Krigen i Ukraine og Europas afhængighed af russisk gas og olie har fået JPMorgan til at komme med en klar advarsel: Investorerne bør undervurdere de europæiske aktier og euroen.
JPMorgan advarer mod at købe europæiske aktier
EUROSTOXX 50 futures slipped 0.2% Thursday morning, and analysts at JPMorgan had a stark warning for clients.
“We believe investors should underweight the Euro area in both the currency and the equity space given its vulnerability to any further escalation,” they wrote in a note.
“We revised our commodity price forecasts 10-20% higher across the board given the unfolding geopolitical crisis,” they added. “One silver lining is that the crisis forced a dovish reassessment of the Fed by the market, and we continue to assume a ‘moderate’ hiking path.”
European bonds also surrendered some of their recent hefty gains after data showed euro zone inflation hit a record high of 5.8% in January, making it harder for the ECB to keep policy super loose.
The euro was likewise on the defensive at $1.1098, having carved out a 22-month trough overnight at $1.1056.
Dealers stayed well away from the Russian rouble, though it did trade once at 101.00 per dollar.
