JPM-INTERNATIONAL FIRST TO MARKET Top Stories-20251103

November Chartbook

We have been arguing that activity momentum was likely to pick up, while at the same time inflation could remain well behaved due to a number of offsetting forces, such as rangebound Brent and decelerating services prices. This in turn was set to keep bond yields on the lower side, and central banks remain in an easing mode. Added to this constructive backdrop is the reducing trade uncertainty and an improvement in China outlook. These drivers are likely to help Eurozone equities break out of the sideways pattern that they were in since March, and we reiterate last month’s turning bullish on the region.