Blokland’s daily sketch

Blokland’s daily sketch

21-04-2021 | Daily sketch
Macro versus valuation and sentiment
  • Jeroen Blokland
    Head of Multi Asset, Robeco
As discussed in several of my recent Sketches, some valuation and sentiment indicators look stretched, warranting a measure of caution in the near term. We shouldn’t forget, however, that the economic backdrop remains very supportive. For a few quarters, we have had very high growth and very strong earnings combined with still massive amounts of liquidity. For example, South Korean exports were up a whopping 45% YoY in the first 20 days of April. As today’s chart from Nordea shows, South Korean exports are strongly correlated with global earnings per share, which should, based on the latest exports data, spike as well. As a result, equity valuations will drop, opening the door for a gradual rise in stock prices.
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As a senior portfolio manager I use charts to illustrate financial issues every day. I tweet my favorites as @jsblokland and was named 'one of the 50 most important people for investors to follow in 2018' by MarketWatch.
Previous editions of the daily sketch can be found on my personal financial markets blog. All graphics provided are collected from Bloomberg data and public websites. They do not always reflect my personal opinion and may also not necessarily reflect the opinion of Robeco. Please cite all references or quote the original source if replicating content.

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