From: US GIG To: Undisclosed recipients:; Subject: MN View 10.28.2011 Date: Fri, 28 Oct 2011 20:54:19 +0000 Attachments: JFMorgan_View_10.28.2011-pdf.zip !aline-Images: image003.png J.P.Morgan The J.P. Morgan View Did markets overreact? • Eaniamln — We nbc US Q4 GDP from 1.0% to 2.See.aftee hertngdoee the same n• Q1 one the pet nen*. • Portfolio strategy — Nehmen/credit may have orareacled Man B./ Sunny dui was lion at details. hut we stay long risk assets as the EU is Watergate risk &mina. and we should gel unmet (mm reaxed US rectsmon nsts. • sued.- — We remain defends.) us Hilo nem pinwheel% Mph. EU lenders' stemma denten • Equities— We clay our et skrewaght te nem and mow SRL% lo an over %eight within EX to keg MSCI BR len vi Nisei EM • teeth Arline word US ItY matins earth Lott ipmehl eunoweg, • Ionian melange -- annexe han1 recamtainaue amid lead m repatna. anon (mem bolanp, but the inspect on EUR nt 11 bkdy be small. • Commadilim expect Ow Beent.WTI•reted tongue/ further till Id/ Ml byte end ef next year. • Rtnk markers all rallied hinl tau, week fol kis Inc the EuroStemma gatemen on TherscUs morning Ma suggraml a morekleterm erred comenareent by Ell beat of maw or aeons the me mints of thee debtemus. Nt retain a Wets Mt penile* - mem eight taker ass Ames agnmt Meant tales - - aJudgement that Emcee is finally recogninne Out a must do WCOMOUR the news: dut a is showing in increased wi Mecum U impkmert such MOISISICI, tut skeet uirmacts remain beastly delmmely posationod: and dut sou get !natty penalnad -- eunuch towed low yeas --- t you cleave to gay at talc mets. • tit netts Onkel turd. uphtespets pekes koLmens inasid putticipees Its sumarle. as they did ma toren the EU :immune din isranssive. In &loom Sc taigev cantonal rodeo a the era ol the ads —Italy — en ded donnas the stele et mu weak demeed a hand anon. laity. If the Summit did not mos e us unit an eventual 11e/01410011of the FILU dent am.. then seedy Nulty and L