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.

Credit

<ul><li>Investors were generally positive and not bearish, with a focus on thin spreads compensated by yields and strong credit quality</li><li>High grade bond demand remained strong, with ongoing retail interest and no weakening in institutional demand reported</li><li>Hedge fund investors in high yield were cautious, focusing on avoiding losers and uncertainty around creditor outcomes</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Investors were generally positive and not bearish, with a focus on thin spreads compensated by yields and strong credit qualityHigh grade bond demand remained strong, with ongoing retail interest and no weakening in institutional demand reportedHedge fund investors in high yield were cautious, focusing on avoiding losers and uncertainty around creditor outcomesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Spreadbites ‒ Credit colour from last week’s Global Markets Conference in Paris

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>Markets have been enjoying the easier financial conditions imposed by a weaker than anticipated inflation print, although yields have found their way back to pre-CPI levels.</li><li>The big ongoing theme in markets seems to be the renewed pressures in commodities, as real world demand for crucial metals like copper and nickel has spurred significant flows into broad commodities.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.Markets have been enjoying the easier financial conditions imposed by a weaker than anticipated inflation print, although yields have found their way back to pre-CPI levels.The big ongoing theme in markets seems to be the renewed pressures in commodities, as real world demand for crucial metals like copper and nickel has spurred significant flows into broad commodities.

Positioning Watch – The real world strikes back

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs</li>
<li>All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.</li>
<li>Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.</li>
</ul>


The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs
All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.
Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.


New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>A soft CPI report was just what Commodities needed to take the next leg higher</li><li>Inflation expectations fat tailed. Commodities on the move, but we still need oil. China to export inflation to Europe?</li><li>Despite last week’s dovish inflation print, we are not sure that it is disinflation that we need to be worried about, both in the short- and long term.</li><li>Let’s discuss three reasons for that.</li></ul>

A soft CPI report was just what Commodities needed to take the next leg higherInflation expectations fat tailed. Commodities on the move, but we still need oil. China to export inflation to Europe?Despite last week’s dovish inflation print, we are not sure that it is disinflation that we need to be worried about, both in the short- and long term.Let’s discuss three reasons for that.

Energy Cable: Commodities, Freight Rates and Goods Imports Are Rising...

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Although the Fed paused rate hikes in July 2023, the dollar remained strong buoyed by the US economy outperforming other advanced economies.  </li>
<li>A strong dollar usually benefits domestic businesses and small caps but hurts export-focused companies and large caps in the US.</li>
<li>The current account deficits of emerging nations have been worsening due to the strong dollar and rising energy prices.</li>
</ul>


Although the Fed paused rate hikes in July 2023, the dollar remained strong buoyed by the US economy outperforming other advanced economies.  
A strong dollar usually benefits domestic businesses and small caps but hurts export-focused companies and large caps in the US.
The current account deficits of emerging nations have been worsening due to the strong dollar and rising energy prices.


Dominant Dollar (Part 1): Strong Greenback Deters EM Equities

United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

Spreadbites ‒ Credit colour from last week’s Global Markets Conference in Paris

Investors are cautiously optimistic about the market, with strong credit quality and a focus on floating rate products and corporate bonds in fixed...

At Any Rate

Positioning Watch – The real world strikes back

Hello everyone, and welcome back to our weekly positioning watch. Markets have been enjoying the easier financial conditions imposed by a weaker...

Steno Research

New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

New All-Time Highs Validates Our Bullish Outlook $SPX $QQQ $DJI; Risk-On Signals Abound. Three SPX upside gaps in May signals bulls firmly in...

Vermilion Research

Energy Cable: Commodities, Freight Rates and Goods Imports Are Rising...

Main take aways: A soft CPI report was just what Commodities needed to take the next leg higherInflation expectations fat tailed Commodities on...

Steno Research

Dominant Dollar (Part 1): Strong Greenback Deters EM Equities

The strong dollar post-Fed rate pause in July 2023 benefits US economy but hurts export-focused businesses and emerging nations' current account...

Mint Finance

Spreadbites ‒ Credit colour from last week’s Global Markets Conference in Paris

Investors are cautiously optimistic about the market, with strong credit quality and a focus on floating rate products and corporate bonds in fixed...

At Any Rate

Positioning Watch – The real world strikes back

Hello everyone, and welcome back to our weekly positioning watch. Markets have been enjoying the easier financial conditions imposed by a weaker...

Steno Research

New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

New All-Time Highs Validates Our Bullish Outlook $SPX $QQQ $DJI; Risk-On Signals Abound. Three SPX upside gaps in May signals bulls firmly in...

Vermilion Research

Energy Cable: Commodities, Freight Rates and Goods Imports Are Rising...

Main take aways: A soft CPI report was just what Commodities needed to take the next leg higherInflation expectations fat tailed Commodities on...

Steno Research

Dominant Dollar (Part 1): Strong Greenback Deters EM Equities

​The strong dollar post-Fed rate pause in July 2023 benefits US economy but hurts export-focused businesses and emerging nations' current account...

Mint Finance

The strong dollar post-Fed rate pause in July 2023 benefits US economy but hurts export-focused businesses and emerging nations' current account...