SINGAPORE: Strategists at JPMorgan Chase & Co have concluded that most risk assets – a universe that typically includes stocks and credit – have seen their low points for the recession that’s gripped economies around the world.
“Most risky markets have probably made their lows for this recession, except perhaps oil and some EM currencies beset by debt-sustainability issues.” Normand said his approach dovetails with the recommendations in the past week from bottom-up analysts at JPMorgan to add exposure in US and European credit, peripheral European sovereigns, and US and European inflation breakevens.
He added that the firm’s global equity strategists “believe that the risk-reward for equities remains skewed to the downside” because relief rallies will be faded.
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