Here are four charts from a fresh Morgan Stanley strategy report that are pretty self explanatory.
We start with OECD economic indicators:
And then the ECRI’s latest (notice the little dip at the top):
Here’s what equities do six months after spikey OECD indicators:
And here’s what equities do six months after those ECRI numbers:
Source: Morgan Stanley: European Equity Strategy Team: Equity implications of rollover in growth leading indicators