• Economics –– Q4 GDP growth in US raised to 3%, even as Q3 was probably only 2%. We reduce UK 2012 growth from 0.8% to 0.5%, with a mini-recession in H1. • Portfolio strategy –– Near -term volatility as EMU plays poker. • Fixed Income –– Economic momentum favours UK gilts over JGBs. • Equities –– Continue to focus on country trades favouring Germany and BRICs. • Credit –– Senior French bank bonds vs. OATS look attractive in very good, and very bad, states of the world. • Foreign exchange –– We remain short EUR/JPY through options to hedge adverse outcomes in Europe. • Commodities –– We raise our WTI forecast to reflect our view that the Brent-WTI spread should narrow to only $4/bbl by the end of next year.
http://www.financeindonesia.org/showthread.php?3120-The-J.P.-Morgan-View-EMU-now-more-clearly-in-a-liquidity-crisis-affecting-all regards, D
