EFTA01170769.pdf

From: US GIG To: Undisclosed recipients:; Subject: MN View 10.28.2011 Date: Fri, 28 Oct 2011 20:54:19 +0000 Attachments: JFMorgan_View_10.28.2011-pdf.zip !aline-Images: image003.png J.P.Morgan Stew AssotAimaahan J.Pliasa Chase Oak MA J.P.Itcsin tessete• Lid CO NS 2011 The J.P. Morgan View Did markets overreact? Jan • Eaniamln — We nbc US Q4 GDP from 1.0% to 2.See.aftee hertngdoee the same n• Q1 one the pet nen*. • Portfolio strategy — Nehmen/credit may have orareacled Man B./ Jahn 'kennel Sunny dui was lion at details. hut we stay long risk assets as the EU is Watergate risk &mina. and we should gel unmet (mm reaxed US rectsmon nsts. Ni ketone Pant irtzteginu • sued .- — We remain defends.) us Hilo nem pinwheel% Mph. EU lenders' stemma denten • Equities— We clay our etskrewaght te nem and mow SRL% lo an over Seamus Mac Goren %eight within EX to kegMSCI BRlen vi Nisei EM • teeth Arline wordUS ItY matins earth Lott ipmehl eunoweg, Matthew Lehmann • Ionian melange -- annexe han1recamtainaue amid lead m repatna. anon (mem bolanp, but the inspect on EUR nt 11 bkdy be small. • Commadilim expect Ow Beent.WTI•reted tongue/ further till Id/ Ml byte end ef next year. • Rtnk markers all rallied hinl tau, week fol kis Inc the EuroStemma gatemen on TherscUs morning Ma suggraml a morekleterm erred comenareent by Ell maw Ye • aver crag beat of maw or aeons the me mints of thee debtemus. Nt retain a Wets Mt penile* - mem eight taker ass Ames agnmt Meant tales - - Oce aJudgement that Emcee is finally recogninne Out a must do WCOMOUR the DOG news: dut a is showing in increased wiMecum U impkmert such MOISISICI, IA He GS tut skeet uirmacts remain beastly delmmely posationod: and dut sou get US FUN line !natty penalnad -- eunuch towed low yeas --- t you cleave to gay at talc U3 HO Sal mets. atomwa- • tit netts Onkel turd.uphtespets pekes koLmens inasid putticipees Came(ahaa- Its sumarle. as they did ma toren the EU :immune din isranssive. In Ef $ Can &loom Sc taigev cantonal rodeo a the era ol the ads —Italy — WIN ended donnas the stele et mu weak demeed a hand anon. laity. If the Summit did not mos e us unit an eventual 11e/01410011of the FILU dent GSO IR am.. then seedy Nulty and Leda mute evanescent and ate doe to fall tat tag rwomie ▪ farktaar nul disagreements emerge on the implementskin of tle Summit us at, ineeues EYfM vS0 at Wee • We dons iblaiL r nod monis long ria.Much hint:nenW.1nel. atilt ilOW Ole EU SSIMMIlt SICICEICMI 11 fall dupe pronises aml Wen of romme Mat— dealt whitest...nausea aull Ltigediumeineintactween major hteM neigh...Ins We do inn &wee 1sec Ilan ant M.11. unit Inn.e. plenty Is , ,f pit,, in am n today% nest few wool. and • s as a month. will likely we a Inman in perceptions of • hither tits new pain nip do ma.. teat eas)•amayat tre ph Ai its at use we am Irsand y assayed sat she hal. of um. +moo sis sae ismialfilm/Sal gala me asuman lo the men donees el erediewn (Wel data reds> Pas 41.1111141110.010011•IINNISSIEll 111•13A1s•t The certifying analye is indicated by a". See page 7 fa mini cerelicauou and ireartant legal and etcetera declasses. This email is confidential and subject to important disclaimers and conditions including on offers for the • urchase or saleof securities. a«urac and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA01170769