Document Mentions (7 shared documents)

EFTA00630374

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vely long in EM local markets, favouring Poland, South Africa and Brazil. • Equities — We exit our OWs in EM vs. DM, our overweight in MSCI BRICs vs MSCI EM and Cyclical vs. Defensive sectors globally. • Credit — Stay with a range of credit overweights: Long US, EM and Europe. • Foreign exchange — Carr

n Loeys (AC) EFTA00630376 JPMorgan Chase Bank NA John Normand J.P. Morgan Securities Ltd. Nikolaos Pani irtzoglou J.P. Morgan Securities Ltd. Seamus Mac Gorain J.P. f,,lorgan Securities Ltd. Matthew Lehmann J.P. Morgan Securities Ltd. Leo Evans J.P. Morgan Securities Ltd. If you no longer wish to recei

EFTA00678712

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han EM. • Are depressed valuations a good reason to buy EM equities? We do not think so, either. It is true that the PE gap between MSCI World and MSCI EM indices has been widening for two years now to well above historical averages, 3.8 pts currently vs. a historical average of 2.7. This 3.8pt gap is

12% a year only in roll/slide. Jan Loeys 11-1 014 C014 John Normand (dt 1n) to 1R16 jimmilimmen Nikolaos Panigirtzoglou (do 1a1) 111A '19 I Seamus Mac Gorain ( ?4Gt~ Matthew Lehmann (I 212)831 8315 If you no longer wish to receive these e-mails then click hcrc to unsubscnbc www.jpmorganmarkets.com Ana

EFTA02572697

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an EM. * Are depressed valuations a good reason =o buy EM equities? We do not think so, either. It is true that the PE gap between=MSCI World and MSCI EM indices has been widening for two years now to well=above historical averages, 3.8 pts currently vs. a historical average of 2=7. This 3.8pt gap is

/AWGNvy> (44-20) 7134-1816 Nikolaos Panigirtzoglou <http://=maillink.jpmorgan.com/t/AQ/AAMGjA/AAYUDg/QIF0JA/Ael/ABQyhg/AQ/Z+BI> (44-20) 7134-7815 Seamus Mac Gorain <http://rmaillinkjomorgan.com/t/AWAAMGjA/AAYMg/QIFDWAel/A8Qyhw/AQ/Ry8m> (44-20) 7134-7761 Matthew Lehmann <http://=maillink.jpmorgan.com/t/AO/AAMGj