EFTA01178647.pdf

From: US GIO To: Undisclosed recipients:; Subject: JPM View 06.29.2012 Date: Fri, 29 Jun 2012 21:31:02 -10000 Attachments: JPtilyiew_06.29.2012-pdlizip Inline-Images: image003.png J.P.Morgan Global Asset Allocation JP unman Gorman NA, JP Mawr. 3~43 Lb ..banP 29. 2012 The J.P. Morgan View Mini-steps to Euro federalism Jon Losys'c • And Allocation— Buy tyro bank bads as they benefit the mast with dr (1.212) 8345874 ECR as Or new bank ;enlaceand potential TARP marry from the ESM ion Iciey7SPnWilian om • Economies —Q2 likely the weakest ganer this winery.» l 4%.bul Q3 stal John Normand Imf It sub 2% far the world UK yew& is cut by 114% Mr. year ~next (ant» 732, 0222 loan unmans»prwarkan con • Feted Income —Long eltunnem mEM. OW German Buds cnzsmarket Nikolaos Panigirtzoglou • Equines — Near- term upStele ShOuld [eerie <011110145 and meters whew (44 mi 7777 0386 pantina mote Ø.a0. n e Ewo area «pubes and banks globally nikola04. panigirt~preorgan 0Orn • Credit - Einozone baulk lank lobelite telatne wunri from dr EU swami Seamus Mao Gorain We go long f financial bomb in Ur CMOS portfolio (44.20) 7777-2005 ~nun macsorainiiii:0"900 wen • Foreign exchange — Dalar mow: into a range pcnt dr Rowels EI~a. bul Pr main a number of hedge: anima mewed ono wears Matthew Lehmann • Commodities — Ike wet in ter US i: pattingup can and US gas paces (444.20) 1134/853 mansa m inninanneipinetgan an • Risk atsec are upon the week on great expectations management by the Leo Evans (44.20) 7742-253, F umpeans who Mel led dr %weld toexpect the wont front yesterday's EU kronara a evarcennoman Sumatut lodr end. the Et kleppol back front the bunk. Euro area leades caniguanntd on Ane of tru duayetannzb mamma= that at least tempo- tam tams Me negative ettmanue and financial dynamic. est. as it m truly yro teluens Itå art, Jun 29 [merles dent wan re rilrin mar • What (*lawn , Sununll dealer Hem is a aip kw!mew. Om snes pubbea " Cap bow, (COW GF1MSI prows* more details Overall. d Id ts what is neededa. Y" save FMU. and ono is whew we started fir week. Men are could say we "/P0 tamed to — a naramneful step. with many :more to be tarn. and a nsk of SlP500 alsline lark when the details nerd to be filled ut UPC • NW mimed last week that the Sununu ultimately needs to te Ridged an un w1Ø whether it maw: Ur Euro ara town& (heal and political Feder-alban. The WOW — \hit Romy. Report on a GOMM(' Economu and.Vonaan. Noon spells Out Ea mete Man- a vision of Me federalist end pant. but maned no agernera. Mucks an WO Or invitation to by again with more concrete propangs by October Wry little progms ems. except the the issir is now at least openly cm the Wee us rem was Mew 0o Per • :or progrew »marls federnInni was mfl byaverring toa ;angle bank Lit fx wiprmeot undo the ECM to It implemented by yearmad The still twice kt0C) ~pp Er NI would then Le allowed to hrlp neat/nabs bank:. — a small move Enrtpie Fointincour towed. a much needed RunkTARR Also. a lint step was (Ara (meant itnippuir the w-monty of official lending relative to the prwate mace in the U3 OS ea", of Ur EESE/ESM loan to Spain to meapitalur n. bank: The subanhua oar non of pre-ate unrston has been dr man masai why official keen nese mon subdued dr masker. Nonhern EIMU c not accepting this as a rule change. Om m one can argue that at cat is cm of the tag sa ap 11~ olo~ihr sew yet — on r..rr.pin. pin 0~ wise,. mac rat c.a.ens. a • Equally unponant is that Øne stem. ate bong taken towards ending lilt n Culn•I www.morganmarkets.com The omhang analyst es indicated by an ac See page 7 for analym anthracite and unportant legal and regulatory Ølos erts lat caul weciandeatial Øset«, m amnia duclunrs aid madman maim oa who Cur du fuickpie m rale scculUeS. InXulaty andcompleten¢.ol.nlmma mu ms. nanderculay. total pmtkee, ant Weal entity nalarecta.availibleal hniUswwiemirem wen Neu.Mwlowimenuit EFTA01178647