Making Sense

In this episode, we hear from Chris Andrew, Head of EMEA Market Structure at JP Morgan.  Chris runs through the evolution of equity turnover ratios across Europe and the US, the extent to which turnover ratios in the US have become increasingly concentrated in a limited set of stocks and sectors, the likely involvement of the retail investor in driving this trend (and intersection between the reta...

How are financial markets in Asia attracting increased foreign investor participation? Leland Price and Meridy Cleary from the FICC Market Structure & Liquidity Strategy team discuss some of the most impactful developments contributing to the growing demand and liquidity in fixed income and FX markets in the region. This episode was recorded on March 22, 2024. The views expressed in this podca...

In this episode, we hear from Gerard Francis and Ashley Peterson on the evolution of data management to date, and the likely path from here.  They discuss how the data landscape has evolved over the last few decades;  who the key users of that data are and common pain points they face; how the industry is evolving to address those needs; and how use of AI is likely to drive further change in this...

Progress in Asia Pacific is crucial for achieving the UN's Sustainable Development Goals globally. However, identifying suitable financing opportunities for sustainable development is often seen as a barrier to capital inflow to the region. Join Arsalan Mahtafar, Head of J.P. Morgan Development Finance Institution, and host Matthew Chan, Head of Sustainability and ESG Engagement in APAC, as they d...

Dive into the future of generative AI with Mark Murphy, Head of U.S. Enterprise Software Research, Gokul Hariharan, Co-Head of APAC TMT Research, and Jack Atherton, who covers TMT Specialist Sales. In this episode, they explore the burgeoning generative AI landscape: What are companies spending on? What’s going on with custom silicon programs? And where are we on the adoption curve?   This episode...

Non-farm payrolls increased by 303,000 last month, far exceeding expectations. What’s underpinning the strength in the U.S. labor market? What does this mean for the inflation outlook? And what’s the path forward for the Fed? Mike Feroli, Chief U.S. Economist, sits down with Phoebe White, Head of U.S. Inflation Strategy, to discuss key takeaways from the March jobs report. If you’re interested in...

In this episode, host Evan Junek sits down with Rubiao Song, Head of Energy Tax Equity Investments, to discuss how this structured equity plays a key role in the development of renewable energy in the U.S. Learn about the economic impact of these investments, opportunities associated with the Inflation Reduction Act (IRA), and more.  This episode was recoded on March 18, 2024. This material was pr...

In this episode, the group discusses dynamics in APAC equity market structure, including the rise in APAC turnover ratios in recent years (in contrast to the decline in European turnover ratios), the dominance of the APAC retail investor, and key market structure themes to watch through 2024.  Clare Witts, Head of Market Structure for APAC, is in discussion with Eloise Goulder, Head of the Global...

Cocoa prices have soared to an all-time high due to a global supply shortage. What’s the impact on chocolate makers, and what are they doing to adapt? Here, Ken Goldman, Lead Equity Research Analyst for U.S. Food Producers and Food Retailers, and Celine Pannuti, Head of European Staples and Beverages, share their thoughts with Shirley Wang, a credit analyst covering the investment-grade and high-y...

In this episode, host David Rawlings chats with Dorothee Blessing and Conor Hillery, Co-Heads of Investment Banking for EMEA at J.P. Morgan, on the financial pulse of the EMEA region. They explore the impact of geopolitical influences, regulatory shifts, and the M&A outlook in a rapidly evolving economic and investment banking landscape.    This episode was recorded on March 11, 2024. ​​ This...

Join host Evan Junek and Arsalan Mahtafar, Head of J.P. Morgan Development Finance Institution (DFI), as they explore key findings from the latest annual DFI report, including key transactions assessed for development impact and the success stories behind those numbers. Learn about the importance of impact investing, the role of the Impact Disclosure Taskforce and J.P. Morgan DFI's efforts to main...

In this episode, the group discuss recent outperformance in European equities - and particularly outperformance in European large caps, via SX5E Index.   They run through the fundamental rationale for the European equity rally YTD, the extent to which Hedge Funds and other investors have bought into the rally, and resulting positioning levels and crowding in European stocks.  They also discuss poc...

Electric vehicles have been getting mixed headlines of late, with consumer demand declining and auto firms cutting back on investments in this area. What’s prompting this slowdown, and what’s the outlook for the EV industry? Jose Asumendi, Head of European Auto Research, and Ryan Brinkman, Head of U.S. Autos and Auto Parts, share their insights. This episode was recorded on March 8, 2024.   This c...

This episode dives into insights from J.P. Morgan’s Clean Tech Stars Conference, exploring opportunities and challenges in the clean tech sector. Host Rama Variankaval, Global Head of Corporate Advisory & Sustainable Solutions, chats with James Janoskey, Co-Head of Global Energy, Power, Renewables and Mining, and Chuka Umunna, Head of Sustainable Solutions & Green Economy Investment Bankin...

In this episode we hear from Helen Jewell, EMEA CIO of Fundamental Equities at BlackRock.  Helen discusses the evolution of data in the fundamental discretionary stock picking process, how data can be best leveraged in the forecasting process, the relative importance of earnings estimates vs valuation techniques, and how the active equity investing space could evolve from here.  Helen is in discus...

The labor market continues to display remarkable resilience, with 275,000 jobs added in February. However, the U.S. jobless rate hit a two-year high while wage gains slowed, suggesting that conditions might be starting to moderate. Which sectors drove the strength in hiring? Will growth step down in the second quarter? And are we still on track for a rate cut in June? Join Michael Feroli, Chief U....

Join Kevin Foley, Global Head of Debt Capital Markets and Tarek Hamid, Head of North American Corporate Credit Research, as they recap highlights from J.P. Morgan’s Global High Yield & Leveraged Finance Conference. Discover insights on the macro economy, M&A outlook, private credit trends and more as we look to navigate the debt capital markets in 2024.  This episode was recorded on March...

In this episode we hear from Fulcrum’s Chief Research Officer Juan Antolin Diaz.  Juan discusses the macroeconomic and advanced econometric approach to investing at Fulcrum, including the integration of both quant and discretionary techniques.  He discusses the power of ‘Nowcasting’ to have a better understanding of the current economic backdrop, the benefits and challenges of dynamic asset alloca...

Is blockchain still a pipedream? In a world of increasing trading costs and capital constraints, could distributed ledger technology facilitate greater liquidity and efficient risk management? Can DLT realistically help address shortened settlement requirement requirements and cross-border funding challenges? Head of Markets DLT, Scott Lucas joins Kate Finlayson, Global Head of FICC Market Structu...

Dive into the intricacies of China's economic landscape with Joyce Chang, Chair of Global Research at J.P. Morgan, and Haibin Zhu, Chief China Economist and Head of Greater China Economic Research. In this insightful episode, they tackle the complexities of China's growth trajectory and the nuanced narratives between markets and policymakers. They also discuss the ongoing challenges that China is...

“It’s all about the U.S., for better or for worse.” What are the key themes driving global markets and economies in 2024 and beyond? Will geopolitics, globalization, technology, climate action and more continue to be shaped by U.S. dominance? And how will these factors impact strategic portfolios? Chair of Global Research Joyce Chang and Jan Loeys, who covers long-term strategy, share their insigh...

In this episode the group discuss risk / reward for US equities following an incredibly strong rally over the last 3 months.  They discuss strength in recent macro and micro data, implications of the recent ‘hotter’ CPI, the positioning backdrop for US equities and sectors, and key catalysts to watch to shape the narrative from here.  Andrew Tyler, Head of US Market Intelligence, and John Schlegel...

Ahead of J.P. Morgan’s Global High Yield & Leveraged Finance conference, Brian Tramontozzi, Head of North American Leveraged Finance Capital Markets, hosts Brian Rubin, Head of U.S. Fixed Income Trading at T. Rowe Price, and Michael Schechter, Partner and Head of Credit Trading at Ares Management. They discuss the current activity in the debt capital markets and potential factors that could im...

What do traders look for as they navigate market volatility in a dynamic landscape? How can firms utilize emerging technologies to achieve optimum outcomes? This episode explores the factors shaping execution strategies, the challenges in deploying new trading techniques and what current trends tell us about the future of electronic trading. Global Head of FICC e-Trading, Chi Nzelu joins Kate Finl...

The U.S. labor market continues to outperform expectations, with non-farm payrolls growing by 353,000 in January and wages increasing 4.5%. What does this all mean for inflation and interest rates? Join Michael Feroli, Chief U.S. Economist, and Samantha Azzarello, Head of Content Curation and Strategy, as they discuss the January jobs report. This episode was recorded on February 2, 2024.   This c...