The Self‐Reinforcing European Crisis (Sovereigns, Banks and Economy)

The three European crises:

Spillover effects from the Fed’s QE policies so far (June 2013)

If there were effects, than mostly on equties. However ECB's opinion on them is "limited".

Global Hedge Funds and Hedge Funds Returns for the last 10 years

What's Windows for PCs, that's Android for Smartphones: Biggest source of Mobile Malware

Source: McAfee Quarterly Threat Report (Q1-2013)

Effect on US GDP growth from fiscal policy (2010-2014e)

So what is behind the US economic softening? A big factor for sure is shown below:

Key factors behind the recent narrowing in the Brent‐WTI spread

- displacement of Brent crude imports by increased US-production 

- expanded crude by rail & pipeline

- EU refinery maintenance & tariff changes in S. Korea

From ScotiaFX

Greecovery: Greek economic sentiment rising sharply, but...

Sources: EU Commission, Thomson Datastream, Data to May

From: JPM

Edit:

However, despite the recovery in sentiment, we [Moody's] expect banks’ asset quality to continue deteriorating over the coming quarters, as signalled by declines in industry orders, tourist receipts and retail trade turnover. These credit negative contractions all point to continued deterioration in banks’ already stressed loan books, which will generate additional loan-loss provisioning requirements and further strain profitability.

From: Moody'S

It's the credit stupid! Borrowing on Margin Has Climbed to a Record High Along with the S&P 500

From RBC

Word Equity Monitor: 2013 best performance so far in Japan and with healthcare

JPM's market statistics showing healthcare number one and value better than growth so far (End of May 2013).

From JPM

Small growth stocks rule so far (Jan-May 2013)

From GS

World price earnings ratio still an argument for stocks

At the end of May 2013 and after big rallies in US Stocks and the biggest European indices the PE ratio for all stocks worldwide is showing a decent value, not as cheap as 2008 or last year, but still below the long term average.

What do do with that? Humm, if you're buying an ETF on a MSCI index, the chart might (still) be an argument for investing in stocks or at least keeping the money in those.