DS9 Document EFTA01148407

From: To: Subject: Date: Attachments: Inline-Images: US GIO Undisclosed recipients:; JPMorgan View 01.20.2012 Fri, 20 Jan 2012 21:45:53 40000 JPM_View_01.20.2012-pdtsip image003.png J.P.Morgan The J.P. Morgan View Momentum is broadening • Asset ..thotallon — Sny long equities. and add EM FX longs • Economies — Banal signs that the soft patch m untmay may end an • FIBS Income — Mo't to modest Wheal 0.trambi m Euto arta geoptery. • Equates— 11w fact that the worst pertaining sector. of 2011.1e Financials and Cyehcals ace otaperfomung YTD. c comment with the January effect • Credit — Upgrade HG to neutral and ownwight European Senior Unseated bank debt Maintain a loots in US HY • Foreign exchange — Reduce detemne expaeures • Commodities —tot take profit on ow Sprms 2012 US natural gas pas • TM rally in nsk assets continues. instable as non -acceleratuis fashion Most importantly. die rally is broadening. pmWg along num' stragglers. such as EM cur:tonnes and credo The dollar (D2Cei and bonds had at lust ignored the rally in equities. but art now strung. by owning clown • We are comfoitable remaining long risk antis as the rally is still young and reluctant. norstors lute not had nurh tune yet to bald ownwaglo pcumons. and there is decent fundametual :rapport for the rally • Hon can rt,k tally with the global economy supposed to be weak. US earn- ings deappanums. (loner teal estate activity and purl coming down dramatically. E tuoran leaden =along no pogren town!: a fiscal union. and Greek restrucnumg re:naming an nen' Mk^ othennte pat. Met the market getting ahead of lovably? Tie answet should be Yes. to some degree Farb- menial !union for the 5% gain in equates YTD as dance me ground But market do not wit fur full cadence and ream al me first sign that Ite risk bias around these fundazarinal:. c. :Jahns. net daily marginally • We are not razing global growth foments If anything. or 2012 ward grown fcmcatt came down 0 I% to 2 6% tins week.= %kr expel payback faun the stamp than exsected Clyne Q4 GDP zepart Ikmeter. a matt of forwani-looking indicates: — esircally MI:. US claims — air hinting that the bonran in growth that ne re Forming fix HI. and tar following re- board, will acme earlier than we currently forecast, and may already be on as In nOrtion. even more important for oak markets, is that the downside risk emanating from the EMU debt crisis. Chinese &Mutt and US fiscal gridlock are edging Mace Fatally. rank rallies can become self fulfilling as dry lamer wraith. sentiment. spending. Imuarbly. funding. and collateral values • In China. both QS GDP grtmth ruler Ian PSG came in tenet:WM-tan= The [clads, and especially aging unentonts, do not conware us and xr rims Maintain that growth is Corning Wall even ns we remain squanq in rte soft landing camp Global unrstors. Mao have bra staying out of FM rats far fear of a hard Landing in China. are now beans forced to redact thew overwights. allowing EM equities to teat DM this month by over l% MID The Certifying anal), is indscated by an '4 See page 7 for analyst certification and important legal and regulatory doclotaues Gebsi Asset Allocation J P l”r9an Croce Bank NA, J P hewn sonene: 510 ain20. 2012 Jan Loeys•0 John Normand Nikolooc Paniairtmalou a n Matthew Lehmann Leo Evans vIn returns through Mt is was we in tow mar BIM Br Goa SIMM IMO Adroit iASCIEuvas FX MOTO UStlteTela Toped Bt SCoy Eli Lauf Bras- ug HOGS. EIBIG uS hat Imo Eno had wane usual Osamu Mods- 4 6 fa. 19•336 Dinbata le MI LS 66.36 ^moon ISM 63.11•014•••••••04,0 rat 30 Patftti4•144 IV I Qom Mil ea& This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of infonttation, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at littp://mvw.jpmorgan.com/pagesidisclosurestemail. EFTA01148407