FAST FIVE: JPMorgan: "At This Stage The Question Is Do We Still See A Bounce In Equities"
In addition, in our note on August 27th, we discussed the seasonality factors: this century, September has been the worst month for performance, averaging a negative 1.16% return, while Q4 has been the best performing quarter, averaging +3.73% this century.
In our opinion, we still see energy the best long: with Brent at $86 now, Natasha reiterated her 4Q22 estimation of $100 Brent oil price amid volatility returns to the market.
She sees demand bouncing 1.5mbd yoy amid gas to oil switching and higher demand from China (her note is here).
However, globally, the Economics team is seeing higher risk of recessions.
12 with PEP reporting pre-mkt.