Market Bulletins | J.P. Morgan Asset Management

Market Bulletins

Our Market Strategists dive into the major topics and locations impacting the markets and investors.

When it comes to fixed income, do you like high yield?

One of the best trades to put on in the aftermath of the financial crisis was going long high yield. Spreads blew out to nearly 18% in November 2008, implying a default rate of almost 30%. Looking back, this is far from what actually materialized, as default rates on U.S. high yield peaked at a level of 11% in November of the following year. With the Federal Reserve (Fed) becoming increasingly active in credit markets, we have been getting more and more questions on the outlook for high yield; the bottom line is that while valuations are not terribly compelling, the near-term path for credit spreads may be tighter.

Enhance yields with Chinese bonds in the zero interest rate era

This paper, written by Ian Hui and Chaoping Zhu, looks at the attractiveness of the Chinese bond market in the current global environment.

The European Central Bank levels up its stimulus efforts

Today’s actions from the European Central Bank (ECB) were at the upper end of market expectations.

The Fed’s balance sheet: To infinity and beyond

To frame the balance sheet discussion, we consider the impact to real GDP, employment and inflation under each recovery scenario.

The European Central Bank aims to ‘thread the needle’

This paper, written by Jai Malhi, examines the European Central Bank meeting outcome and its investment implications.

Monetary Medicine until the Patient is on the Mend

This paper addresses the FOMC's April meeting announcement.

The Great Glut: A historic supply and demand shock in the oil market

This paper, written by Tillman Galler and Kerry Craig, discusses the latest movements in the oil markets amid the global pandemic and implication for investors.

1Q20 earnings: Virus oddity

This paper, written by David Lebovitz and Tyler Voigt, reviews the 1Q 2020 U.S. earnings results and the significant volatility that has taken place.

Chinese GDP in Recession amid Virus Outbreak

This paper, written by Chaoping Zhu, discussed the performance and outlook of Chinese economy, policies amid the global pandemic and implication for investors.

The COVID-19 Relief Bill-Holding the Economy in Suspended Animation

This paper, written by Dr. David Kelly, reviews the U.S> relief bill and its investment implications.

A COVID-driven spike in claims

This paper, written by David Lebovitz and Meera Pandit, reviews the surge in U.S. initial claims for unemployment and its investment implications.

What is the Fed doing and what does it mean for fixed income?

This paper, written by David Lebovitz, Alex Dryden, and Jack Manley, reviews the latest U.S. Fed increased liquidity actions and its investment implications.

The investment implications of COVID-19: March 17 update

This paper written by Dr. David Kelly updates the latest on the coronavirus impact to global markets.

The investment implications of COVID-19

This paper, written by David Kelly, provides an update on the investment implications of COVID-19.

UK monetary and fiscal stimulus – Unprecedented shock, unprecedented response

This paper, written by Karen Ward, highlights the recent rate cut by the Bank of England and its investment implications.

Monitoring the global impact of COVID-19

This paper, written by Tai Hui and Karen Ward, provides a framework for tracking COVID-19 infection rates globally, monitoring the impact on economic activity using high frequency or daily data, and assessing the economic linkages that could serve to transmit economic stress.

Cash: it’s what you do with it that matters

This paper, written by David Lebovitz and Tyler Voigt, highlights the short-term and long-term uses of corporate cash investors could take advantage of within their portfolios.

The Investment Implications of the 2020 Election

This paper, written by Dr. David Kelly, Hannah Anderson and Meera Pandit, addresses the upcoming U.S. election and its investment implications.

4Q19 Earnings: Lots of moving parts

This paper, written by David M. Lebovitz and Tyler J. Voigt, reviews 4Q19 U.S. earnings with performance of various sectors and its investment implications.

Cyclical tailwinds vs. secular headwinds in Asia ex-Japan equities

This paper, written by Dr. Jasslyn Yeo, explains why cyclical tailwinds support a positive stance for Asia ex-Japan equities this year, and why persisting secular headwinds mean that the investment case for Asia ex-Japan growth stocks remains strong.

2019 Market Bulletins

Market Strategists provide commentary and analysis on the latest events and their likely impact on the markets and investing.