Saxo Quarterly Credit Impulse Update
Our proprietary leading indicator, Credit Impulse, which tracks the flow of new credit from the private sector, is at a turning point. We expect that global credit impulse will become positive in the coming quarter, which confirms our positive narrative for the global economy in 2020.
Chart of the Week : China Credit Impulse
Our proprietary leading indicator for the Chinese economy is back in positive territory for the first time since the end of 2017, and it confirms our positive narrative for the global economy.
Equities: Momentum Continues
We ended the year with a bullish bias on equities (not the real economy) based on the recession of risks on the geopolitical front and huge amounts of liquidity being thrown at the market by central banks. Equities have continued to march higher and overnight the S&P 500 closed at another record high.