Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Cross Asset Strategy

<ul><li>EM assets are being compared to other asset classes ahead of the US elections, with a general presumption that EM will be more negatively impacted by a Trump presidency.</li><li>EM currencies have experienced some risk premium in the lead up to the elections, particularly in Latin America, but overall EM markets have not shown significant underperformance due to US election concerns.</li><li>Valuation models that consider fundamental drivers do not indicate any significant risk premium being priced into EM assets for the US elections at this time.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EM assets are being compared to other asset classes ahead of the US elections, with a general presumption that EM will be more negatively impacted by a Trump presidency.EM currencies have experienced some risk premium in the lead up to the elections, particularly in Latin America, but overall EM markets have not shown significant underperformance due to US election concerns.Valuation models that consider fundamental drivers do not indicate any significant risk premium being priced into EM assets for the US elections at this time.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EM Fixed Income: Goldilocks and the US election

Commodities

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

<ul><li>Shift to the right in favor of Trump accelerated after assassination attempt</li><li>Republican momentum challenging expectations for a divided Congress</li><li>Gold and oil likely to benefit under GOP control, with potential increase in demand and production respectively</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Shift to the right in favor of Trump accelerated after assassination attemptRepublican momentum challenging expectations for a divided CongressGold and oil likely to benefit under GOP control, with potential increase in demand and production respectivelyThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: 2024 US Election Watch—Reassessing Implications for Commodities Under a Red Wave

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

<ul><li>Expectations for tightening boscrudent liquids balances leading to stock draws</li><li>Historic anomaly of large surplus in products and deficit in crude</li><li>Uncertainty in market assessment of demand due to global economic moderation and potential recession</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Expectations for tightening boscrudent liquids balances leading to stock drawsHistoric anomaly of large surplus in products and deficit in crudeUncertainty in market assessment of demand due to global economic moderation and potential recessionThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: A Dichotomy in the Oil Balance

FX & Rates

The Japanese yen is the official currency of Japan. 

<ul><li>MoF intervention in Japan estimated at 3.5 trillion yen, impacting yen price action</li><li>Discussion on GPIF's asset allocation and potential repatriation flows</li><li>Expectation for increase in domestic bond weight in GPIF's portfolio, impacting yen strength</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

MoF intervention in Japan estimated at 3.5 trillion yen, impacting yen price actionDiscussion on GPIF's asset allocation and potential repatriation flowsExpectation for increase in domestic bond weight in GPIF's portfolio, impacting yen strengthThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: On Japan Intervention/ GPIF, Dollar Supports and European Data

Credit

iShares J.P. Morgan USD Emerging Markets Bond ETF / Credit

iShares J.P. Morgan USD Emerging Markets Bond ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond to the price and yield of the JP Morgan Emerging Markets Bond Index.

iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB US)

iShares J.P. Morgan USD Emerging Markets Bond ETF

<ul><li>Emerging market assets have underperformed compared to US markets over the last month</li><li>EM local markets have experienced sell-offs and some recovery, particularly in Latin America</li><li>Data shows a supportive trajectory for EM fixed income, with benign inflation prints and easing fears of disinflation trends in emerging markets.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Emerging market assets have underperformed compared to US markets over the last monthEM local markets have experienced sell-offs and some recovery, particularly in Latin AmericaData shows a supportive trajectory for EM fixed income, with benign inflation prints and easing fears of disinflation trends in emerging markets.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EM Fixed Income Focus: The Data Vs the US Elections

At Any Rate
Podcast by J.P. Morgan analysts on global markets

EM Fixed Income: Goldilocks and the US election

In summary, despite some fluctuations in EM currencies and rates markets, there is little evidence to suggest that the upcoming US election is...

At Any Rate

Global Commodities: 2024 US Election Watch—Reassessing Implications for Commodities Under a Red Wave

Republican momentum has increased in support of Trump after an assassination attempt, with potential impacts on the commodities sector,...

At Any Rate

Global Commodities: A Dichotomy in the Oil Balance

Oil prices are expected to decrease in the fourth quarter of 2025 due to tightening balances, with global oil demand growth projected at 1.4...

At Any Rate

Global FX: On Japan Intervention/ GPIF, Dollar Supports and European Data

The Ministry of Finance intervened in the yen market, leading to significant capital outflows from Japan and potential repatriation flows due to...

At Any Rate

EM Fixed Income Focus: The Data Vs the US Elections

EM assets have lagged behind US markets recently, but there are signs of improvement with recoveries in EM FX and local markets, as well as easing...

At Any Rate