Between Volatility and a Return to Negative Territory
In recent years, the correlation between global equity and global bond markets has shown considerable variability. After a period of very low or even negative correlation in the first half of 2023, a marked increase in correlation was observed in…
What Is the Sentiment on the U.S. Economy? Three Intermarket Indicators
What is the current sentiment toward the state of the U.S. economy? And are the recent moves in the stock market driven by improving economic expectations, or are they merely signs of “complacency”? These are some of the questions investors…
Gold/Copper Ratio: Signals Still Point to Caution
The gold-to-copper ratio is a widely used tool for interpreting macroeconomic sentiment and anticipating potential market turning points. Let’s take a look at the situation as of early June.
Equities, U.S. sectors: strong rebound in May for tech and consumer discretionary
In May, U.S. equities resumed their upward trend, supported by easing trade tensions and still-positive macroeconomic data. Among sectors, technology and consumer discretionary stocks stood out.
Stock markets big recovery: excessive optimism?
The stock markets have essentially completed their recovery from the slide at the beginning of April. But there are those who see excessive optimism in this very rapid rebound.
The gap between Eurozone and US government bonds is still widening
The performance of government bonds is being affected by the latest moves by central banks and the economic and financial outlook for the Eurozone and the US. Let’s take a look at the situation for 7–10-year maturities.
The DAX is performing well and remains the best European index in 2025
The German stock index, the DAX, continues to be one of the best-performing indices in Europe in 2025. It is once again close to its all-time high, exceeding 23,500 points. Since the beginning of the year, the DAX has grown…
The situation with US small caps remains fragile
To take the pulse of the US financial markets and look for information on expectations for the US economy, it is interesting to examine the performance of shares in small capitalisation companies, otherwise known as ‘small caps’.
Indian equities bounce back in a still volatile environment
On the one hand, border tensions with Pakistan and on the other, an important negotiation with the US on tariffs. For Indian equities, this has been a period of high volatility, but also one of strength relative to other global…
US consumer confidence in May: an intermarket look
The latest consumer confidence surveys point to a more pessimistic outlook for the US economy, accompanied by rising inflation expectations. So let’s check the status of our intermarket consumer confidence indicator.
The last 31 weeks in the US financial markets. Buy & Hold vs Kb Meter
31 weeks, the period from September last year to the present. A period in which a little bit of everything has happened in the financial markets. From the FED’s interest rate announcements to the election of Donald Trump, from the…
Latin American equities, good start to 2025
Let us use intermarket tools to assess the performance of Latin American equities and its two largest countries, Brazil and Argentina.
US inflation expectations, the intermarket reading
How are US inflation expectations evolving? An important question, especially in light of what is happening on the tariff front. Let us analyse this issue from an intermarket perspective.
