PremiumThe “new industrial cycle” continues - as evident in both proprietary BofA indicators (detailed here for pro subs) and publicly available data:The BofA Global Wave remains positive, with nearly all components increasing over the last month; the BofA Industrial Momentum Indicator rose again in June; and the BofA Truck Shipper Survey is up 13% YoY, with the rate indicator nearing all-time highs.The latest PMI Manufacturing New Orders reading of 55.8 points to 3.3% US GDP growth, while South Korean exports up 71% YoY imply 48% global EPS growth.
Despite 'Generational Transfer In Free Cash Flow'; BofA Sees 'Net Hiking' Central Banks As Bearish For Stocks
Developed market central banks have turned into net “hikers” for the first time since 2022... All else being equal, it’s a bearish sign for equities...
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