Market Briefing:Correlated Markets
Yardeni Research, Inc.
September 25, 2017
Dr. Edward Yardeni516-972-7683
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
September 25, 2017 / Market Briefing: Correlated Markets www.yardeni.com
Yardeni Research, Inc.
Industrial & Transportation Stock Prices 1S&P 500 & Commodity Prices 2S&P 500, Oil, & the Dollar 3Commodity Prices & the Dollar 4Commodity Prices & Currencies 5Copper, Oil, & the Dollar 6EM-MSCI 7EM-MSCIs, the Dollar, & Commodity Prices 8-9China Stock Market & Commodities 10Asian Stock Markets 11-12S&P 500 Sectors 13S&P 500 Industries 14Bank Stocks 15Technology Heavy Stock Markets 16Commodity Heavy Stock Markets 17Capital Goods Heavy Stock Markets 18S&P 500 Indices: MEI, CUT 19Misc 20CRB & Copper 21Russia Price Index & Crude Oil Price 22Expected Inflation & CRB Raw Industrials Index 23
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20182000
3000
4000
5000
6000
7000
8000
9000
10000
11000
6000
8000
10000
12000
14000
16000
18000
20000
22000
24000
9/25DOW JONES STOCK AVERAGES(ratio scale)
Industrials (DJIA)
Transportation (DJTA)
Source: The Wall Street Journal.
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Figure 1.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018100
200
300
400
500
600
700
800
800
1050
1300
1550
1800
2050
2300
2550
2800
3050
3300
3550
9/25S&P 500 STOCK INDEXES(ratio scale)
Industrials Composite*
Transportation Composite
* S&P 500 excluding Financials, Transports, and Utilities.Source: Standard & Poor’s.
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Figure 2.
Industrial & Transportation Stock Prices
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
250
350
450
550
650
750
850
9/25
9/25S&P 500 INDEX & INDUSTRIAL COMMODITY PRICES
S&P 500 Index
CRB Raw IndustrialsSpot Index
Source: Thomson Reuters I/B/E/S and Commodity Research Bureau.
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Figure 3.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018300
350
400
450
500
550
600
650
700
100
200
300
400
500
600
700
9/25
9/25
S&P 500 TRANSPORATION INDEX & INDUSTRIAL COMMODITY PRICES
S&P 500Transportation Index
CRB Raw IndustrialsSpot Index
Source: Standard & Poor’s and Commodity Research Bureau.
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Figure 4.
S&P 500 & Commodity Prices
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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201810
30
50
70
90
110
130
150
170
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
9/25
9/22
S&P 500 & CRUDE OIL PRICE
Brent Crude Oil Futures Price(dollars per barrel)
S&P 500 Index
* Nearby futures price.Source: Standard & Poor’s and Haver Analytics.
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Figure 5.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018140
135
130
125
120
115
110
105
100
95
90
650
750
850
950
1050
1150
1250
1350
1450
1550
1650
1750
1850
1950
2050
2150
2250
2350
2450
25509/25
9/25
S&P 500 INDEX & US DOLLAR INDEX
JP Morgan NominalBroad Effective Exchange Rate*(inverted scale)
S&P 500 Index
* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: JP Morgan.Source: JP Morgan and Haver Analytics.
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Figure 6.
S&P 500, Oil, & the Dollar
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95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19200
300
400
500
600
700
130
125
120
115
110
105
100
95
90
85
80
9/25
9/25
INDUSTRIALS COMMODITY PRICE INDEX & TRADE-WEIGHTED DOLLAR
JP Morgan NominalBroad Effective Exchange Rate**(inverted scale)
CRB Raw IndustrialsSpot Price Index*(1967=100)
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,
Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: Commodity Research Bureau and JP Morgan.
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Figure 7.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20-45
-35
-25
-15
-5
5
15
25
35
45
55
65
22
20
18
16
14
12
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
-14
-16
-18
9/22
INDUSTRIALS COMMODITY PRICE INDEX & TRADE-WEIGHTED DOLLAR(yearly percent change)
JP Morgan NominalBroad Effective Exchange Rate**(inverted scale)
CRB Raw IndustrialsSpot Price Index*
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,
Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: Commodity Research Bureau and JP Morgan.
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Figure 8.
Commodity Prices & the Dollar
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018200
300
400
500
600
700
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
.9
.8
9/25
INDUSTRIALS COMMODITY PRICE INDEX & CANADIAN DOLLAR
CRB Raw IndustrialsSpot Price Index*
Canada(C$/US$, inverted scale)
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: Haver Analytics.
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Figure 9.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018200
300
400
500
600
700
2.1
2.0
1.9
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
.9
.8
9/25
INDUSTRIALS COMMODITY PRICE INDEX & AUSTRALIAN DOLLAR
CRB Raw IndustrialsSpot Price Index*
Australia(A$/US$, inverted scale)
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: Haver Analytics.
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Figure 10.
Commodity Prices & Currencies
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018100
150
200
250
300
350
400
450
500
250
300
350
400
450
500
550
600
650
700
9/25
9/25
INDUSTRIALS COMMODITY PRICE INDEX & COPPER PRICE
Copper Futures Price**(cents per pound)
CRB Raw IndustrialsSpot Price Index*(1967=100)
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.** Nearby futures contract.
Source: Commodity Research Bureau and Haver Analytics.
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Figure 11.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201820
30
40
50
60
70
80
90
100
110
120
130
140
150
160
130
125
120
115
110
105
100
95
90
85
9/25
9/22
BRENT CRUDE OIL PRICE & TRADE-WEIGHTED DOLLAR
JP Morgan NominalBroad Effective Exchange Rate**(inverted scale)
Brent Crude Oil Futures Price*(dollars per barrel)
* Nearby futures price.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,
Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: JP Morgan and Haver Analytics.
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Figure 12.
Copper, Oil, & the Dollar
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2009 2010 2011 2012 2013 2014 2015 2016 2017 201820000
25000
30000
35000
40000
45000
50000
55000
60000
400
600
800
1000
1200
1400
1600
9/25
EMERGING MARKETS MSCI STOCK PRICE INDEXES
US dollars
Local currency
Source: Morgan Stanley Capital International.
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Figure 13.
EM-MSCI
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190
10000
20000
30000
40000
50000
60000
130
125
120
115
110
105
100
95
90
85
9/25
9/25EMERGING MARKETS MSCI STOCK PRICE INDEX &TRADE-WEIGHTED DOLLAR
Emerging MarketsMSCI Stock Price Index(in local currencies)
JP Morgan NominalBroad Effective Exchange Rate*(inverted scale)
* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: JP Morgan and Morgan Stanley Capital International.
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Figure 14.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 180
500
1000
1500
0
50
100
150
9/22
9/25
EMERGING MARKETS MSCI STOCK PRICE INDEX & BRENT CRUDE OIL PRICE
Emerging MarketsMSCI Stock Price Index(in dollars)
Brent Crude Oil Futures Price(dollars per barrel)
* Spot price through yearend 2014, then nearby futures price.Source: Morgan Stanley Capital International and Commodity Research Bureau.
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Figure 15.
EM-MSCIs, the Dollar, & Commodity Prices
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95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 200
500
1000
1500
200
300
400
500
600
700
9/25
9/25
EMERGING MARKETS MSCI STOCK PRICE INDEX (in dollars)& INDUSTRIALS COMMODITY PRICE INDEX(daily)
Emerging MarketsMSCI Stock Price Index(in dollars)
CRB Raw IndustrialsSpot Price Index*
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: MSCI and Commodity Research Bureau.
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Figure 16.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 180
1
2
3
4
5
0
500
1000
1500
9/25
EMERGING MARKETS MSCI STOCK PRICE INDEX & COPPER PRICE
Emerging MarketsMSCI Stock Price Index(in dollars)
Copper Price(dollars per pound)
Source: Morgan Stanley Capital International and Commodity Research Bureau.
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Figure 17.
EM-MSCIs, the Dollar, & Commodity Prices
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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018100
200
300
400
500
20
30
40
50
60
70
80
90
9/25
9/25
CHINA: STOCK MARKET & COPPER PRICE
China MSCI Share Price Index(US dollars, December 31, 1992=100)
Copper Price*(cents per pound)
* Nearby futures contract.Source: MSCI and Haver Analytics.
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Figure 18.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018300
400
500
600
700
30
35
40
45
50
55
60
65
70
75
80
85
90
9/25
9/25
CHINA MSCI & INDUSTRIALS COMMODITY PRICE INDEX
China MSCI Share Price Index(in dollars)
CRB Raw IndustrialsSpot Index(1967=100)
Source: Morgan Stanley Capital International and Commodity Research Bureau.
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Figure 19.
China Stock Market & Commodities
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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20186000
8000
10000
12000
14000
16000
18000
20000
22000
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
5500
6000
6500
7000
9/22
9/22
STOCK MARKETS(stock indexes in local currencies)
China: Shanghai-Shenzen 300(12/31/2004=1000)
Japan: NIKKEI(5/16/49=100)
Source: Haver Analytics.
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Figure 20.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018500
1000
1500
2000
2500
3000
3500
4000
4500
5000
5500
6000
6500
7000
7500
8000
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
5500
6000
6500
7000
7500
8000
9/22
9/22
STOCK MARKETS(stock indexes in local currencies) China: Shanghai-Shenzen 300
(12/31/2004=1000)
Austrailia: All Ordinaries(1/1/80=50)
Source: Haver Analytics.
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Figure 21.
Asian Stock Markets
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96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18160
150
140
130
120
110
100
90
80
70
5000
10000
15000
20000
25000
9/25
9/25
NIKKEI & YEN(stock index in local currency) Nikkei
Yen/US Dollar(inverted scale)
Source: Haver Analytics.
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Figure 22.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018100
200
300
400
175
150
125
100
75
9/25
NIKKEI/DAX & YEN/EURO
Yen/Euro(inverted scale)
Nikkei/Dax
Source: Federal Reserve Board.
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Figure 23.
Asian Stock Markets
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201825
50
75
100
125
150
175
.1
.2
.3
.4
.5
.6
9/259/22
S&P 500 ENERGY & BRENT CRUDE OIL PRICE
S&P 500 Energy Index(as a ratio of S&P 500 Index)
Brent Crude Oil Futures Price*(dollars per barrel)
* Nearby futures price.Source: Standard & Poor’s and Financial Times.
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Figure 24.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018300
350
400
450
500
550
600
650
700
.12
.14
.16
.18
.20
.22
9/25
9/25
S&P 500 MATERIALS & INDUSTRIALS COMMODITY PRICE INDEX
S&P 500 Materials Index(as a ratio of S&P 500 Index)
CRB Raw IndustrialsSpot Price Index*(1967=100)
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: Standard & Poor’s and Commodity Research Bureau.
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Figure 25.
S&P 500 Sectors
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95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 180
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
26009/25
9/25
S&P 500 & S&P RETAILING
S&P 500 Retailing
S&P 500 Index
Source: Standard & Poor’s.
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Figure 26.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 180
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
26009/25
9/25
S&P 500 INDEX & S&P 500 BANKS
S&P 500 Banks
S&P 500 Index
Source: Standard & Poor’s.
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Figure 27.
S&P 500 Industries
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Figure 28.
2009 2010 2011 2012 2013 2014 2015 2016 2017 201840
60
80
100
120
140
160
180
200
220
240
260
280
300
320
40
60
80
100
120
140
160
180
200
220
240
260
280
300
3209/25BANK STOCK PRICE INDEXES
United States: S&P 500 Bank Composite Index
2009 2010 2011 2012 2013 2014 2015 2016 2017 201820
40
60
80
100
20
40
60
80
100
9/25
EUROPE(LCU)
2009 2010 2011 2012 2013 2014 2015 2016 2017 201820
30
40
50
60
70
80
20
30
40
50
60
70
80
9/14
JAPAN(yen)
200-day moving average
Source: Morgan Stanley Capital International.
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Bank Stocks
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Figure 29.
06 07 08 09 10 11 12 13 14 15 16 17 18 19800
1600
2400
3200
4000
4800
5600
6400
7200
800
1600
2400
3200
4000
4800
5600
6400
7200
9/25NASDAQ
06 07 08 09 10 11 12 13 14 15 16 17 18 19100
150
200
250
300
350
400
100
150
200
250
300
350
4009/25TAIWAN
(NT $)
06 07 08 09 10 11 12 13 14 15 16 17 18 19100
200
300
400
500
600
100
200
300
400
500
600
9/25
SINGAPORE(Singapore Dollars)
06 07 08 09 10 11 12 13 14 15 16 17 18 19100
150
200
250
300
350
400
100
150
200
250
300
350
400
9/25
ISRAEL(Shekels)
200-day moving average
Source: Morgan Stanley Capital International.
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Technology Heavy Stock Markets
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Figure 30.
06 07 08 09 10 11 12 13 14 15 16 17 18 19400
600
800
1000
1200
1400
1600
400
600
800
1000
1200
1400
1600
9/25
AUSTRALIA(Australian dollars)
06 07 08 09 10 11 12 13 14 15 16 17 18 19500
1000
1500
2000
2500
500
1000
1500
2000
2500
9/25
CANADA(Canadian dollars)
06 07 08 09 10 11 12 13 14 15 16 17 18 1920080014002000260032003800440050005600620068007400
200800
14002000260032003800440050005600620068007400
9/25INDONESIA(Rupiah)
06 07 08 09 10 11 12 13 14 15 16 17 18 190
500
1000
1500
0
500
1000
15009/25SOUTH AFRICA
(Rand)
200-day moving average
Source: Morgan Stanley Capital International.
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Commodity Heavy Stock Markets
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Figure 31.
06 07 08 09 10 11 12 13 14 15 16 17 18 19100
150
200
250
300
350
400
450
500
550
600
650
100
150
200
250
300
350
400
450
500
550
600
6509/25S&P 500 INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 190
500
1000
1500
0
500
1000
1500
9/25
GERMANY(Euros)
06 07 08 09 10 11 12 13 14 15 16 17 18 19200
300
400
500
600
700
800
200
300
400
500
600
700
800
9/25SOUTH KOREA(Won)
06 07 08 09 10 11 12 13 14 15 16 17 18 190
5000
10000
15000
0
5000
10000
15000
9/25
SWEDEN(Kronor)
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200-day moving average
Source: Morgan Stanley Capital International.
Capital Goods Heavy Stock Markets
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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018160
180
200
220
240
260
280
300
320
340
360
380
400
420
2000
4000
6000
8000
10000
12000
14000
8/10
8/10
S&P 500 MEI (MATERIALS, ENERGY, & INDUSTRIALS) PRICE INDEX* &AVERAGE OF CRB RAW INDUSTRIALS AND BRENT CRUDE OIL
S&P 500 MEI*
YRI Global Growth Barometer**
* Cap weighted average of S&P 500 Materials, S&P 500 Energy, and S&P 500 Industrials price indices.** Average of CRB Raw Industrials Spot Price Index and price of a barrel of Brent crude oil futures (nearby futures).
Source: Standard & Poor’s, Financial Times, and Commodity Research Bureau.
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Figure 32.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017150
200
250
300
350
400
450
500
150
200
250
300
350
400
450
500
9/25
S&P 500 CUT (CONSUMER STAPLES, UTILITIES & TELECOM SERVICES) PRICE INDEX*
* Cap weighted average of S&P 500 Consumer Staples, S&P 500 Utilities, and S&P 500 Telecommunication Services price indices.Source: Standard & Poor’s.
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Figure 33.
S&P 500 Indices: MEI, CUT
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96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 181.2
1.4
1.6
1.8
2.0
2.2
3000
4000
5000
6000
7000
8000
9/25
UNITED KINGDOM FTSE 100 & POUND
FTSE 100
US Dollar/Pound
Source: Reuters America, Inc. and Haver Analytics.
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Figure 34.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201850
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
9/25
S&P 500 INTEGRATED OIL & GAS vs. OIL & GAS EQUIPMENT & SERVICES
Integrated Oil & Gas
Oil & Gas Equipment & Services
Source: Standard & Poor’s.
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Figure 35.
Misc
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018100
200
300
400
500
300
350
400
450
500
550
600
650
700
9/25
INDUSTRIALS COMMODITY PRICE INDEX & COPPER FUTURES PRICE
Copper Futures Price**(cents per pound)
CRB Raw IndustrialsSpot Price Index*(1967=100)
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.** Nearby futures contract.
Source: Commodity Research Bureau and Haver Analytics.
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Figure 36.
CRB & Copper
Page 21 / September 25, 2017 / Market Briefing: Correlated Markets www.yardeni.com
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95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 180
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RUSSIA MSCI INDEX & BRENT CRUDE OIL PRICE
Brent Crude Oil Futures Price(dollars per barrel)
Russian MSCI Index(US dollars)
Source: Morgan Stanley Capital International and Financial Times.
Figure 37.
Russia Price Index & Crude Oil Price
Page 22 / September 25, 2017 / Market Briefing: Correlated Markets www.yardeni.com
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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018.0
.2
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.6
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1.0
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INDUSTRIALS COMMODITY PRICE INDEX & EXPECTED INFLATION
Expected Inflationin 10-Year TIPS*
CRB Raw Industrials Index
* Yield spread between 10-year US Treasury bond and comparable TIPS.Source: Federal Reserve Board, US Treasury, and Bureau of Economic Analysis.
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Figure 38.
Expected Inflation & CRB Raw Industrials Index
Page 23 / September 25, 2017 / Market Briefing: Correlated Markets www.yardeni.com
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