Some stuff is getting stretched
JPM: Fade the rally in equities
JP Morgan is the first major bank of 2023 to actually go out and take a view on the rally. JPM's head of strategy believes that the current market rally will start fading as we move through Q1 on a "travel to arrive" argument. Mislav: "The positive catalysts that we were highlighting from October, and which helped drive a rebound of as much as 27% for SX5E – peak in bond yields, in inflation and in USD, China reopening and more benign European gas prices – are now in the open". Now, one could argue that this is just a re-iteration of the massive consensus view that 1H will be weak. (JPM equity strategy)