GlobalResearch20March2019HighlightsfromtheGlobalMarketsConferenceinParisMarch2019ChairofGlobalResearchJoyceChang(1-212)834-4203joyce.chang@jpmorgan.comJ.P.MorganSecuritiesLLCGlobalResearchMalcolmBarr(44-20)7134-8326malcolm.barr@jpmorgan.comJPMorganChaseBankN.A,LondonBranchFabioBassiAC(44-20)7134-1989fabio.bassi@jpmorgan.comJ.P.MorganSecuritiesplcSaulDoctorAC(44-20)7134-1539saul.doctor@jpmorgan.comJ.P.MorganSecuritiesplcBruceKasman(1-212)834-5515bruce.c.kasman@jpmorgan.comJPMorganChaseBankNAJanLoeysAC(1-212)834-5874jan.loeys@jpmorgan.comJ.P.MorganSecuritiesLLCMislavMatejka,CFAAC(44-20)7134-9741mislav.matejka@jpmorgan.comJ.P.MorganSecuritiesplcPaulMeggyesiAC(44-20)7134-2714paul.meggyesi@jpmorgan.comJ.P.MorganSecuritiesplcNikolaosPanigirtzoglouAC(44-20)7134-7815nikolaos.panigirtzoglou@jpmorgan.comJ.P.MorganSecuritiesplcAlexRoeverAC(1-212)834-3316alex.roever@jpmorgan.comJ.P.MorganSecuritiesLLCSeepage18foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.www.jpmorganmarkets.comInvestorsentimentfromthisyear’sGlobalMarketsConferenceinParisreflectedamarginalbiastowardsholdingriskyassets,supportedbymoredovishpolicyguidancefromtheFedandECB,aswellasexpectationsthatgeopoliticalrisk,particularlyrelatedtoglobaltradetensions,willnotescalatedramatically.Whileglobalgrowthreflectsmoderatedeceleration,theUSisnotatriskoffallingintorecessionoverthenext12months,andinvestorsexpectrange-boundtomodestlyhigherreturnsacrossassetclasses,withEmergingMarketstooutperform.EuropeaninvestorsseegreaterrisksoriginatingfromtheUnitedStatesrelatedtotradetensionswithEuropeandChinaasoutweighingeconomicandpoliticalrisksfromItaly,theupcomingEuropeanelections,andBrexit.1.Centralbankstoremainaccommodativewithcorebondyieldstostaylow.Withglobalgrowthweakerthananticipatedandmarketvolatilityhigherthanexpected,thereisgrowingrecognitionbycentralbanksthatthedangersoffinancialinstabilityareasgreatorgreaterthantheriskofinflation.2.Globalgrowthhasbeensubparwithmilddeceleration,buttheUSrec...
