Epstein Secrets

weight. • Credit - We OW covered bonds in the Euro periphery over senior bank bonds and subordinated vs senior bank bonds in the core. • Currencies - Cyprus to have minimal further impact on EUR, but a ECB rate cut would push it a few cents lower versus the dollar. • Commodities - Stay long Brent and shor

Matthew Lehmann (44-20) 7134-7813 [email protected] J.P. Morgan Securities plc Leo Evans (44-20) 7742-2537 [email protected] J.P. Morgan Securities plc YTD returns through Mar 27 %, equities are in lighter color. Topix* | S&P500 MSCI AC World* MSCI Europe* US High Yield GSCI TR Global Gov Bonds** Eur

t. Periphery sovereign debt has rallied due to the promise of the OMT, but this has had little if no impact on their economies. The chaos around the Cyprus bailout is further reducing confidence that the Euro Area has what it takes to pull itself out of recession & malaise. Euro policy makers & institut

n the weak payroll number but we think the selloff in oil is overdone and expect Brent to recover. Jan Loe s JPMorgan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Pani irtzoglou J.P. Morgan Securities plc Seamus Mac Gorain EFTA00628227 J.P. Morgan Securities plc Matthew Lehmann J.P. Morgan Secu

weight. • Credit - We OW covered bonds in the Euro periphery over senior bank bonds and subordinated vs senior bank bonds in the core. • Currencies - Cyprus to have minimal further impact on EUR, but a ECB rate cut would push it a few cents lower versus the • Commodities - Stay long Brent and short gasoli

olved anytime soon. Jan Loeys (1-212) 834-5874 [email protected] JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 [email protected] J.P. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 HOUSE_OVERSIGHT_030846 --- PAGE BREAK --- [email protected] J.P. Morgan Securities plc

weight. • Credit - We OW covered bonds in the Euro periphery over senior bank bonds and subordinated vs senior bank bonds in the core. • Currencies - Cyprus to have minimal further impact on EUR, but a ECB rate cut would push it a few cents lower versus the dollar. • Commodities — Stay long Brent and shor

olved anytime soon. Jan Loeys (1-212) 834-5874 [email protected] JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 [email protected] J.P. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 HOUSE_OVERSIGHT_031116 --- PAGE BREAK --- [email protected] J.P. Morgan Securities plc