At Any Rate

Global Rates - European Rates roundup

Fabio Bassi, Francis Diamond and Aditya Chordia discuss their published views on the ECB and BoE meetings scheduled for next week and their potential market impacts.

 

This podcast was recorded on 20 October 2023
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4536377-0  for more information; please visit www.jpmm.com/research/disclosures  for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

EM Fixed Income: Rising yields and geopolitical tail-risks

Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class.

 

Speakers
Jonny Goulden, Emerging Markets Strategist

Saad Siddiqui, Emerging Markets Strategist

 

This podcast was recorded on October 19,2023. This communication is provided for information purposes only. Institutional clients can view the related report at  https://www.jpmm.com/research/content/GPS-4536659-0. For more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPM

Commodities Focus: Global Natural Gas: Price rallies everywhere

In this podcast we discuss the amalgamation of supply risk factors from renewed strike fears in Australian LNG facilities to conflict in Middle East that sent European gas prices above 50 EUR/MWh. Amidst these developments, a move higher in US natural gas prices may be overlooked but since start of the month prompt contract is up 20%. The risk factors that we will discuss not only support the upside move in the prompt contract but also across much of the forward curve.

Speakers:
Shikha Chaturvedi, Head of Global Natural Gas Strategy  

Otar Dgebuadze, Global Energy Strategy

This podcast was recorded on date.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4530064-0, www.jpmm.com/research/content/GPS-4531777-0, www.jpmm.com/research/content/GPS-4529854-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

Global FX : Not calling an end to the USD ride yet

We discuss our still-constructive view on the dollar and the recent downgrade to our EUR/USD targets to parity (from 1.05).

Speakers:
Meera Chandan,  Global FX Strategy

Arindam Sandilya, Global FX Strategy

This podcast was recorded on 13 October 2023.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4530064-0, www.jpmm.com/research/content/GPS-4531777-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

Global Commodities: Demand destruction has begun (again)

After reaching our target of $90 in September, our end-year target remains $86/bbl. We maintain our view that August saw the largest deficit of the year and that inventory draws will transition to a slight build during the final four months of the year. Accordingly, crude backwardation should start to narrow and physical crude differentials for alternative Atlantic Basin grades should start to ease. Our balances assume healthy but slower demand growth in 4Q23 as we expect normal seasonal patterns in demand to be maintained this year. Crucially, demand restraint from rising oil prices is once again becoming visible in the US, Europe, and some EM countries. Accordingly, we believe that global oil inventories have built in September.

Speaker:

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on October 5, 2023.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4522039-0, www.jpmm.com/research/content/GPS-4462795-0, www.jpmm.com/research/content/GPS-4483453-0, www.jpmm.com/research/content/GPS-4499993-0, www.jpmm.com/research/content/GPS-4510542-0, www.jpmm.com/research/content/GPS-4522039-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

EM Fixed Income: EM bond(s), shaken but not stirred

Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 05 October 2023.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

US Rates: CTD shifts in the Treasury bond futures contract

Srini Ramaswamy and Ipek Ozil discuss the CTD shift in Treasury futures and its implications.

 

Speakers

Srini Ramaswamy, Managing Director, co-head of US Rates Strategy

Ipek Ozil, Executive Director, US Interest Rate Derivatives Strategy

 

This podcast was recorded on 02 October 2023.

This communication is provided for information purposes only. Institutional clients can view the related report https://www.jpmm.com/research/content/GPS-4520589-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

Global FX: Dollar strength moves up a gear

This week we discuss the Dollar rally having stepped up a gear. Compare and contrast Q4-23 with Q4-22. Bottoms up USD drivers and positioning. European FX highest convictions.

Speakers

Arindam Sandilya, Global FX Strategy
James Nelligan, Global FX Strategy
Patrick Locke, Global FX Strategy

 

This podcast was recorded on 29 September 2023.

This communication is provided for information purposes only. Institutional clients can view the related report at http://www.jpmm.com/research/content/GPS-4521884-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

Global Commodities: Waiting for weather

In this podcast we discuss current risks plaguing the European and US natural gas markets, including the potential for power generation to provide some upside risk to our current 2024 price forecast for US natural gas and Norwegian outages that have helped the European natural gas market avoid storage congestion. However, ultimately we believe that weather firmly in the driver seat in dictating price formation for 2024.

 

Speakers
Shikha Chaturvedi, Head of Global Natural Gas Strategy

Otar Dgebuadze, Global Energy Strategy  

 

This podcast was recorded on 29 Sept 2023.

This communication is provided for information purposes only. Institutional clients can view the related report https://www.jpmm.com/research/content/GPS-4518638-0 and https://www.jpmm.com/research/content/GPS-4522775-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

EM Fixed Income: No panic at the disco yet for EM as US yields rise

Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 28 September 2023.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4521773-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.