Market Becoming Oversold, JPMorgan Says, Use Weakness to Add
2015-08-24 05:59:11.2 GMT
By Cormac Mullen
(Bloomberg) -- JPMorgan says we’re in the midst of full
blown growth scare, bearish sentiment feels overpowering though
market becoming oversold and many fundamentals remain
supportive, in global equity research strategy note.
* Says Euro-zone PMI holding steady, needs to fall
substantially just to justify where cyclicals are already
trading; EPS revisions have in fact improved in the past 3-4
weeks
* Doesn’t see China as they key risk anymore, appears to be
“hugely crowded fear”, CNY unlikely to weaken in a hurry,
some important Chinese property data showing stabilization
* Says downside might be limited for commodity prices from
here
* Remains constructive in Euro-zone, key concern is state of
U.S. cycle though doesn’t see this fear will crystalize in
short-term
* Says thinks market has overshot on downside in near-term,
would use any further weakness to add
* NOTE: U.S. MARKET WRAP: Now What? Analysts, Strategists Take
Stock
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To contact the reporter on this story:
Cormac Mullen in Dublin at +353-1-523-9526 or
cmullen9@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
2015-08-24 05:59:11.2 GMT
By Cormac Mullen
(Bloomberg) -- JPMorgan says we’re in the midst of full
blown growth scare, bearish sentiment feels overpowering though
market becoming oversold and many fundamentals remain
supportive, in global equity research strategy note.
* Says Euro-zone PMI holding steady, needs to fall
substantially just to justify where cyclicals are already
trading; EPS revisions have in fact improved in the past 3-4
weeks
* Doesn’t see China as they key risk anymore, appears to be
“hugely crowded fear”, CNY unlikely to weaken in a hurry,
some important Chinese property data showing stabilization
* Says downside might be limited for commodity prices from
here
* Remains constructive in Euro-zone, key concern is state of
U.S. cycle though doesn’t see this fear will crystalize in
short-term
* Says thinks market has overshot on downside in near-term,
would use any further weakness to add
* NOTE: U.S. MARKET WRAP: Now What? Analysts, Strategists Take
Stock
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Cormac Mullen in Dublin at +353-1-523-9526 or
cmullen9@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net