International Market Intelligence Morning Briefing

J.P. Morgan reports a slowing of global market momentum and potential tactical reversals in AI-driven themes amidst disappointing China macro data and rising Japanese yields.

Key Takeaways

• 1.Market momentum, particularly in the AI and tech sectors, is showing signs of a tactical reversal as hedge fund exposure reaches historical extremes.
• 2.China's economic data for April disappointed significantly, with Industrial Production seeing its sharpest monthly drop in three years.
• 3.Japan is facing a 'Catch-22' with rising JGB yields and a weakening Yen, driven by concerns over a potential supplementary budget and fiscal issuance.

Table of Contents

• MKT INTEL VIEWS
• China activity indicators
• UK politics
• IDEA & INSIGHTS - IN BRIEF
• EQUITY STRATEGY
• PRECIOUS METALS
• JAPAN RATES
• CHINA MACRO
• CATALYSTS TODAY
• IDEAS & INSIGHTS – IN DETAIL
• OVERNIGHT RECAP
• POSITIONING INTELLIGENCE

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