JPMorgan strategists, led by Mislav Matejka, remain optimistic on global equities and expect the market advance to broaden in the second half of the year. In a research note, the team said cyclical stocks are positioned to take back the lead as corporate earnings and economic activity indicators improve. The strategists predict that major indices will reach new highs in the second half, while stressing that current positioning is far from extreme. They also described the second-quarter earnings season as reassuring. In the cyclical space, the team is paying particular attention to banks, luxury goods, building materials, mining, industrials and cyclical consumer sectors. At the regional level, the report favors emerging markets and the euro area. The overall stance implies a preference for economically sensitive exposures rather than defensive low-volatility stocks. The key messages center on broad-based gains, cyclical leadership, fresh index highs, and the absence of excessive positioning. BlockBeats relayed the call on August 10.
JPMorgan strategists remain bullish on global equities, predicting the second-half rally will broaden as earnings and economic activity improve. Cyclical stocks are set to reclaim leadership and outperform low-volatility shares, the team led by Mislav Matejka wrote in a note.
They expect indices to hit fresh highs in the second half. Positioning is far from extreme, and the second-quarter earnings season has been reassuring, according to the report.
Within cyclicals, the team favors banks, luxury goods, building materials, mining, industrials and cyclical consumer sectors. It also prefers emerging markets and the euro-area markets.
BlockBeats reported the call on August 10.
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