From: US GIO To: Undisclosed recipients:; Subject: JPMorgan View 11.11.2011 Date: Fri, II Nov 2011 21:47:44 +0000 Attachments: lIPMorgan_Vicw_11.1I.2011-pdf.zip Inline-Images: image003.png J.P.Morgan The J.P. Morgan View How can risk markets rally In an ugly world? • Eronwein. — L6 data keep %important a I 5ek pre ha Ill • Portfolio strobe— Heavy COMWeIghtS an task that pays noyaid awl kg ate nsks on US growth ad Ctne* vitiation keep at ovenvetpht nst asset, • Mud Income %* dote La cal t➢atsn bap atd Tarmanes, and keep ouly a value bawd drat sa 2 yea CkIIILIS* • Equities — Both LtS and European mummies lawe beaten CO EPS COINPOSII. by l ei at wane. • Credit — 1Ak keep a prIemace Sot bag US vs. Eaccem Gall • Foreign twiner — Leperale BCC bond btatirat toad not b a wren fa the nun But we Icsvphaltes by big long WY • Canatodlties — k1e close rte that be of ow EMAsta vs. US whine trade and 63uble upon the Ione Int. Be loop total gated. geld. wpm smut and Meat • After a twee %virile week. risk marten an met upon the week and safe bowls ate down though by AMMO, dm could be tewnett in manes La's Jolt call anew tiara thaelore lir neat mayornol tatalutional tmegon we see imam) quite winwal rout naL :arts as the polars ot fiscal cotuok damn in a tlac.#owilt world connate tote mat sgly. And dr Euro Atm is hit closer toagreement on meagre,. to stop they deft mgt. while acne more opal.' deLnimp Melba an Letter to just dna ti* currents anon • How in it patter Mk nartea to than in a eight withsowed, rod. tintoomts vs:attn. dneciubbria and role Miner ineputtide'One mowers to look at the maw athlete that eal anwtan ire —.dire &gni:km ..0Eu' The top chat as p 1 shows that the \with on picks' cash and bawls remain new all .tine Iowa AfIlt I3X and inflation. three lick< irenegative Equity vieidt — crakes yieldt plot inibrion— ve. incomma hirh teehint& stantrah but otniorray require ,..011 to buy a very made awn. Tv lag month taw Nen' lainfiCAN