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    1. The Weekly Brief | Global Market Strategy & Insights

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    The Weekly Brief

    23-01-2023

    Thought of the week

    After the cessation of Russian gas supply, concerns mounted that Europe's energy crisis might spill over into next winter and longer-term gas futures moved significantly higher. However, a warmer than expected start to this winter and robust flows from alternative sources of supply have left European gas storage levels significantly higher than average for this time of year, increasing investor confidence that Europe will not run out of gas. Prices for the delivery of gas next winter have therefore cheapened markedly, fuelling a sharp rally in European equities. The European stock market could remain well supported this year as the risk of a deep recession recedes.

    Falling gas prices are supporting European equities

    Index level (LHS); EUR/MWh (RHS)

    JPMorgan_Insights_Weekly_Brief_EN
    Source: Bloomberg, MSCI, Refinitiv Datastream, S&P Global, J.P. Morgan Asset Management. Returns are total returns in local currency. Data as of 18 January 2023.

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    On the Minds of Investors

    Drawing on the depth and breadth of our market and economic expertise, we offer timely macro insight into today’s big investment themes, to enable more confident portfolio decisions.

    Views on today’s key investment themes

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