International Market Intelligence Morning Briefing

J.P. Morgan maintains a bullish outlook on global equities despite overnight stagflationary pressures from Middle East conflicts. Growth is increasingly concentrated in AI hardware within Emerging Markets, particularly Korea and Taiwan.

Key Takeaways

• 1.The market is experiencing a stagflationary tape characterized by rising oil, rates, and the dollar while equities decline, largely driven by geopolitical tensions in the Middle East.
• 2.J.P. Morgan remains bullish on Global Equities, favoring the US and Asia (Japan, South Korea, Taiwan) over Europe, while maintaining a tactical bullishness on EU Equities due to positioning.
• 3.AI hardware and semiconductors remain a critical momentum theme in Emerging Markets, though earnings leadership is becoming increasingly concentrated.

Table of Contents

• IDEA & INSIGHTS – IN BRIEF
• IDEA & INSIGHTS – IN DETAILS
• MONETIZATION: We are bullish on Global Equities
• OVERNIGHT RECAP
• POSITIONING INTELLIGENCE
• J.P. Morgan Global Market Intelligence Contacts

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