JPMorgan's strategists ratcheted up the investment bank's 'underweight' recommendation on equities on Wednesday and urged switching into cash following the market rout caused by Silicon Valley Bank's collapse.
A J.P. Morgan logo is seen outside the JPMorgan bank offices in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier
LONDON, March 15 - JPMorgan's strategists ratcheted up the investment bank's "underweight" recommendation on equities on Wednesday and urged switching into cash following the market rout caused by Silicon Valley Bank's collapse. In a note titled "There are many carry trades, and they can't all be bailed out", JPMorgan analysts said: "We maintain a defensive tilt in our model portfolio, and further increase our UW in equities vs. raising our cash allocation."
"When the economy is slowing down and financing costs are rising, all these implicit or explicit carry trades are pressured to unwind, leading to an end of the cycle. We believe we are in that stage and remain negative on risky asset classes."
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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