At Any Rate

Natasha Kaneva is joined by Greg Shearer to discuss the outlook for platinum and palladium prices after a volatile start to the year.  Prices of both metals surged into early March on intensifying concerns around Russian supply. Yet this risk premium has sharply eroded in the last two months as fundamental concerns quickly shifted from lost supply to disintegrating demand as disruptions have once again snarled automotive supply chains.  While trimming near-term forecasts to account for the diminished S&D fundamentals, a stabilizing rebound in light vehicle production as well as a recovery in industrial activity in China should support prices for both metals in the coming quarters. Though, over the medium-term, PGM prices look set to diverge with platinum prices likely to see further gains on tightening fundamentals while palladium faces a number of stiff structural headwinds.

 

This podcast was recorded on 27 May 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4104253-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Jonny Goulden and Saad Siddiqui discuss the recent bear market bounce in EM local markets and how to assess moves on EM local bonds.

This podcast was recorded on May 26 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4105618-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Natasha Kaneva is joined by Ted Hall to discuss gasoline market dynamics. The national average US retail gasoline price topped $4.50 a gallon this week for the first time. With expectations of strong driving demand—traditionally, the US summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September. Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories. But this year, since mid-April, US gasoline inventories have fallen counter seasonally and sit at the lowest seasonal levels since 2019. A major driver in these counter-seasonal draws in gasoline is higher-than-normal exports that are unlikely to persist at current prices.

Speakers

Natasha Kaneva, Head of Global Oil and Commodities Research

Ted Hall, Vice President of Global Oil Research

 

This podcast was recorded on May 20, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4096782-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Jonny Goulden and Saad Siddiqui discuss the positioning and flow supports or risks to EM fixed income assets, as market volatility persists.

 

This podcast was recorded on 20 May 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4099123-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

A stablecoin has become unstable. US and global funding markets and regulators are watching closely for signs of contagion.  J.P. Morgan’s Teresa Ho joins Alex Roever to discuss their note on recent developments.

 

Speakers

Alex Roever, US Rates Strategy

Teresa Ho Gentile, US Fixed Income Strategy

 

This podcast was recorded on May 13, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4091899-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

 

Natasha Kaneva discusses the pivot point the global economy is at, necessitating a realignment in the US trade objective from free to "free but secure.” The new plurilateral trade order would realign commodities supply chains among like-minded countries (friend-shoring) to ensure the availability, affordability, security, and sustainability of natural resources. In addition to significantly higher costs of commodities production and supply chain redundancies, the management of strategic and commercial inventories will also have to change, replacing the just-in-time supply chain with just-in-case.

 

Speakers

Natasha Kaneva, Head of Global Oil and Commodities Research

 

This podcast was recorded on May 13, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4075607-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

 

Tracey Allen discusses Indonesia’s ban on exports of some edible oils that commenced yesterday. The ban is an attempt to manage domestic food price inflation and food security. Wider challenges to the global agricultural supply side response will also be discussed.

 

This podcast was recorded on 29 April 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4068836-0, www.jpmm.com/research/content/GPS-4070164-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

 

Peter DeGroot is joined by Alex Roever to discuss our updated US rates strategy view. Ye Tian and Sabrina Spatz also join to discuss the worst muni 1Q performance on record, as well as muni sectors including airports and state and local governments.

 

Speakers:

Peter DeGroot, Head of Municipal Research & Strategy

Alex Roever, Head of US Rates Strategy

Ye Tian, Municipal Research & Strategy

Sabrina Spatz, Municipal Research & Strategy

 

This podcast was recorded on April 5, 2022.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Jonny Goulden and Saad Siddiqui discuss the recent market weakness in EM currencies and their relationship to CNY, commodities and the broader dollar.

This podcast was recorded on April 28, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4075554-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Luis Oganes, Jessica Murray and Lydia Harvey discuss our second survey of dedicated EM investors that focused on how climate is incorporated into EM sovereign ESG strategies. Survey results reveal that human induced climate change is one of the top three ESG related concerns of EM fixed income investors, who communicated that generating positive real-world climate impact was an important consideration in their ESG strategies, particularly as EM economies face significant transition and physical climate risks.

 

This podcast was recorded on 26/04/22.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4061324-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.