The discussion kicks off with a shift from bearish to bullish sentiment in U.S. equities, driven by optimistic trade deals and strong tech earnings. Insights into sector performance, especially in technology and finance, highlight both potential gains and looming risks. The conversation also delves into international equity landscapes, comparing European markets to U.S. challenges, particularly impacts from currency fluctuations and tariffs. Ultimately, the team suggests a tactical investment strategy as economic indicators signal caution ahead.
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insights INSIGHT
Tactical US Equity Optimism
Andrew Tyler turned tactically bullish on U.S. equities due to technical factors rather than fundamentals.
Optimism on trade deals, strong tech earnings, and light positioning drive this expected bounce.
volunteer_activism ADVICE
Sector Plays in US Rally
Focus on technology, financials, consumer discretionary, and energy sectors for the tactical US equity bounce.
These sectors have light positioning and positive momentum.
insights INSIGHT
US Medium-Term Headwinds
Medium-term outlook for US equities is bearish due to trade war damage, inflation, and likely recession.
The US is a relative loser in tariffs and monetary policy support will be limited.
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In this episode, Andrew Tyler, head of Global Market Intelligence, and Federico Manicardi, head of International Market Intelligence, speak with Eloise Goulder, head of the wider Data Assets & Alpha Group. They discuss the case for a further rally in U.S. equities, which could be driven by catalysts, including corporate earnings and tariff negotiations, as well as relatively light positioning. They explain why this view may only be tactical, given risks to medium-term economic growth. And finally, they explore the state of equity markets outside the U.S., including in Europe, China and Japan.
This episode was recorded on May 30, 2025.
The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.
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