EFTA01175985.pdf

From: US 61O MMIlla To: Undisclosed recipients:; Subject: JPM View 04.20.2012 Date: Fri, 20 Apr 2012 22:00:23 +0000 Attachments: JPM_View_04.20.2012-pdfrip Inline-Images: iniage003.png J.P.Morgan A,:et Al ocntion J P ltoyin cr., Rat it va Jr -currt•-. *Pt "0 .1 t. The J.P. Morgan View Seven puzzles Jon Loe ssc • Aux« Allocation — No changes Lony courties al credal vs ark and noli OM OM?Indio Signals for next few arks Stan quite renal • ECODOSIOC• - No forecast changes. bal weaker data as ow 2 5% Q2 US John Notmand fortat to the lower Ts • Fad Income— We recommend trimli man market tartan ikoloos Poniairtzsoalou • Equities Eartungs malaria rani tzars US vs other rep= • Credo — NF day osenvnglit anor financials avd LI II boas • Foreign exchange — Lin EX sod to stay Finn trader. on mean rnemon Seamus Moo Goroin • Commodities — tAt expect the spread to continue to narrow and stay long Dec.I 2 WTI nas Dec-I2 Brent wan SØ target Matthew Lehmann • in a week estere a lot of price screens are ream UND! (unchanged)and Maze fannats haw not moat ne world like to focus on sane lamer- term navrs not :lens. nor concerns. but thanes that puzzle many of itS For Leo Evans each. we pande our boa explanation. while admitting dry rota puzzles Each remain a mach longer and deer stay. • Why his neither Greece nor Germany lefl &\N, yet? Dena.utrytbi dry YID rennin though Apr IS ear get in' The cntas has resealed the ant of going up ear's tummy % Erma a n erne car Re:olutiou rtquires maw deflation in ar ionpay and intorave fading fait do core Ile irzon connotesyour-a into EMU and luse not ()et) left is Tque that monetary moo was planned as the (ost :rep tonal: a l»111101 =Oft — MO He a US of E The <tot of abandonuig EMU is not merely related is capital flight SEPEOU and motion of a new curtency. ben is µvanamt to ditchug Euraan A.0 war integratiomt and moving hark to ar hal akt rba-, ed a divided :ad quanelane Drier Europe EMU members all likely do estrylung dry cat to keep the union together. net, at they urn need ma morn to push aria that way 1.41150 , • why as the eta not collapse& yet. given a recession sod EMU break-up tisk? The EMU Frophery cam devalue against dr ca. Ø would greatly WOE benefit from a drop in fir ono The Moser is likely dam currencies are "Larne paces. and the focal situation in the US. UK. and gagat is tad a: in die Eta ara. INTO at the latter has problems oath internal fading lacked these GDP TR foureuntarnes has fallen dramatically against tit smaller GID COUOUlt-,. Mai LIS .t Coy are in triter 'ha (CAD.CIIE AID. NOK) The Eta area alto has no Ell tamtema' external deficit. and fundom ~lea may haw led mcapml etatnation. u5 Enenorm support/at the rum Ottol Cs.13mds" • Niny are US JIG credit spreads still near mania least US HG maim Europe Fos] Wcm.• taut ?OM" above USE. a spread level that trim Lehman was only an Mat '0 tt ,,..- pew, ••••~ Nan tosottoot ,S) te• 'SI Tit certifying analyst is indicant by :in 'e Ser page 7 for analyst tom.Ni la 0~ as lOo at SO ola certification and important legal and regulatory. discloymea onto.rt wwwrnorganmeirkets.am Renee E. Weissend JR. Movgan I Global In/same:It Oppenmities Group 320 Park Avenue, fl oor 14 New York, NY 10022 EFTA01175985 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 information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://wwwjpmorgan.com/pages/disclosuresiemail. EFTA01175986