Making Sense

Chief U.S. Economist and Head of U.S. Inflation Strategy discuss the April Jobs Report, highlighting signs of labor market cooling, softer nonfarm payrolls, and rising unemployment rate. They explore implications for the Fed, wage growth, GDP forecast, and conflicting economic signals. Analysis includes Fed's strategies on inflation progress, rate cuts, and employment considerations in policy decisions.

Discussion on the risk/reward for US equities post-dip in April, analyzing inflation prints, Q1 earnings trends, market opportunities. Exploration of catalysts like ISM prints, CPI stability, mega-cap tech earnings, and risks related to recession indicators. Delving into market positioning trends, sector analysis, ownership dynamics in tech and consumer sectors, and market catalysts and risks in equities.

Chris Andrew, Head of EMEA Market Structure at JP Morgan, discusses the increasing concentration of turnover ratios in US stocks and sectors driven by retail investors, the interplay between retail and institutional investors, and the potential path for equity markets and liquidity. The podcast also highlights the impact of decreasing turnover ratios on European market liquidity, contrasting liquidity trends across global markets, and the risks associated with momentum factor and market concentration.

Leland Price and Meridy Cleary discuss the growing demand and liquidity in fixed income and FX markets in Asia. Topics include NDF markets in Asia-Pacific and FX market access policy changes, India's inclusion in bond index, and China's onshore market developments.

Gerard Francis and Ashley Peterson from JP Morgan discuss the evolution of data management in the financial sector, highlighting the rise of data governance, chief data officer roles, and the importance of high-quality data for analytics. They also explore the intersection of data management and AI, emphasizing the need for curated data. Gerard and Ashley introduce Fusion by JP Morgan, a data service addressing industry pain points and promoting industry solutions.

Progress in Asia Pacific is crucial for achieving the UN's Sustainable Development Goals globally. However, identifying suitable financing opportunities for sustainable development is often seen as a barrier to capital inflow to the region. Join Arsalan Mahtafar, Head of J.P. Morgan Development Finance Institution, and host Matthew Chan, Head of Sustainability and ESG Engagement in APAC, as they discuss strategies to mobilize capital to address climate and development goals while navigating the complexities of sustainable investment. This episode was recorded on March 14, 2024. ​ ​This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. ​ © 2024 JPMorgan Chase & Company. All rights reserved. 

Explore the future of generative AI with experts Mark Murphy, Gokul Hariharan, and Jack Atherton. They discuss trends in AI spending, custom silicon programs, and adoption rates. Topics include impact on tech infrastructure, capex in cloud data centers, custom silicon vs. GPUs, and predictions for AI application evolution.

Non-farm payrolls increased by 303,000 last month, far exceeding expectations. What’s underpinning the strength in the U.S. labor market? What does this mean for the inflation outlook? And what’s the path forward for the Fed? Mike Feroli, Chief U.S. Economist, sits down with Phoebe White, Head of U.S. Inflation Strategy, to discuss key takeaways from the March jobs report. If you’re interested in learning more about Generative AI, be sure to check out our previous episode on the topic: https://link.chtbl.com/HdAHO7k9 This episode was recorded on April 5, 2024.   This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.   This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2024, JPMorganChase & Co. All rights reserved.

Rubiao Song, Head of Energy Tax Equity Investments, discusses the significance of tax equity in developing renewable energy in the US. Topics include the economic impact of investments, opportunities from the Inflation Reduction Act, and JP Morgan's role in supporting energy transition projects.

Clare Witts and Eloise Goulder discuss the dynamics of APAC equity markets, focusing on the rise in turnover ratios, dominance of retail investors, and key market structure themes for 2024. They explore factors behind the growth in trading volumes in countries like Japan, India, Korea, and Taiwan, as well as the impact of systematic trading and retail trader participation. The discussion also covers retail trading trends, market structure changes, and complexities in the APAC market.