From: US GIO <[email protected]> To: Undisclosed recipients:; Subject: JPM View 05.04.2012 Date: Fri, 04 May 2012 21:07:57 +0000 Attachments: JPM_View_05.04.2012-pdf.zip Inline-Images: image003.png J.P. Morgan The J.P. Morgan View Global AsSet Allocation JP Mogan Owes Bank NA J P Morgan Season Lid Playa 2012 Signal versus noise Jan Laeyam • Asset Allocation — Next-tem incenenturn is negative for risk markets but we find the signal from mednuiFtenn drivers 'note reliable and thus stay vnth out long nsk assets for coming months 0.212•034-5874 ran otganfcA John Mennend • Economies— Fallen Global All-lndustry PMI eliminates upside risks on (•420) 73245222 growth. but is consistent with 2 2% global growth projection we have for Q2 pm nermandatlamagno can Loss of USpab momentum :Mph), Q? may cane in closet to 2% Nlkolaos Penighttoglou • Fixed Income— End of BoE'sQE next week a headwind for gilts (4420) 1/, VOW raOlaeS Panritc01044WK•Wei•xim • Equities— OW US vs Euro nen equities. DAX vs Eurostroor50 and MSCIEM Ana vt NtSCI Seamus Mac Goraln PM 20)/111 2506 • Credit — Keep the focus on US credit maws macgoranntamotpan tom • Foil ern exchange— Remain risk neutral and focused on earning cany cyclical <latencies with low vol and non-threatening valuations (Scandinavia) Matthew Lehmann ptc20) l 21630 while tumults:I/manly selling upside on stretched commodity nurencies matinee m lehmantamorgat corn • Commodities — Neutral outlook favours spread trades over next 3 mouths Leo Evans 444.20) 7142.253r Mntada svanseiammgan men • Equity mat ken adsweek gave back all their gains of the protons week and have now fallen back to the low end of the tillage they have held over the past 10 weeks Commodities andbonds yields commie to fall from the yen highs seen m March The dogs: Is up against Most eurtenCiet YM tan *mph an 3 oppaiss ap togas cote • This week fall's In risk prices, and the tally in bands and the dollar. had for once li