Chart Collection for Morning Briefing

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1 Chart Collection for Morning Briefing April 3, 212 Dr. Edward Yardeni Please visit our sites at www. blog. thinking outside the box

2 Figure 1. SPANISH CREDIT INSTITUTIONS * EXPOSURE TO SPANISH SOVEREIGN DEBT (billion euros) Latest data as of February Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun * Excludes the Spanish Central Bank (Banca de Espana) holdings. Source: TesoroPublico. Figure 2. ECB LENDING TO SPANISH BANKS* (billion euros) Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun * Sum total of Main Refinancing Operations (MROs) and Longer-term Refinancing Operations (LTROs), which includes 3-year auctions done in December, 211 and February, 212. Source: Banco de Espana. Page 1 / April 3, 212 / Chart Collection for Morning Briefing www.

3 26 24 Figure 3. EUROPEAN BANKS EXPOSURE TO SPAIN (billion dollars) Latest data as of Q Q2-211 Q Q Austria Belgium Switzerland Source: Bank for International Settlements. Germany France United Kingdom Ireland Italy Portugal Figure 4. EUROPEAN BANKS EXPOSURE TO ITALY (billion dollars) Latest data as of Q Q2-211 Q Q Austria Belgium Switzerland Source: Bank for International Settlements Germany Spain 31. France United Kingdom Ireland Netherlands 34.4 Page 2 / April 3, 212 / Chart Collection for Morning Briefing www.

4 - S&P 5 Sectors Stock Price Indexes - Figure 5. CONSUMER DISCRETIONARY* INDUSTRIALS * Ratio scale CONSUMER STAPLES INFORMATION TECHNOLOGY ENERGY MATERIALS FINANCIALS TELECOMMUNICATION SERVICES HEALTH CARE UTILITIES day moving average Source: Haver Analytics and Standard & Poor s Corporation. Page 3 / April 3, 212 / Chart Collection for Morning Briefing www.

5 5 45 Figure 6. S&P 5 CONSUMER DISCRETIONARY, FORWARD EARNINGS, & VALUATION x Consumer Discretionary Index /12 Blue Angels Implied Price Index* 4/19/12 x15 x * Implied price index calculated using forward earnings times forward P/Es. Source: Standard & Poor s Corporation and Thomson Reuters I/B/E/S. 45 Figure 7. S&P 5 CONSUMER STAPLES INDEX, FORWARD EARNINGS, & VALUATION 45 Consumer Staples Index /12 Blue Angels implied price index* 4/19/12 x18 x15 x * Implied price index calculated using forward earnings times forward P/Es. Source: Standard & Poor s Corporation and Thomson Reuters I/B/E/S. Page 4 / April 3, 212 / Chart Collection for Morning Briefing www.

6 Figure 8. S&P 5 CONSUMER DISCRETIONARY RETAILING INDUSTRY GROUP INDEX, FORWARD EARNINGS, & VALUATION Consumer Discretionary Retailing Index /12 Blue Angels Implied Price Index* 4/19/12 x18 x x * Implied price index calculated using forward earnings times forward P/Es. Source: Standard & Poor s Corporation and Thomson Reuters I/B/E/S Figure 9. REAL GDP (trillion 5 dollars, saar) Page 5 / April 3, 212 / Chart Collection for Morning Briefing www.

7 9 8 Figure 1. GDP: RESIDENTIAL vs. NONRESIDENTIAL INVESTMENT (billion 5 dollars, saar) Private Residential Investment Nonresidential Investment: Structures Figure 11. GDP: GOVERNMENT SPENDING (billion 5 dollars, saar) Federal State & Local Page 6 / April 3, 212 / Chart Collection for Morning Briefing www.

8 Figure 12. REAL GDP: THE BOOM-BUST SECTORS (trillion 5 dollars, saar) Residential Investment + Nonresidential Investment in Structures + Federal, State, & Local Spending Figure 13. REAL GDP vs. THE BOOM-BUST SECTORS (trillion 5 dollars, saar) Real GDP Real GDP Excluding Residential Investment + Nonresidential Investment in Structures + Federal, State, & Local Spending Page 7 / April 3, 212 / Chart Collection for Morning Briefing www.

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