MARKET INSIGHTS

Guide to the
Markets
Asia | 2Q 2025 | As of March 31, 2025
 Global Market Insights Strategy Team GTM ASIA 2

Americas Europe Asia

Gabriela Santos Dr. David Kelly, CFA Karen Ward Tai Hui
New York New York London Hong Kong
Marcella Chow
Hugh Gimber, CFA Hong Kong
London
Meera Pandit, CFA Jack Manley Vincent Juvyns
New York New York Luxembourg Shogo Maekawa
Tokyo
Ian Hui
Hong Kong
Aaron Hussein, CAIA
Jordan Jackson Aaron Mulvihill, CFA London
New York New York Fumiaki Morioka
Tokyo
Jennifer Qiu, CFA
Hong Kong

Max McKechnie Tilmann Galler, CFA

Stephanie Aliaga Brandon Hall London Frankfurt
Chaoping Zhu, CFA
New York New York Adrian Wong Shanghai
Hong Kong

Natasha May Maria Paola Toschi

Mary Park Durham Katie B Korngiebel Arthur Jiang
London Milan
New York New York Raisah Rasid Shanghai
Singapore

Marina Valentini
São Paulo
Grant Papa Grace Wyckoff Zara Nokes Lucia Gutierrez Mellado Sahil Gauba Agnes Lin Kerry Craig, CFA
New York New York London Madrid Mumbai Taipei Melbourne

2
 Page reference GTM ASIA 3

Regional economy Equities Other asset classes

4. China: Economic snapshot 33. Global and Asia equity market returns 66. Asset class returns
5. China: Investments 34. Global equities: Return composition 67. U.S. recessions and market performance
6. China: Consumption 35. Global equities: Earnings expectations 68. Volatility
7. China: Inflation 36. Global equities: Valuations 69. U.S. dollar
8. China: Property sector fundamentals 37. Global equities: Corporate governance 70. Currencies
9. China: Property sector policy cycles 38. Global equities: Dividend performance 71. Commodities
10. China: Fiscal policy 39. APAC ex-Japan equities: Earnings expectations by 72. Gold
11. China: Monetary policy and credit growth market and sector 73. Oil: Short-term market dynamics
12. China: Exchange rate 40. APAC ex-Japan equities: Performance drivers 74. Alternative asset class returns vs. selected portfolios
13. Japan: Economic snapshot 41. APAC ex-Japan equities: Returns and valuations by 75. Understanding alternatives
14. Japan: Currency sector 76. Alternative sources of income
42. APAC ex-Japan equities: Exports and geographic
exposure
43. APAC ex-Japan equities: Dividend sources Investing principles
Global economy 44. China: Sector earnings and valuations
45. China: Technology-related industries 77. APAC ex-Japan equity annual returns and intra-year
15. Global growth forecasts declines
46. India: Sector earnings and valuations
16. Global Purchasing Managers’ Index (PMI) 78. U.S. equity annual returns and intra-year declines
47. Japan: Sector earnings and valuations
17. Global inflation 79. Fixed income annual returns and intra-year declines
48. Japan: Performance drivers
18. Global inflation forecasts 80. United States: Bull and bear markets
49. United States: Sector earnings and valuations
19. Central bank inflation targets and forecasted policy 81. Long-term returns and the compounding effect
50. United States: Sources of earnings growth and profit
rates margins 82. Portfolio construction, asset class returns and
20. G4 central bank policy rates and market expectations volatility
51. United States: Cash and capital expenditure
21. Trade: Global supply chains 83. 60/40 stock-bond portfolio performance
52. United States: Corporate tax rates
22. Trade: Tariffs on U.S. imports 84. 60/40 stock-bond portfolio during market shocks
53. United States: Index concentration
23. Trade: Exposure to U.S. trade policy 85. Correlation between stocks and bonds
54. Europe: Performance drivers
24. United States: Economic growth and the contribution
to GDP
25. United States: Cyclical sectors
Fixed income
26. United States: Survey data
27. United States: Economic monitor
55. Global fixed income returns
28. United States: Unemployment and labor demand
56. Global fixed income: Yields and duration
29. United States: Inflation
57. Global fixed income: Interest rate sensitivity
30. United States: Monetary policy
58. Global fixed income: Return composition
31. United States: Federal finances
59. Global fixed income: Valuations
32. Europe: Fiscal spending
60. Global fixed income: Government bond yields and
expected inflation
61. U.S. investment grade bonds
62. U.S. high yield bonds
63. Credit market dynamics
64. Emerging market debt
65. Asia fixed income

3
 China: Economic snapshot GTM ASIA 4

Contribution to real GDP growth Caixin/S&P Global Purchasing Managers’ Indices

Regional economy

Year-over-year change (y/y) Index

28% 65
Contribution to y/y change 1Q24 2Q24 3Q24 4Q24 2/2025: 51.4
Investment (ppts) 0.6 1.9 1.2 1.3 3/2025: 51.2
24%
60
Consumption (ppts) 3.9 2.3 1.4 1.6

20% Net exports (ppts) 0.8 0.5 2.1 2.5

Total GDP (% change, y/y) 5.3 4.7 4.6 5.4
55

16%
50
2024: 5.0%
12%
45
8%

40
4%

35
0%

-4% 30

-8% 25
'80 '85 '90 '95 '00 '05 '10 '15 '20 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25
Investment (Gross capital formation) Consumption
Services Manufacturing
Net exports GDP

Source: J.P. Morgan Asset Management; (Left) CEIC, National Bureau of Statistics of China; (Right) Caixin/S&P Global, FactSet. Total gross domestic product (GDP)
figures may not sum due to rounding. Purchasing Managers’ Index (PMI) is relative to 50, which indicates deceleration (below 50) or acceleration (above 50) of economic
activities in the sector. Data for the Caixin/S&P Global Purchasing Managers’ Services index begins from 31/10/08.
4 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Investments GTM ASIA 5

Fixed asset investment by enterprise ownership Fixed asset investment for major industries
Regional economy

Year-to-date, year-over-year change Year-to-date, year-over-year change

40% 40%

30%
30%

20%
20%

10%
10%

0%

0%
-10%

-10%
-20%

-20%
-30%

-30% -40%
'14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Aggregate Private State-owned enterprises Real estate Manufacturing Infrastructure

Source: CEIC, National Bureau of Statistics of China, J.P. Morgan Asset Management.
5 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Consumption GTM ASIA 6

Consumer confidence and consumption Consumption in key categories

Regional economy

Index Year-over-year change, 3-month moving average Year-over-year change, 3-month moving average
140 40% 40%

30% 30%
130

20% 20%
120

10% 10%

110

0% 0%

100
-10% -10%

90
-20% -20%

80 -30% -30%
'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Jan-22 Jun-22 Nov-22 Apr-23 Sep-23 Feb-24 Jul-24 Dec-24

Consumer confidence index Retail sales Restaurant services Autos Household appliances

Source: CEIC, National Bureau of Statistics of China, J.P. Morgan Asset Management.
6 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Inflation GTM ASIA 7

Consumer Price Index (CPI) inflation China Producer Price Index (PPI) and U.S. import prices
Regional economy

Year-over-year change Year-over-year change

6% 15% 25%

20%
5%
10% 15%

4% 10%

5% 5%
3%

0%

2%
0% -5%

-10%
1%

-5% -15%

0%
-20%

-1% -10% -25%

'13 '15 '17 '19 '21 '23 '25 '01 '04 '07 '10 '13 '16 '19 '22 '25

Headline Core China PPI U.S. import price index

Source: National Bureau of Statistics of China, J.P. Morgan Asset Management; (Left) CEIC; (Right) U.S. Bureau of Labor Statistics, Wind.
7 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Property sector fundamentals GTM ASIA 8

China residential property price* and volume Housing inventory months** in China
Regional economy

Year-over-year change Average across 80 key cities***

30% 45
Latest inventory months
Tier-1 18.2
20% 40 Tier-2 24.6
Tier-3 & 4 36.3
80-city 27.6
35
10%

30
0%

25
-10%
20

-20%
15

-30%
10

-40% 5

-50% 0
'20 '21 '22 '23 '24 '25 '10 '12 '14 '16 '18 '20 '22 '24
Floor space newly started Floor space sold
Primary home price Secondary home price
Source: National Bureau of Statistics of China, J.P. Morgan Asset Management; (Left) Wind; (Right) China Real Estate Information Corporation (CRIC), Citi Property
Research. *Price indices refer to residential buildings in 70 large and medium-sized cities in China. **Housing inventory months is the average number of months to clear
housing stock based on month-end inventory over trailing three-month average of sales volume, and only includes primary market property. Inventory months picked up in
March 2020, mainly on lower sales volume (-40%/-29%/-27% y/y in 1Q20 in Tier-1, Tier-2 and Tier-3/4 cities, respectively) due to COVID pandemic. ***80 key cities (4 Tier-
1, 27 Tier-2 and 49 Tier-3 & 4) are selected by CRIC based on data representativeness and availability.
8 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Property sector policy cycles GTM ASIA 9

China Real Estate Climate Index*

Regional economy

2012 = 100
115 Oct ‘17: “Houses are for living
Jul ‘06: Tightening of money supply Sept ‘24: Coordinated stimulus:
Jan ‘01: Invigoration in, not for speculation” first
Start of increases to reserve A raft of surprise pro-growth policy
Subsidies to support affordable announced by President Xi at the
requirement ratios and interest rates Apr ‘10: First wave of home announcements, including lowering
housing development 19th Party Congress
throughout 2006-2008 purchase restrictions (HPR) existing mortgage rates and down
110 imposed payment ratios for second homes

May ‘24: Escalated stimulus:

Sept ‘16: Second round
Purchase of market stock by local
of home purchase
governments, lowering down
105 restrictions introduced
payment ratios and mortgage rates,
large-scale removal of HPR

100
Mar ‘08: Launch of
shantytown redevelopment

Aug ‘20: Three red-lines

95 Nov ‘08: Economic stimulus introduced to control
Jul ‘98: Privatization RMB 4 trillion stimulus developers' leverage***
Privatized state-owned package**
residential property Jun ‘12: Short period of easing Jul ‘22: Supportive measures:
Feb '15: Started a new round of
Relaxed monetary policy, Rescue fund was set up to
90 shantytown redevelopment
increased availability of provident supported by large-scale PSL**** support distressed developers
fund financing and lowered down and ensure home delivery,
payment ratios lowered mortgage rates

85 Mar ‘13: Curb speculation

Enforced a 20% capital gains tax, Sept ‘23: Demand stimulation:
higher down payment ratios for Nationwide easing through relaxing
second-time home buyers, monetary policy, lowering mortgage
stricter HPR rates and down payment ratios
80
'98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24
Source: China Real Estate Association, FactSet, National Bureau of Statistics of China, J.P. Morgan Asset Management. Green text refers to loosening conditions while
red text refers to restrictive conditions. *The China Real Estate Climate Index is an economic indicator that reflects the overall operating conditions and climate of the real
estate industry in China. It is compiled by the China Real Estate Association and the National Bureau of Statistics of China and takes into account various factors such as
real estate development investments, land area purchased for development, floor space under construction, floor space completed, sales of commercial buildings, funding
sources for property developers etc. **The property-related policies in the package includes tax breaks for property buyers, lowering down payment requirements,
increased spending on affordable housing, easing credit for property developers. ***The three red line rules regulate developers’ liability-to-asset ratio, net gearing ratio and
cash to short-term debt ratio. ****PSL stands for pledged supplementary lending.
9 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Fiscal policy GTM ASIA 10

Central and local government revenue and expenditure* Pace of central and local government bond issuance***
Regional economy

Trillion RMB, 2024 Year-to-date issuance as percentage share of full-year quota

40 120%
Central government Annual Issuance
Local governments RMB trillion
110% issuance filled
2022 7.0 7.2
35 2023 7.7 9.6
Special
debt 100% 2024 11.2 11.3
General debt funding
funding Jan - Feb 2025 17.7 2.4
30 Government 90%
funds
Other government
expenditure
funds revenue** Land
sales
80%
25 Imported budget revenue
stabilization funds
70%
Government funds
revenue
20 Transferred funds 60%
Fiscal
Non-tax revenue Revenue
Government funds
50%
15 expenditure

Debt Public
40%
Public Budget
funding spending spending
stabilization and
10 other transfer 30%
funds

Central-to- Central-to- 20%

local fiscal local fiscal
5 Tax transfer transfer
revenue payments payments 10%

0 0%
Revenue Expenditure Revenue Expenditure Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: Ministry of Finance of China, Wind, J.P. Morgan Asset Management. *Government funds budget is a separate national budget from the general public budget. The
revenue is primarily financed through land sales and other relevant fees, and expenditures are mainly capital expenditures such as infrastructure, earmarked for specific
purposes. Total revenue may not equal total expenditure due to statistical discrepancies.**Other government funds revenue includes construction fees, toll revenue
etc.***Annual issuance refers to the total amount of bond issuances planned for the full year, while issuance filled is the cumulative actual issuances year-to-date.
Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
10
 China: Monetary policy and credit growth GTM ASIA 11

Key interest rates Chinese credit impulse**

Regional economy

Per annum Share of nominal GDP, year-over-year change

7.5% 10%

8%

6.0% 6%

4%

4.5% 2%

0%

3.0% -2%

-4%

1.5% -6%

-8%

0.0% -10%
'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '20 '21 '22 '23 '24 '25
Medium-term lending facility (1-year) Reverse repo (7-day) Aggregate financing Bank loans*** Government bond
Loan prime rate (1-year)* Loan prime rate (5-year) Direct corporate financing**** Off-balance sheet financing*****

Source: CEIC, J.P. Morgan Asset Management; (Left) People’s Bank of China (PBoC); (Right) Ministry of Finance of China. *Previously, the 1-year lending rate was a key interest rate. In August
2019, the PBoC started to release 1-year and 5-year loan prime rates (LPR) on a monthly basis, which are based on quotes from 18 large banks. LPR has become the benchmark for commercial
loans and floating rate loan contracts. **Credit impulse measures the year-over-year change of credit flow (net aggregate social financing) as a percentage of nominal GDP. Rolling 12-month
nominal GDP and credit stock are used in the calculation. ***Refers to loans in local currency, loans in foreign currency and loan write-offs. ****Refers to corporate bond financing and non-financial
enterprise equity financing. *****Refers to entrusted loans, trust loans, banker’s acceptance bill and asset-backed securities.
11 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Exchange rate GTM ASIA 12

U.S. – China interest rate differential and currency U.S. tariff announcements* and currency in 2018-2019
Regional economy

USD / CNY
3.0% 7.4 7.4
Weaker CNY Phase 1 deal
agreed
15% tariff on
7.2
2.0% 7.2 List 4A

10% tariff on
List 3
7.0 Truce called 25% tariff on
List 3
1.0% 7.0
25% tariff on
List 1&2
6.8
Solar panels
0.0% 6.8 and washing
machines
6.6

25% on steel &

-1.0% 6.6 10% on aluminum
6.4

-2.0% 6.4
6.2

Stronger CNY
-3.0% 6.0 6.2
'10 '12 '14 '16 '18 '20 '22 '24 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19
10-year U.S. Treasury yield
minus 10-year Chinese USD / CNY
government bond yield
Source: FactSet, Federal Reserve, J.P. Morgan Asset Management. *Labels refer to when the tariffs were announced, and thus, would precede the actual implemented
increase in tariffs. Various tariffs on solar panels and washing machines were announced January 2018, 25% tariff on steel and 10% on aluminum were announced in
March 2018, 25% tariff on Lists 1&2 were announced June 2018, 25% tariff on List 3 was announced in May 2019 (initially set at 10%), 15% tariff on List 4A was
announced August 2019. Lists refer to U.S. imports from China. A temporary truce was announced in December 2018 at the G20 summit. Phase 1 deal was officially
announced in December 2019 and signed in January 2020.
12 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Japan: Economic snapshot GTM ASIA 13

Component contribution to GDP Japan core inflation and wage growth

Regional economy

Year-over-year change Year-over-year change

8% 6%

Contribution (%) 4Q24

Consumption 0.6
Private investments 0.1
6% Public investments 0.1 4%
Government expenditure 0.4
Net exports 0.0
Total GDP 1.1
4% 2%

2% 0%

0% -2%

-2% -4%

-4% -6%
Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25
'21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '24 '24 '24 '24
Nominal wage growth
Inflation ex-food and energy
(3-month moving average)

Source: FactSet, J.P. Morgan Asset Management; (Left) Japanese Cabinet Office; (Right) Japan Ministry of Health, Labor and Welfare, Japan Ministry of Internal Affairs
and Communications. Component contribution to GDP may not add up to the total due to rounding.
13 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Japan: Currency GTM ASIA 14

U.S. – Japan interest rate differential and USD / JPY Net short positions** on yen and USD / JPY
Regional economy

Number of contracts*** at Chicago Mercantile Exchange

4.5% 180 250,000 170

Weaker JPY Weaker JPY

4.0% 200,000 160
160
3.5%
150,000 150

3.0% 140
100,000 140

2.5%
120 50,000 130
2.0%

0 120
1.5% 100

-50,000 110
1.0%
80
0.5% -100,000 100

Stronger JPY Stronger JPY

0.0% 60 -150,000 90
'10 '12 '14 '16 '18 '20 '22 '24 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 Oct-23 Jul-24

10-year U.S. Treasury yield USD / JPY Net short positions USD / JPY
minus 10-year JGB* yield

Source: Bloomberg, Commodity Futures Trading Commission, FactSet, J.P. Morgan Asset Management. *JGB refers to Japanese government bonds. **Net positions
capture that of leveraged funds and asset managers. Above 0 will mean net short positions and below 0 will mean net long positions. ***Japanese futures contracts are
valued at 12,500,000 JPY each.
14 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global growth forecasts GTM ASIA 15

Developed markets quarterly real GDP growth Emerging markets quarterly real GDP growth
Year-over-year change Year-over-year change
7% 14%

6% Forecast* Forecast*
Global economy

12%
5%

4% 10%

3%
8%

2%

6%
1%

0% 4%

-1%
2%
-2%

-3% 0%
Dec '21 Sep '22 Jun '23 Mar '24 Dec '24 Sep '25 Dec '21 Sep '22 Jun '23 Mar '24 Dec '24 Sep '25

U.S. Eurozone Japan China India Brazil

Source: FactSet, J.P. Morgan Asset Management. *Real GDP growth forecasts are based on FactSet Economic Estimates, which are consensus estimates compiled by
FactSet.
15 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global Purchasing Managers’ Index (PMI) GTM ASIA 16

Global manufacturing and services PMI Global manufacturing PMI breakdown

Index

Aug '24
May '24

Nov '24
Jun '24

Sep '24

Dec '24

Feb '25
Apr '24

Oct '24

Jan '25

Mar '25
Jul '24
65

Global 50.6 -
Global economy

DM* 50.0 -
60 EM** 51.2 -
U.S. (Markit) 52.7 49.8
U.S. (ISM) 50.3 -
Eurozone 47.6 48.7
55
Germ any 46.5 48.3
France 45.8 48.9
Italy 47.4 -
Spain 49.7 -
50
UK 46.9 44.6
Australia 50.4 52.1
Japan 49.0 48.4
45 China (Markit) 50.8 51.2
China (NBS) 50.2 50.5
Korea 49.9 49.1
Taiw an 51.5 49.8
40 Indonesia 53.6 -
India 56.3 57.6
Russia 50.2 -
Brazil 53.0 -
35 Mexico 47.6 -
'99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25

Manufacturing Services

Source: Institute for Supply Management, J.P. Morgan Economic Research, National Bureau of Statistics of China, S&P Global, J.P. Morgan Asset Management. PMIs are
relative to 50, which indicates deceleration (below 50) or acceleration (above 50) of the sector. Heatmap colors are based on PMI relative to the 50 level, with green (red)
corresponding to acceleration (deceleration). *Developed market includes Australia, Canada, Denmark, eurozone, Japan, New Zealand, Norway, Sweden, Switzerland, UK
and the U.S. **Emerging market includes Brazil, Chile, China, Colombia, Croatia, Czech Republic, Hong Kong SAR, Hungary, India, Indonesia, Israel, Korea, Malaysia,
Mexico, Philippines, Poland, Romania, Russia, Saudi Arabia, Singapore, South Africa, Taiwan, Thailand, Turkey and Vietnam.
16 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global inflation GTM ASIA 17

Headline consumer prices

Year-over-year change
Below trend Inflation running Above trend
Legend
Global economy

Feb Mar
1Q '15
2Q '15
3Q '15
4Q '15
1Q '16
2Q '16
3Q '16
4Q '16
1Q '17
2Q '17
3Q '17
4Q '17
1Q '18
2Q '18
3Q '18
4Q '18
1Q '19
2Q '19
3Q '19
4Q '19
1Q '20
2Q '20
3Q '20
4Q '20
1Q '21
2Q '21
3Q '21
4Q '21
1Q '22
2Q '22
3Q '22
4Q '22
1Q '23
2Q '23
3Q '23
4Q '23
1Q '24
2Q '24
3Q '24
4Q '24
'25 '25
Developed Markets

U.S. 2.8% -

UK 2.8% -
Eurozone 2.3% 2.2%
Japan 3.6% -

Australia 2.4% -

China -0.7% -
India 3.6% -
Korea 2.0% 2.1%
EM Asia

Taiwan 2.2% -
Indonesia -0.1% -
Malaysia 1.5% -
Thailand 1.1% -

Brazil 5.1% -
Other EM

Mexico 3.8% -
Turkey 39.1% -
South Africa 3.2% -

Source: Department of Statistics Malaysia, DGBAS, Eurostat, FactSet, IBGE, India Ministry of Statistics & Programme Implementation, INEGI, J.P. Morgan Economic
Research, Korean National Statistical Office, Melbourne Institute, Ministry of Commerce Thailand, Ministry of Internal Affairs & Communications Japan, National Bureau of
Statistics of China, Office for National Statistics UK, Statistics Indonesia, Statistics Institute Turkey, Statistics South Africa, U.S. Department of Labor, J.P. Morgan Asset
Management. Seasonally adjusted quarterly averages, with the exception of the two most recent figures, which are seasonally adjusted single month readings, are shown.
Colors are based on z-score of year-over-year inflation rate relative to each market’s own 10-year history where red (blue) indicates inflation above (below) long-run trend.
EM represents emerging markets.
17 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global inflation forecasts GTM ASIA 18

Developed market headline consumer price inflation Emerging market headline consumer price inflation
Year-over-year change Year-over-year change
12% 14%

Forecast* Forecast*
12%
Global economy

10%

10%
8%

8%
6%

6%

4%
4%

2%
2%

0%
0%

-2% -2%
Jan '22 Oct '22 Jul '23 Apr '24 Jan '25 Oct '25 Jan '22 Oct '22 Jul '23 Apr '24 Jan '25 Oct '25

U.S. Eurozone Japan China India Brazil

Source: FactSet, J.P. Morgan Asset Management. *Inflation forecasts are based on FactSet Economic Estimates, which are consensus estimates compiled by FactSet.
18 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Central bank inflation targets and forecasted policy rates GTM ASIA 19

Inflation and central bank inflation targets* Forecasted change in central bank policy rates**
Year-over-year change
8% 7%

Inflation target range

7%
Inflation target or midpoint 6%
Global economy

Current inflation
6%
Inflation six months ago
5%
5%
4%
4%

3% 3%

2% 2%

1%
1%

0%
0%

Euro area
Japan

Australia

U.S.
Korea

Indonesia
UK
China

Thailand

Taiwan

Malaysia

Philippines

India
-1%

-2%

Current interest rate Forecast rate by 31/12/2025

Source: FactSet, J.P. Morgan Asset Management; (Right) J.P. Morgan Economic Research. *While the U.S. Federal Reserve officially targets 2% headline personal
consumption expenditure (PCE) inflation, headline consumer price index (CPI) is used for U.S. inflation in this chart due to the timelier release of data. The inflation figure
used for Australia is based on trimmed-mean CPI, which is the preferred metric used by the Reserve Bank of Australia for its inflation target. The inflation figure used for
Malaysia is based on core CPI, which is the preferred metric used by the Bank Negara Malaysia (The Central Bank of Malaysia) for its inflation target. Inflation figures for
other listed economies are based on headline CPI, in accordance with their preferred inflation target metric. **Forecasts are based on forecasts estimated by J.P. Morgan
Economic Research.
19 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 G4 central bank policy rates and market expectations GTM ASIA 20

G4 central bank key policy rates Market expectations* for central bank policy rates
Per annum
6% 4.5%
Global economy

5%
4.0%

4%
3.5%

3%

3.0%

2%

2.5%
1%

2.0%
0%

-1% 1.5%
'04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 Mar-25 Jun-25 Sep-25 Dec-25

U.S. UK Eurozone Japan U.S. U.S. expectations 6 months ago (30/09/2024)

Eurozone Eurozone expectations 6 months ago (30/09/2024)

Source: Bank of England, Bank of Japan, European Central Bank, U.S. Federal Reserve, J.P. Morgan Asset Management; (Left) FactSet; (Right) Bloomberg L.P.
*Expectations are based on overnight index swap rates. Past performance is not a reliable indicator of current and future results.
20 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Trade: Global supply chains GTM ASIA 21

Global supply chain pressure* and freight costs** Freight costs by route***
Standard deviation from historical average Price (USD thousands) Price (USD thousands)
5 12 16

14
Global economy

4
10

12
3
8
10
2

6 8

1
6
4
0
4

2
-1
2

-2 0 0
'11 '13 '15 '17 '19 '21 '23 '18 '19 '20 '21 '22 '23 '24

Global supply chain pressure Freight costs Shanghai-Los Angeles Shanghai-Rotterdam

Source: Applied Macroeconomics and Econometrics Center, Bloomberg, FactSet, J.P. Morgan Asset Management. Standard deviation is a measure of dispersion relative
to the mean. *The Global Supply Chain Pressure Index tracks the state of global supply chains using data from the transportation and manufacturing sectors. **Freight
costs are represented by the Drewry World Container Index, which tracks the freight costs of a 40-foot long container via eight major East-West trade routes, including spot
rates and short-term contract rates. ***Shanghai-Rotterdam and Shanghai-Los Angeles represent the two trade routes in the index with the highest volume and thus
highest weighting.
21 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Trade: Tariffs on U.S. imports GTM ASIA 22

Average tariff rate on U.S. goods imports for consumption*

Duties collected / value of total imports for consumption
20%

18%
Global economy

16% Campaign promise: 20% universal tariff +

additional 60% tariff on China** (17.7%)
14%

12%

10%

8% Additional tariffs on autos and auto parts (1.4%)

Tariffs on non-FTA Canada and Mexico goods (1.0%)
6%
Additional tariffs on steel & aluminum (0.4%)
Additional 20% tariffs on China (2.6%)
4%
Pre-inauguration tariffs (2.4%)

2%

0%
'30 '35 '40 '45 '50 '55 '60 '65 '70 '75 '80 '85 '90 '95 '00 '05 '10 '15 '20 '25
Source: Goldman Sachs Investment Research, Tax Foundation, U.S. Department of Commerce, United States International Trade Commission, J.P. Morgan Asset
Management. *Imports for consumption: goods brought into an economy for direct use or sale in the domestic market. This does not include goods admitted into bonded
warehouses or foreign trade zones. The data above incorporates all current official revisions for 2010-2020 as of July 2021. On Feb 4, 10% additional tariff on all goods
imported from China came into effect, an additional 10% were placed on March 4. On March 6, it was confirmed that 25% tariffs are being placed on Canada and Mexican
goods (10% on energy products and potash) that do not satisfy USCMA rules of origin. Estimate on USMCA coverage come from Goldman Sachs Investment Research,
which are 82.5% and 85% of Canadian and Mexican imports, respectively. On March 12, President Trump removed all exemptions from his 2018 25% tariffs on steel, and
increased tariffs on aluminum from 10% in 2018 to 25%. On March 26, 25% tariffs on autos and auto parts were announced. **Estimate made by Tax Foundation in October
2024. May not be updated as of the latest announcements regarding tariffs and U.S. trade policy and is subject to change. Forecasts are based on current data and
assumptions about future economic conditions. Actual results may differ materially due to changes in economic, market and other conditions.
22 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Trade: Exposure to U.S. trade policy GTM ASIA 23

Exports by market U.S. imports for select categories** by market

% of nominal GDP, USD, goods, 2023 USD billion, 2024
350

U.S. 7% 7%
Global economy

300
UK 2% 14% 15%
Mexico

250
Japan 4% 13% 17%

China 3% 16% 19% 200 Japan

Ireland

Canada 20% 6% 26% Switzerland South Korea

150
Germany
Singapore
Mexico 27% 6% 33% Canada
India
100 Canada

China
Germany
South Korea Israel
7% 30% 37% Mexico
South Korea
50 Taiwan ROW Brazil
Malaysia South Korea ROW
EU 3% 34% 38% ROW
Ireland
ROW
0
0% 10% 20% 30% 40% Semis Pharma Auto & Steel &
auto parts aluminium
U.S. ROW*

Source: UN Comtrade, J.P. Morgan Asset Management. *ROW refers to rest of the world. **Pharmaceuticals (pharma) refer to all goods in HS 30 (Pharmaceutical
Products). Auto & auto parts include goods in HS 8702 (Motor Vehicles for the Transport of Ten or More Persons), HS 8703 (Motor Cars and Other Motor Vehicles), HS
8706 (Chassis Fitted with Engines, for Motor Vehicles), HS 8707 (Bodies for Motor Vehicles) and HS 8708 (Parts and Accessories for Motor Vehicles). Semiconductors
(semis) include HS 854231 (Processors and Controllers), HS 854232 (Memories), HS 854233 (Amplifiers) and HS 854239 (Other Electronic Integrated Circuits). Steel and
aluminum refer to all goods in HS 72 (Iron and Steel), 73 (Articles of Iron or Steel), 76 (Aluminum and Articles Thereof).
23 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Economic growth and the contribution to GDP GTM ASIA 24

Component contribution to GDP Real GDP

Quarter-over-quarter change, SAAR* Trillions of chained (2017) U.S. dollars, SAAR*
10% 26
Contribution (%) 4Q24
Consumption 2.7 GDP (%) 1Q24 2Q24 3Q24 4Q24
Investment -1.0 Q/Q SAAR 1.6 3.0 3.1 2.4
Global economy

8% Government 0.5 24 Y/Y 2.9 3.0 2.7 2.5

Net Exports 0.3
Total GDP 2.4

6% 22
Forecast** Trend growth:
2.2%
4% 20

2% 18

0% 16

-2% 14

-4% 12
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24
'21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '24 '24 '24 '24 '25

Source: Bureau of Economic Analysis, FactSet, J.P. Morgan Asset Management. Trend growth is measured as the average annual growth rate from business cycle peak
1Q01 to business cycle peak 4Q19. Axis on the left chart is cut to maintain reasonable scaling. *SAAR stands for seasonally adjusted annualized rate. **Forecast is based
on the Federal Reserve Bank of Atlanta’s forecasted annualized quarterly growth rate of real GDP for the current quarter. Component contribution to GDP may not add up
to the total returns due to rounding.
24 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Cyclical sectors GTM ASIA 25

Residential investment as a share of GDP Business fixed investment as a share of GDP

Quarterly, seasonally adjusted Quarterly, seasonally adjusted
7% 16%
Recession Recession
15%
6% Average: 13.1%
Global economy

14%
5%
13%
4%
Average: 4.4% 12%

3%
11%

2% 10%
'76 '81 '86 '91 '96 '01 '06 '11 '16 '21 '76 '81 '86 '91 '96 '01 '06 '11 '16 '21

Light vehicle sales Flows into early delinquencies

Million vehicles, seasonally adjusted annualized rate Share of balance delinquent 30+ days
21 16%
Recession Recession
19 14%
12%
17
10% Credit card
15 average: 7.9%
8%
Average: 15.4
13
6%
Auto loan
11
4% average: 7.5%
9 2%

7 0%
'03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25

Source: Bureau of Economic Analysis, FactSet, U.S. Census Bureau, J.P. Morgan Asset Management. Data for light vehicle sales is quarterly apart from the latest monthly
data point.
25 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Survey data GTM ASIA 26

Consumer expectations Business confidence

Index value Inflation expectations Index value
110 1% 8 115
Lower inflation
expectations
110
Global economy

100
2%
7
90 105

3%
80 100

70 95
4%

60 90
5
5%
50 85

Higher inflation
expectations
40 6% 4 80
'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
University of Michigan University of Michigan inflation CEO confidence in current NFIB small
consumer sentiment expectations over next year business conditions business optimism
Source: FactSet, J.P. Morgan Asset Management; (Left) University of Michigan; (Right) Chief Executive Group, National Federation of Independent Business (NFIB).
The University of Michigan sentiment survey contains 50 core questions focusing on how consumers view prospects for their own financial situation, the general economy
over the near term and economy over the long term. The CEO confidence survey looks at current U.S. CEOs’ view of current business conditions. The NFIB Small
Business Optimism Index measures the overall optimism and outlook of small business owners regarding the economic conditions, sales expectations, hiring plans and
capital expenditures.
26 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Economic monitor GTM ASIA 27

U.S. variables used by NBER in making recessions determination*

Percentile rank relative to historic data since 1990
100
Lower
recession
90 risk
Global economy

80

70

60
6 months
50 prior

40
Latest

30

20

10 Higher
recession
risk
0
Real personal income Nonfarm payroll Household survey Real consumer Real wholesale and Industrial production
less transfers employment employment spending retail sales

Source: FactSet, Federal Reserve, U.S. Bureau of Economic Analysis, U.S. Census Bureau, U.S. Department of Labor, J.P. Morgan Asset Management. Transformations
used for each of the indicators are three-month moving averages. Real wholesale sales are calculated using PPI. Past performance is not a reliable indicator of current and
future results. *The NBER’s definition of a recession involves a significant decline in economic activity that is spread across the economy and lasts more than a few
months. Specifically, they consider real personal income less transfers, nonfarm payroll employment, employment as measured by the household survey, real personal
consumption expenditures, wholesale-retail sales adjusted for price changes and industrial production. There is no fixed rule about which measures contribute to the
process or how they are weighted, but the committee notes that “in recent decades, the two measures we have put the most weight on are real personal income less
transfers and nonfarm payroll employment.”
27 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Unemployment and labor demand GTM ASIA 28

Unemployment rate and average hourly earnings* JOLTS job openings**

Share of labor force, year-over-year change, seasonally adjusted Total job openings, thousands, seasonally adjusted
16% 14,000

14%
Global economy

12,000

12%
Recessions 02/2025: 4.1% 10,000 Recessions
02/2025: 4.1%
10%
02/2025: 7,568
8,000

8%

6,000
6%

4,000
4%

2,000
2%

0% 0
'85 '90 '95 '00 '05 '10 '15 '20 '25 '85 '90 '95 '00 '05 '10 '15 '20 '25
Unemployment rate Average hourly earnings

Source: FactSet, U.S. Bureau of Labor Statistics, J.P. Morgan Asset Management. *Average hourly earnings are calculated from the wages of production and non-
supervisory workers. **The Job Openings and Labor Turnover Survey (JOLTS) job openings up to November 2000 are J.P. Morgan Asset Management estimates.
28 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Inflation GTM ASIA 29

Headline and core inflation

Change vs. prior year, seasonally adjusted
10% 1

30-yr. avg. Jan 25 Feb 25

Headline inflation 2.5% 3.0% 2.8%
Global economy

8% Core inflation 2.4% 3.3% 3.1%

Core goods inflation 0.6% -0.1% -0.1% Trump 1st tariff
Core services inflation 3.1% 4.3% 4.1% announcement
6% Food inflation 2.8% 2.5% 2.6%
Energy inflation 4.1% 0.8% -0.3%

4%

2%

0%

-2%
Recessions

-4% 0
'94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24
Headline inflation Core inflation Core services inflation

Source: BLS, FactSet, J.P. Morgan Asset Management. Inflation measure is based on consumer price index (CPI).
29 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Monetary policy GTM ASIA 30

Federal funds rate expectations

Market expectations for the fed funds rate
8% FOMC March 2025 forecasts
Percent

7% Long
2025 2026 2027
Global economy

run
Change in real GDP, 4Q to 4Q 1.7 1.8 1.8 1.8
6% Unemployment rate, 4Q 4.4 4.3 4.3 4.2
PCE inflation, 4Q to 4Q 2.7 2.2 2.0 2.0

5%

4%

3%

2%

1%

0% Long
'91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25 '27 run

Federal funds rate Market expectations* FOMC year-end estimates FOMC long-run projection

Source: Bloomberg, FactSet, U.S. Federal Reserve, J.P. Morgan Asset Management. *Market expectations are based on overnight index swap rates. Federal Reserve
projections shown are the median estimates of Federal Open Market Committee (FOMC) participants.
30 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Federal finances GTM ASIA 31

The 2025 federal budget Federal deficit and net interest outlays
USD trillions Share of GDP, 1973-2035, CBO Baseline Forecast, inverted
-15%
$8.0 Forecast
Total deficit or surplus

Total spending: $7.0tn -11%

TCJA
extension*
Global economy

$7.0
-7%
Non-defense disc.: $989bn Net interest outlays
(14%)
Deficit: $1,865bn (27%)
-3%
$6.0
Defense: $859bn
(12%) 1%
Tariffs: $80bn (1%) Primary deficit or surplus
$5.0 Other: $179bn (3%) 5%
Other mandatory: $855bn (12%)
Corporate taxes: $524bn (7%) '73 '78 '83 '88 '93 '98 '03 '08 '13 '18 '23 '28 '33

$4.0 Medicaid: $656bn (9%)

Payroll taxes: $1,759bn (25%)

Federal net debt** (accumulated deficits)
Medicare:
Share of GDP, 1940-2035, CBO Baseline Forecast, end of fiscal year 2035:
$3.0 140% 130.0%
$1,145bn (16%) TCJA
extension*
120%
2024:
98.2% 2035:
$2.0 100%
Social Security: 118.5%
$1,572bn (22%)
80%
Income taxes: $2,621bn (37%)
$1.0 60%
Forecast
Net interest: $952bn (14%) 40%

$0.0 20%
'40 '48 '56 '64 '72 '80 '88 '96 '04 '12 '20 '28
Total government spending Sources of financing

Source: CBO, J.P. Morgan Asset Management; (Left) Numbers may not sum to 100% due to rounding; (Top and bottom right) BEA, Treasury Department. Estimates are from the Congressional
Budget Office (CBO) January 2025 An Update to the Budget Outlook: 2025 to 2035. “Other” spending includes, but is not limited to, health insurance subsidies, income security and federal civilian
and military retirement. Years shown are fiscal years. All CBO estimates are adjusted by JPMAM to reflect GDP revisions resulting from the 2024 annual update of the National Economic Accounts.
*Adjusted by JPMAM to include estimates from the CBO May 2024 report “Budgetary Outcomes Under Alternative Assumptions About Spending and Revenues” on the extension of TCJA
provisions. Forecasts are not a reliable indicator of future performance. Forecasts, projections and other forward-looking statements are based upon current beliefs and expectations. They are for
illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections or other forward-looking statements, actual
events, results or performance may differ materially from those reflected or contemplated.**Net debt refers to debt held by the public, which excludes intragovernmental holdings (such as securities
held by government trust funds, like the Social Security Trust Fund). Gross federal debt is the sum of debt held by the public and intragovernmental debt.
31 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Europe: Fiscal spending GTM ASIA 32

Government debt* Defense expenditure

Share of GDP Share of GDP
140% 4.5%

130% 4.0%
Global economy

3.5%
120%

3.0%
110%

2.5%
100%
NATO guideline: 2%
2.0%
90%

1.5%
80%
1.0%
70%
0.5%

60%
0.0%

50%
'10 '14 '18 '22 '26

U.S. Eurozone ex-Germany UK Germany 2014 2024**

Source: J.P. Morgan Asset Management; (Left) FactSet, IMF; (Right) North Atlantic Treaty Organization (NATO).*Debt refers to gross debt at face value. Dotted line
forecasts are based on IMF World Economic Outlook as of October 2024. **Figures for 2024 are NATO estimates.
32 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global and Asia equity market returns GTM ASIA 33

10-yrs ('15 - '25)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q '25 Ann. Ret. Ann. Vol

China A Japan Taiwan China U.S. Taiwan Korea U.S. ASEAN Taiwan Taiwan China Taiwan China

52.1% 9.9% 19.6% 54.3% -4.4% 37.7% 45.2% 28.7% -4.1% 31.3% 35.1% 15.1% 12.7% 25.1%

India China A U.S. Korea India China A Taiwan Taiwan India U.S. U.S. Europe U.S. Korea

23.9% 2.4% 12.0% 47.8% -7.3% 37.2% 42.0% 26.8% -7.5% 26.3% 25.0% 10.6% 12.5% 23.3%

U.S. U.S. Korea India Taiwan U.S. China A India Europe Korea China Korea India China A

13.7% 1.4% 9.2% 38.8% -8.2% 31.5% 38.4% 26.7% -14.5% 23.6% 19.7% 5.2% 8.1% 23.0%
APAC APAC APAC
Taiwan Europe ASEAN Europe China Europe Japan India China A Europe Taiwan
Equities

ex-JP ex-JP ex-JP

10.1% -2.3% 7.1% 37.3% -8.4% 24.6% 29.7% 17.0% -16.3% 21.3% 14.9% 1.2% 6.3% 20.8%
APAC APAC
China India ASEAN China A Japan China Japan Japan India Japan Japan India
ex-JP ex-JP
8.3% -6.1% 6.2% 32.6% -12.6% 23.7% 22.8% 2.0% -17.2% 20.8% 12.4% 0.5% 5.6% 19.2%
APAC APAC APAC
ASEAN Korea Japan ASEAN Japan U.S. ASEAN U.S. Europe ASEAN China A
ex-JP ex-JP ex-JP
6.4% -6.3% 2.7% 30.1% -13.7% 20.1% 18.4% 0.2% -18.1% 20.7% 12.4% -0.3% 4.6% 16.9%
APAC APAC APAC APAC
China China Taiwan Europe India China A China ASEAN China Europe
ex-JP ex-JP ex-JP ex-JP
3.1% -7.6% 1.1% 28.5% -14.3% 19.5% 15.9% -1.0% -21.8% 7.7% 10.6% -1.4% 2.7% 16.5%
APAC APAC
Japan Europe Europe China Korea Japan China A ASEAN Japan India Korea ASEAN
ex-JP ex-JP
-3.7% -9.1% 0.2% 26.2% -18.7% 13.1% 14.9% -2.7% -26.5% 0.8% 8.7% -2.9% 2.2% 15.9%

Europe Taiwan India Japan Korea ASEAN Europe Korea Korea China A Europe U.S. ASEAN U.S.

-5.7% -11.0% -1.4% 24.4% -20.5% 8.8% 5.9% -7.9% -28.9% -10.9% 2.4% -4.3% 1.2% 15.4%

Korea ASEAN China A U.S. China A India ASEAN China Taiwan China Korea Taiwan China A Japan

-10.7% -18.4% -15.2% 21.8% -27.6% 7.6% -6.2% -21.6% -29.1% -11.0% -23.1% -12.6% 0.2% 14.0%

Source: FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. Returns are total returns in U.S. dollars based on MSCI indices, except the U.S., which is the
S&P 500, and China A, which is the CSI 300 index in U.S. dollar terms. China return is based on the MSCI China index. 10-yr total (gross) return data is used to calculate
annualized returns (Ann. Ret.) and annualized volatility (Ann. Vol.) and reflect the period 31/03/15 – 31/03/25. Past performance is not a reliable indicator of current and
future results.
33 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global equities: Return composition GTM ASIA 34

Sources of global equity returns*

Total return, USD
30%
2024 2025
25.0% YTD

8.7%
20%
10.6%
8.1%
10.6%
Equities

10% 2.4% 0.5%

3.0%
-4.3% 1.2%

0%

-10%

-20%
U.S. Japan Europe EM Asia Pacific U.S. Japan Europe EM Asia Pacific
ex-Japan ex-Japan

Multiple expansion** EPS growth outlook*** Dividend yield Currency return Total return

Source: FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. *All return values are MSCI Gross Index (official) data, except the U.S., which is the S&P 500.
**Multiple expansion is based on the forward price-to-earnings ratio. ***Earnings per share (EPS) growth outlook is based on next 12-month aggregate (NTMA) earnings
estimates. Diversification does not guarantee positive returns or eliminate risk of loss. Past performance is not a reliable indicator of current and future results.
34 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global equities: Earnings expectations GTM ASIA 35

Earnings growth Earnings revisions ratios

Earnings per share, year-over-year change, consensus estimates Net earnings revisions to consensus estimates, 13-week moving average
20% 80%

60%

15%
40%
Equities

20%
10%

0%

5%
-20%

-40%
0%

-60%

-5% -80%
U.S. Europe Japan Asia Pacific China '20 '21 '22 '23 '24
ex-Japan
2024 2025 2026 U.S. Europe Asia Pacific ex-Japan Japan
Estimate 3m ago Estimate 3m ago Estimate 3m ago
Source: FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. U.S., Europe, Japan, Asia Pacific ex-Japan and China equity indices used are the S&P 500, MSCI
Europe, MSCI Japan, MSCI AC Asia Pacific ex-Japan and MSCI China, respectively. Consensus estimates used are calendar year estimates from FactSet. Revisions are
based on the current unreported year. Net earnings revisions is (number of companies with upward earnings revisions minus number of companies with downward earnings
revisions) divided by the number of total companies. Past performance is not a reliable indicator of current and future results.
35 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global equities: Valuations GTM ASIA 36

Equity market valuations – Price-to-earnings

Forward P/E ratios
30x

25x
21.9
20x 20.1
17.2
15x 14.2 14.8 14.2
14.0 13.6 13.9
12.3 13.1 12.7 12.3 13.0
11.5 10.8
10x 10.2
8.7
5x
Equities

0x
AC World S&P 500 Europe Asia Pac Emerging ASEAN China A China Hong India Indonesia Japan Korea Malaysia Philippines Singapore Taiwan Thailand
ex-Japan markets Kong

Equity market valuations – Price-to-book

Trailing P/B ratios
5x 4.9

4x
3.6
3x 3.1
3.0

2x 2.1
1.8 1.8 1.7 1.8
1.6 1.6 1.5 1.5 1.5
1.4 1.4
1x 0.9 0.9

0x
AC World S&P 500 Europe Asia Pac Emerging ASEAN China A China Hong India Indonesia Japan Korea Malaysia Philippines Singapore Taiwan Thailand
ex-Japan markets Kong

Source: China Securities Index, FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. All valuation measures are based on respective MSCI data, except the
U.S., which is represented by the S&P 500, and China A, which is represented by the CSI 300 index. Price-to-earnings (P/E) and price-to-book (P/B) ratios are in local
currency terms. Past performance is not a reliable indicator of current and future results.
36 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global equities: Corporate governance GTM ASIA 37

Payout ratio and dividend yield Return on equity (ROE) and valuations
Last 12 months
50% 5.0x
Europe U.S.
4.5x
Taiwan

40% 4.0x
India
China A (2015)
India
3.5x
U.S. Japan
Dividend Payout Ratio
Equities

Trailing P/B Ratio

30% 3.0x
U.S.
India Taiwan
China A (2015)
Japan (2019) 2.5x
(2014)
China Europe
20% Korea 2.0x China
China China
Japan
(2019) (2015)
1.5x Japan
(2015)
Korea
(2014)
10% 1.0x Korea

0.5x

0% 0.0x
0% 1% 2% 3% 0% 5% 10% 15% 20% 25%
Dividend Yield Trailing ROE

Source: FactSet, MSCI, J.P. Morgan Asset Management. Data are based on respective MSCI data, except U.S. and China A, which are represented by the S&P 500 Index
and the CSI 300 Index, respectively. Filled diamonds represent latest data while unfilled diamonds represent historical comparisons. On the left chart, historical comparison
for China and China A are taken from 2019, where the index sector composition is similar to the current weighting.
37 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global equities: Dividend performance GTM ASIA 38

Risk return profile of high dividend equities Relative valuation and yield on global high dividend equities
Based on net total returns from Dec. 2000 MSCI ACWI high dividend index relative to MSCI ACWI
10% High div. EM 0% 2.5%
High div. Asia Pac. ex- equities
JP equities

9%
-10% 2.0%

8%
Equities

Annualized Return

-20% 1.5%

Asia Pac. ex- EM equities

7% JP equities
DM equities

-30% 1.0%

6%
High div. DM
equities Dividend Broad High dividend
yield* index index
-40% 0.5%
DM 1.7% 3.4%
5%
EM 2.2% 5.7%
APAC ex-JP 2.2% 5.1%

4% -50% 0.0%
14% 15% 16% 17% 18% 19% 20% 21% 22% '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Annualized Volatility
Relative forward P/E ratio Dividend yield differential

Source: Bloomberg, FactSet, MSCI, J.P. Morgan Asset Management. Indices are based on respective MSCI indices. *Dividend yield reflects latest dividend yield. Past
performance is not indicative of current or future results.
38 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 APAC ex-Japan equities: Earnings expectations by market and
sector GTM ASIA 39

Earnings growth by market

Earnings per share, year-over-year change, consensus estimates
40%

30%

20% 17.8% 17.3% 15.6% 17.1% 18.6%

14.1% 15.4%
11.5% 10.4% 12.3%
7.6% 6.3% 9.0%
6.8% 8.0% 8.7% 8.7% 8.5% 10.2% 8.4%
10% 4.1% 4.9%
0.1%
0%
-1.7%
-10%
Equities

Australia Hong Kong Malaysia Singapore Thailand Indonesia Philippines China Asia Pacific India Taiwan Korea
ex-Japan
2025 2026

Earnings growth by sector

Earnings per share, year-over-year change, consensus estimates
40%

30%
21.4% 22.3% 21.9%
16.9% 18.5%
20% 14.4% 12.8% 14.3% 13.2% 15.9%
12.2% 12.5%
8.7% 9.7% 10.4%
10% 6.1% 7.8% 6.7%
5.8%
1.6% 3.3% 2.4%
0%

-10%
Energy Financials Utilities Real Estate Industrials Consumer Materials Communication Consumer Health Care Information
Staples Services Discretionary Technology
2025 2026

Source: FactSet, MSCI, J.P. Morgan Asset Management. Consensus estimates used are calendar year estimates from FactSet. (Top) Market indices used are the
respective markets’ MSCI indices. (Bottom) Sector indices used are from the MSCI AC Asia Pacific ex-Japan Index. Past performance is not a reliable indicator of current
and future results.
39 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 APAC ex-Japan equities: Performance drivers GTM ASIA 40

APAC ex-JP price-to-book* and subsequent returns APAC ex-JP / DM equity performance and USD index
Relative index level, Dec. 1997 = 100 Index level
120% 200 60

Current level

80%
150 80
Next 12 months price return in USD
Equities

40%

100 100

0%

50 120
-40%

-80% 0 140
0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23
Price-to-book ratio
MSCI APAC ex-JP / MSCI World (DM) USD Index (inverted)

Source: FactSet, MSCI, J.P. Morgan Asset Management. *Price-to-book ratio used here is trailing 12-months price-to-book ratio. Dots represent monthly data points since
1996. DM = Developed markets. Past performance is not a reliable indicator of current and future results.
40 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 APAC ex-Japan equities: Returns and valuations by sector GTM ASIA 41

Cons. Comm. Health Cons. APAC

Financials Tech. Industrials Materials Energy Real Estate Utilities
Discr. Services Care Staples ex-Japan
APAC ex-Japan

Weight
25.0% 21.3% 14.4% 10.0% 7.1% 5.7% 4.4% 3.8% 3.2% 2.7% 2.5% 100.0%
Weights

YTD '25 3.3% -9.0% 11.9% 13.0% 0.0% 1.9% -3.0% 0.5% -0.1% -3.3% -2.7% 1.2%

Return
2024 19.5% 21.4% 12.3% 22.4% 5.9% -22.0% -0.6% -6.5% -3.1% -2.7% 11.6% 10.6%

Correl to S&P 500

0.70 0.71 0.44 0.41 0.68 0.75 0.54 0.42 0.69 0.56 0.46 0.70

p
sectors and index*
Equities

2025 earnings
3.3% 22.3% 13.2% 16.9% 2.4% 14.4% 21.4% 12.5% 1.6% 6.7% 12.2% 10.4%
growth

EPS
2026 earnings
6.1% 21.9% 15.9% 14.3% 9.7% 12.8% 18.5% 10.4% 5.8% 8.7% 7.8% 12.3%
growth

Forward P/E ratio 10.4x 14.8x 14.0x 18.5x 14.1x 13.9x 27.8x 20.1x 11.1x 14.4x 12.3x 13.6x

P/E
10-year average 9.9x 15.1x 17.0x 19.2x 13.4x 13.1x 30.1x 21.5x 12.0x 11.1x 14.4x 13.5x

Trailing P/B ratio 1.2x 2.8x 2.4x 3.3x 1.5x 1.5x 3.7x 3.1x 1.1x 0.7x 1.4x 1.8x

P/B
10-year average 1.2x 2.4x 2.2x 2.6x 1.3x 1.5x 4.8x 3.3x 1.2x 0.8x 1.4x 1.6x

Dividend Yield 3.2% 1.9% 1.1% 1.1% 2.1% 3.2% 1.1% 2.5% 3.8% 3.7% 3.7% 2.2%

Div
10-year average 3.2% 2.1% 1.2% 2.2% 2.4% 3.4% 1.0% 2.2% 2.7% 3.9% 3.5% 2.4%

Source: FactSet, MSCI, J.P. Morgan Asset Management. EPS refers to earnings per share, P/E ratio refers to price-to-earnings ratio and P/B ratio refers to price-to-book
ratio, returns are in U.S. dollar terms. *Correlation (p) to S&P 500 sectors and index are based on the correlation between the S&P 500 Index and MSCI AC Asia Pacific
ex-Japan Index and S&P 500 sectors relative to the corresponding MSCI AC Asia Pacific ex-Japan sectors. Past performance is not indicative of current or future results.
41 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 APAC ex-Japan equities: Exports and geographic exposure GTM ASIA 42

Growth in nominal exports and earnings per share Geographic revenue exposure
USD, year-over-year change Revenue exposure of MSCI indices
80% 100%

60%
80%

40%

60%
Equities

20%
95%
85%
40% 79% 77%
75%
0%
63% 62%

51% 50%
46%
20% 42%
-20% 38%

22%

-40%
0%

-60%
'01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25
MSCI APAC ex-JP earnings per share Local domestic China Elsewhere in Asia Americas
EM Asia ex-China exports* Europe Africa and Middle East

Source: J.P. Morgan Asset Management; (Left) CEIC, national statistics agencies; (Right) FactSet, MSCI. *EM Asia ex-China includes Hong Kong, Korea, Malaysia,
Singapore, Taiwan, Thailand and Vietnam. Overall exports aggregate is gross domestic product (GDP)-weighted. Past performance is not a reliable indicator of current and
future results.
42 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 APAC ex-Japan equities: Dividend sources GTM ASIA 43

Number of companies with yield >4% in Asia Pacific Number of companies with yield >4% by market
Constituents of MSCI Asia Pacific Constituents of various MSCI indices
140 350

120 300

250
100
Equities

200
80

150
60

100
40

50

20

0
Asia Pacific Europe Emerging U.S. Japan
0 ex-Japan markets ex-
≥4% and <5% ≥5% and <6% ≥6% Asia
China ASEAN* Australia and New Zealand Taiwan Financials Real Estate Energy Information Technology
Hong Kong Korea Other markets** Utilities Industrials Other sectors***

Source: FactSet, MSCI, J.P. Morgan Asset Management. *ASEAN includes Indonesia, Malaysia, Philippines, Singapore and Thailand. **Other markets include India and
Japan. ***Other sectors include Communication Services, Consumer Discretionary, Consumer Staples, Health Care and Materials. Past performance is not a reliable
indicator of current and future results. The number of constituents yielding above 4% are as follows: Asia Pacific ex-Japan (298), Europe (120), Emerging markets ex-Asia
(98), U.S. (50), Japan (26).
43 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Sector earnings and valuations GTM ASIA 44

MSCI China earnings growth estimates MSCI China price-to-earnings

Earnings per share, year-over-year change, consensus estimates Forward P/E ratios
50% 70x

60x
40%

50x
30%

40x
Equities

20%
30x

10%
20x

0%
10x

-10% 0x

Cons. Discr.
Utilities

MSCI China
Industrials

Comm. Serv.

Cons. Staples

Health Care

Tech.
Financials

Energy

Materials

Real Estate
Cons. Discr.
Utilities
Industrials

MSCI China

Comm. Serv.
Cons. Staples
Energy

Financials

Real Estate

Materials

Health Care

Tech.

Sector
Weight 2.6 17.2 4.1 2.0 3.7 100.0 21.8 1.8 2.8 32.3 3.6 8.1
(%)

2025 estimate 2026 estimate

2025 2026
three months ago three months ago

Source: FactSet, MSCI, J.P. Morgan Asset Management. Tech refers to Technology; Cons. Staples refers to Consumer Staples; Comm. Services refers to Communication
Services; Cons. Discr. refers to Consumer Discretionary. Consensus estimates used are calendar year estimates from FactSet. Technology 2025 earnings growth estimate
is 68%. Past performance is not a reliable indicator of current and future results.
44 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 China: Technology-related industries GTM ASIA 45

Technology exposure in Asian markets Earnings in Chinese technology names

MSCI indices weight, select technology industries Relative level, Dec 2015 = 100, select technology industries
90% 600

80% 78%
500
70%

60% 400
Equities

50%
43% 300
40% 36%

30% 200

20% 17%
100
10%
10% 8%
4% 4%
2%
0%
0% 0
China China A Taiwan Korea Japan '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

Hardware and IT equipment Software and IT services Hardware and IT equipment Software and IT services

Source: FactSet, MSCI, J.P. Morgan Asset Management. Based on MSCI China, MSCI China A Onshore, MSCI Taiwan, MSCI Korea and MSCI Japan index. Hardware
and IT equipment includes electronic equipment instruments & components, communications equipment, semiconductors & semiconductor equipment and technology
hardware storage & peripherals. Software and IT services include IT services, software, interactive media & services and broadline retail. Based on GICS classification.
Based on respective constituents of the MSCI China and MSCI China A Onshore index as of latest data. All data in USD terms.
45 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 India: Sector earnings and valuations GTM ASIA 46

MSCI India earnings growth estimates MSCI India price-to-earnings

Earnings per share, year-over-year change, consensus estimates Forward P/E ratios
50% 80x

40% 70x

60x
30%

50x
20%
Equities

40x
10%
30x

0%
20x

-10%
10x

-20% 0x
Cons. Discr.
Utilities

MSCI India

Industrials

Comm. Serv.
Tech.

Cons. Staples
Health Care

Energy

Materials
Financials

Cons. Discr.
Utilities

MSCI India

Industrials

Comm. Serv.
Tech.

Cons. Staples
Energy

Materials

Health Care
Financials
Sector
Weight 4.0 5.8 8.7 10.4 6.6 100.0 29.5 12.2 8.8 7.9 4.6
(%)

2025 estimate 2026 estimate

2025 2026
three months ago three months ago
Source: FactSet, MSCI, J.P. Morgan Asset Management. Tech refers to Technology; Cons. Staples refers to Consumer Staples; Comm. Serv. refers to Communication
Services; Cons. Discr. refers to Consumer Discretionary. Consensus estimates used are calendar year estimates from FactSet. Communication Services 2025 earnings
growth estimate is 309% and 2025 earnings growth estimate is 71%. Data for MSCI India real estate sector is unavailable. Communication Services 15-year P/E range is
-1781.7 to 317.1. Past performance is not a reliable indicator of current and future results. Axis may be cut off to maintain a more reasonable scale.
46 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Japan: Sector earnings and valuations GTM ASIA 47

MSCI Japan earnings growth estimates MSCI Japan price-to-book

Earnings per share, year-over-year change, consensus estimates Trailing P/B ratios
30% 3.5x

25% 3.0x

20%
2.5x

15%
2.0x
Equities

10%
1.5x
5%

1.0x
0%

-5% 0.5x

-10% 0.0x

Cons. Discr.
Utilities

Industrials

Comm. Serv.
Cons. Staples
MSCI Japan

Health Care

Tech.
Energy

Materials

Financials

Real Estate
Cons. Discr.
Utilities

Comm. Serv.

Industrials

MSCI Japan

Cons. Staples

Tech.
Financials

Energy

Health Care
Real Estate

Materials

Sector Less than

Weight 1.0 7.7 22.9 17.3 100.0 2.4 18.3 0.9 3.6 5.4 13.0 7.6 P/B 1.0x* 100% 100% 60% 81% 0% 25% 28% 21% 7% 10% 7% 7%
(%) (%)

2025 estimate 2026 estimate

2025 2026
three months ago three months ago
Source: FactSet, MSCI, J.P. Morgan Asset Management. Cons. Discr. refers to Consumer Discretionary, Comm. Services refers to Communication Services, Cons.
Staples refers to Consumer Staples, Tech refers to Technology. Consensus estimates used are calendar year estimates from FactSet. Utilities 2025 earnings growth
estimate is -27%. Communication Services 2024 earnings growth estimate is 42%. *Percentage of companies with a valuation of less than 1.0x price-to-book ratio is
calculated based on the number of constituents. Past performance is not a reliable indicator of current and future results.
47 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Japan: Performance drivers GTM ASIA 48

Growth in machine tool orders and earnings per share Return on equity and price-to-book (P/B) ratio
MSCI Japan, JPY, year-over-year change MSCI Japan, last 12 months
300% 11% 1.7x

250% 1.6x
10%

200% 1.5x

9%
150%
Equities

1.4x

100% 8% 1.3x

50% 1.2x
7%

0% 1.1x

6%
-50% 1.0x

-100% 5% 0.9x
'00 '04 '08 '12 '16 '20 '24 '15 '17 '19 '21 '23 '25

MSCI Japan earnings per share Return on equity Price-to-book (P/B) ratio
Japan machine tool orders

Source: Bloomberg, FactSet, MSCI, J.P. Morgan Asset Management. Past performance is not a reliable indicator of current and future results.
48 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Sector earnings and valuations GTM ASIA 49

S&P 500 earnings growth estimates S&P 500 price-to-earnings

Earnings per share, year-over-year change, consensus estimates Forward P/E ratios
25% 50x

20% 40x

15% 30x
Equities

10% 20x

5% 10x

0% 0x

S&P 500

Cons. Discr.
Utilities

Comm. Serv.

Industrials

Cons. Staples
Health Care

Tech.
Energy

Materials
Financials

Real Estate
S&P 500

Cons. Discr.
Utilities

Comm. Serv.

Industrials
Cons. Staples

Tech.
Health Care

Materials

Energy
Real Estate

Financials

Sector
Weight 2.3 2.5 6.1 11.2 14.7 9.2 100.0 8.5 10.3 29.6 2.0 3.7
(%)

2025 estimate 2026 estimate

2025 2026
three months ago three months ago

Source: FactSet, Standard & Poor’s, J.P. Morgan Asset Management. Tech refers to Technology; Cons. Staples refers to Consumer Staples; Comm. Serv. refers to
Communication Services; Cons. Discr. refers to Consumer Discretionary. Axis may be cut off to maintain a more reasonable scale. Energy 15-year P/E range is -263.8 to
77.2. Past performance is not a reliable indicator of current and future results.
49 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Sources of earnings growth and profit margins GTM ASIA 50

S&P 500 year-over-year operating EPS growth* S&P 500 profit margins
Annual growth broken into revenues, changes in profit margins & changes in share count Quarterly operating earnings/sales
70% 14%
Share of EPS grow th 2025 Avg. '01-'24
4Q24:
Recession 13.3%
60% Margin 6.3% 3.0%
13%
Revenue 4.8% 4.1%
Share count -0.1% 0.2%
48%
50% Total EPS 11.0% 7.3% 12%
’27F:
41% USD344
11%
40% ’26F:
Equities

USD308
10%
30% ’25F:
24% USD270
21% 9%
20%
14%15% 14%
6%
12% 14% 8%
5% 10%11% 12%
9%
10% 6% 6% 7% 0%
1%
0% 7%
1%

0%
6%

-10% -3% 5%

-16% -14%
-16% -16%
-20% 4%
'01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25 '27 '02 '05 '08 '11 '14 '17 '20 '23

Source: Compustat, FactSet, Standard & Poor’s, J.P. Morgan Asset Management. Historical earnings per share (EPS) levels are based on annual pro-forma earnings per
share. *2025, 2026 and 2027 EPS growth are based on consensus analyst estimates for each calendar year. Past performance is not indicative of future returns.
50 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Cash and capital expenditure GTM ASIA 51

Corporate cash as a share of current assets by sector Research & development and capex by sector
3Q24 Share of total S&P 500 R&D and capex by sector, current vs. average
24%
60%

51%
20%
50% 47%
45%

16% 8%
40%
36%
Equities

30% 31% 10% 8%

30% 12%
30%
26%
24%
23% 23%

20% 8%
8%
13%
14%
2%
10%
9%
10% 4% 8%
6%
4% 4%
3% 3%
2%

0% 0%

Value Growth S&P 500 Index Value - Capex Value - R&D Growth - Capex Growth - R&D
Average (last 10 years)

Source: Compustat, FactSet, J.P. Morgan Asset Management. (Left) Corporate cash and current assets data are based on the latest available quarterly data. Current
assets are assets that can be converted into cash within a 12-month time frame. Current assets includes items such as cash and cash equivalents, marketable securities,
accounts receivable, inventory and other short-term investments. (Right) Research and development (R&D) and capital expenditure (capex) data are through 31/12/2024.
Cons. Discr. refers to Consumer Discretionary, Comm. Services refers to Communication Services and Tech. refers to Technology.
51 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Corporate tax rates GTM ASIA 52

Effective corporate tax rates S&P 500 effective sector tax rates
Annual tax rates, 2023 Annual average tax rate
United States (pre-TCJA*) 35.2% 33.7%
Energy
27.8%
Australia 28.5%
Japan 28.4% 31.5%
Utilities
9.8%
Mexico 27.6%
30.3%
New Zealand 27.0% Materials
22.7%
Germany 26.6%
29.9%
Korea 24.9% Cons. Staples
21.1%
India 24.0% 28.3%
Cons. Discr.
Equities

Canada 23.7% 20.2%

France 23.7% 28.0%
S&P 500
Spain 23.3% 18.0%
China 23.0% 27.1%
Industrials
United States 22.7% 20.4%

United Kingdom 22.5% 26.5%

Financials
18.4%
Italy 21.2%
Indonesia 20.8% 26.3%
Comm. Services
19.6%
Thailand 19.6%
24.2%
Sweden 19.5% Health Care
15.8%
Switzerland 18.5%
22.9%
Singapore 16.1% Technology
14.0%
Hong Kong 14.3% 3.6%
Real Estate**
Ireland 12.4% 4.2%

0% 10% 20% 30% 40% 0% 10% 20% 30% 40%

Average (2011-2016) Average (2018-2023)

Source: J.P. Morgan Asset Management; (Left) OECD; (Right) Compustat, FactSet, Standard & Poor’s. *TCJA refers to Tax Cuts and Jobs Act. The Pre-TCJA datapoint
refers to 2017, as the TCJA applied only to tax years beginning in 2018. **Real estate effective tax rate average from 2018 to 2023 is a bottoms-up calculation due to
limitations in availability of data.
52 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Index concentration GTM ASIA 53

P/E ratio of the top 10 and remaining companies in S&P 500 Earnings growth
Next 12 months, 1996 - present Pro-forma earnings per share, year-over-year
50x 40% 35%
Current Average % of avg.
30%
Top 10 24.3x 20.6x 118%
45x 19%
17%
Remaining stocks 18.4x 15.8x 116% 20% 15% 16% 14%
13% 12% 13%
11% 11%11%
S&P 500 20.1x 16.7x 120% 10%
10% 7%
3% 4%
40x
0%

-10%
Equities

35x 2024 2025F 2026F 1Q25F 2Q25F 3Q25F 4Q25F 1Q26F

Top 10 in S&P 500 S&P 500 ex-top 10
30x

Contribution to earnings growth

Pro-forma earnings per share, year-over-year percentage points
25x
20%
15%
20x 12%
10% 2% 10%
7% 8% 7%
5% 3% 5%
8%
4% 5% 4% 4% 4% 6%
3%
15x 0%
-5%

10x -10%
'96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 2024 2025F 2026F 1Q25F 2Q25F 3Q25F 4Q25F 1Q26F
Top 10 in S&P 500 S&P 500 ex-top 10

Source: FactSet, Standard & Poor’s, J.P. Morgan Asset Management.

The top 10 S&P 500 companies are based on the 10 largest index constituents at the beginning of each month. Forecast assumes that the top 10 largest index
constituents at the time of publication by market cap remain the top 10.
53 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Europe: Performance drivers GTM ASIA 54

Europe relative valuation MSCI Europe earnings per share growth

Forward price-to-earnings ratio, MSCI Europe vs. S&P 500 Year-over-year
80%
IT

Comm. Services 60%

Discount vs.
the U.S. 60%
Industrials

Health Care
40% 33%
Equities

Materials

Utilities 20%
6%
Consumer Staples 4%
1% 11% 11%

Index 0%
0% -2%
-3%
Financials -4% -7%
-7% -7%
Premium vs. -20% -13%
Energy the U.S.
-24%
Cons. Discr.
-40%
-50% -40% -30% -20% -10% 0% 10% 20% '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26
Average discount/premium since 1997 Revenue Margin Shares
Current discount/premium

Source: FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. Past performance is not a reliable indicator of current and future results.
54 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global fixed income returns GTM ASIA 55

10-yrs ('15 - '25)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q '25 Ann. Ret. Ann. Vol.

USD Asian Asia HY U.S. HY Local EMD Cash U.S. IG U.S. IG U.S. HY Cash U.S. HY Asia HY Local EMD U.S. HY Local EMD

8.3% 5.2% 17.1% 15.2% 1.8% 14.5% 9.9% 5.3% 1.5% 13.4% 15.2% 4.3% 5.0% 11.1%
USD USD USD
U.S. IG USD Asian Asia HY U.S. MBS DM Gov't Cash USD Asian Local EMD U.S. HY U.S. MBS Asia HY
EMD EMD EMD
7.5% 2.8% 11.2% 9.3% 1.0% 14.4% 9.7% 0.0% -11.0% 12.7% 8.2% 3.1% 3.1% 10.2%
USD U.S. U.S. USD USD USD
Asia HY U.S. MBS U.S. HY U.S. HY U.S. IG U.S. HY Asia HY USD Asian
EMD Treas Treas EMD EMD EMD
6.1% 1.5% 10.2% 7.5% 0.9% 14.3% 8.0% -1.0% -11.2% 10.5% 5.7% 3.0% 2.9% 8.6%
USD U.S.
U.S. MBS Local EMD Asia HY DM Gov't Local EMD U.S. HY U.S. MBS Local EMD U.S. IG USD Asian Asia HY U.S. HY
EMD Treas
6.1% 1.2% 9.9% 6.9% -0.7% 13.5% 7.1% -1.0% -11.7% 8.5% 5.7% 2.9% 2.8% 7.5%
USD U.S. USD
U.S. IG DM Gov't USD Asian Asia HY USD Asian U.S. MBS USD Asian Cash DM Gov't U.S. IG U.S. IG
EMD Treas EMD
Fixed income

5.5% 0.8% 6.1% 6.8% -0.8% 12.8% 6.3% -1.5% -11.8% 7.0% 5.3% 2.9% 2.4% 6.9%
U.S. USD U.S. U.S. USD
Cash USD Asian U.S. IG U.S. HY USD Asian Cash U.S. IG Cash DM Gov't
Treas EMD Treas Treas EMD
5.1% 0.0% 5.8% 6.4% -2.1% 11.3% 5.9% -2.3% -12.5% 5.1% 2.1% 2.3% 1.9% 6.6%
U.S.
U.S. HY U.S. IG U.S. MBS USD Asian U.S. IG Asia HY USD Asian Asia HY U.S. MBS U.S. MBS U.S. IG Local EMD USD Asian
Treas
2.5% -0.7% 1.7% 5.8% -2.5% 6.9% 4.9% -2.4% -15.1% 5.0% 1.2% 2.3% 1.3% 4.9%
U.S. U.S.
DM Gov't DM Gov't DM Gov't U.S. MBS Asia HY U.S. MBS U.S. MBS DM Gov't U.S. IG Asia HY USD Asian U.S. MBS
Treas Treas
0.7% -2.6% 1.6% 2.5% -3.2% 6.4% 3.9% -6.5% -15.8% 4.8% 0.6% 2.3% 1.1% 4.9%
U.S. U.S. USD USD U.S. U.S.
Cash U.S. HY DM Gov't Local EMD Local EMD Local EMD Cash U.S. MBS
Treas Treas EMD EMD Treas Treas
0.0% -4.5% 1.0% 2.3% -4.6% 6.0% 2.7% -8.7% -16.5% 4.1% -2.4% 1.0% 1.0% 2.1%

Local EMD Local EMD Cash Cash Local EMD Cash Cash Asia HY DM Gov't DM Gov't DM Gov't U.S. HY DM Gov't Cash

-5.7% -14.9% 0.3% 0.8% -6.2% 2.2% 0.5% -11.0% -17.2% 4.0% -3.7% 1.0% -0.1% 0.6%

Source: Bloomberg, FactSet, J.P. Morgan Economic Research, J.P. Morgan Asset Management. Based on Bloomberg U.S. Aggregate Credit – Corporate High Yield Index
(U.S. HY), Bloomberg U.S. Aggregate Credit – Corporate Investment Grade Index (U.S. IG), J.P. Morgan Government Bond Index – EM Global Diversified (GBI-EM Div.)
(Local EMD), J.P. Morgan Emerging Market Bond Index Global (EMBIG) (USD EMD), J.P. Morgan Asia Credit Index (JACI) (USD Asian Bond), Bloomberg U.S. Aggregate
Securitized – MBS (U.S. MBS), J.P. Morgan Government Bond Index – Global Traded (DM Government Bond), J.P. Morgan Asia Credit High Yield Index (Asia HY),
Bloomberg Global U.S. Treasury – Bills (3-5 years) (U.S. Treasury) and Bloomberg U.S. Treasury – Bills (1-3 months) (Cash). 10-year data is used to calculate annualized
returns (Ann. Ret.) and annualized volatility (Ann. Vol.). Returns are in U.S. dollars and reflect the period from 31/03/15 to 31/03/25. Past performance is not a reliable
indicator of current and future results.
55 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global fixed income: Yields and duration GTM ASIA 56

Fixed income yields

Yield to maturity
11%

Developed market Investment grade High yield bonds Asia & emerging
government bonds bonds market bonds
9%

7%

5%
Fixed income

3%

1%

-1% Duration (years)

4.4 2.6 5.9 5.9 6.9 5.0 2.9 3.2 3.1 5.1 5.0 4.4 5.3 6.6
-3%
Japan Germany U.S. Europe U.S. Global U.S. U.S. Asia Europe Global U.S. Asia USD USD Local USD
10y 10y 10y IG ABS IG MBS IG IG HY HY HY HY Asia China EMD EMD
Credit Offshore
Source: Bloomberg, FactSet, ICE BofA Merrill Lynch, J.P. Morgan Economic Research, J.P. Morgan Asset Management. Based on Bloomberg U.S. Aggregate Credit – Credit
Corporate Investment Grade Index (U.S. IG), Bloomberg Euro Aggregate Credit – Corporate (Europe IG), J.P. Morgan Asia Credit Investment Grade Index (Asia IG),
Bloomberg Global Aggregate – Corporate (Global IG), Bloomberg U.S. Aggregate Credit – Corporate High Yield Index (U.S. HY), Bloomberg U.S. Aggregate Securitized –
Asset Backed Securities (U.S. ABS), Bloomberg U.S. Aggregate Securitized – Mortgage Backed Securities (U.S. MBS), Bloomberg Pan European High Yield (Europe HY),
J.P. Morgan Asia Credit High Yield Index (Asia HY), ICE BofA Global High Yield (Global HY), J.P. Morgan GBI-EM Global Diversified (Local EMD), J.P. Morgan EMBI
Global (USD EMD), J.P. Morgan Asia Credit Index (JACI) (USD Asia Credit), J.P. Morgan Asia Credit China Index (USD China Offshore Credit). Duration is a measure of
the sensitivity of the price (the value of the principal) of a fixed income investment to a change in interest rates and is expressed as number of years. Spread duration is
shown for Asia IG, Asia HY, USD EMD, USD Asia Credit and USD China Offshore Credit. Rising interest rates mean falling bond prices, while declining interest rates mean
rising bond prices. Yields are not guaranteed, positive yield does not imply positive return. Past performance is not a reliable indicator of current and future results.
56 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global fixed income: Interest rate sensitivity GTM ASIA 57

Impact of a 1% rise or fall in interest rates based on duration

Total return, assumes a parallel shift in the yield curve
28%

24% 22.7% 1% rise

No change
20% 1% fall

16% 14.6%
12.8% 12.5% 12.5%
11.9%
12% 10.7% 10.4% 10.7%
9.3%
8.6%
7.5% 7.7%
8%
Fixed income

6.3% 5.8%
5.5% 5.7% 5.2%
4.9% 4.6% 4.6% 4.2% 4.2% 4.0% 3.9%
4%
2.0%
1.3% 1.3% 1.4%

0%
-0.9% -0.4% -0.4%
-1.2% -1.3%
-4% -3.3%

-8%

-9.7%
-12%
U.S. MBS USD Asia USD EMD Local EMD USD Asia U.S. HY U.S. IG 30y UST 10y UST TIPS 5y UST 2y UST
Sovereigns Credit
Source: Bloomberg, FactSet, J.P. Morgan Economic Research, J.P. Morgan Asset Management. Based on Bloomberg U.S. Treasury Bellwethers Index (2, 5, 10, 30-year
UST), Bloomberg U.S. Treasury Inflation-Protected Notes Index (TIPS), Bloomberg U.S. Aggregate Securitized – MBS Index (U.S. MBS), Bloomberg U.S. Aggregate Credit
– Corporate – Investment Grade Index (U.S. IG), Bloomberg U.S. Aggregate Credit – Corporate – High Yield Index (U.S. HY), J.P. Morgan Emerging Market Bond Index
Global (EMBIG) (USD EMD), J.P. Morgan Asia Credit Index (USD Asia Credit), J.P. Morgan Asia Credit Index – Sovereigns (USD Asia Sovereigns), J.P. Morgan
Government Bond Index – EM Global Diversified (GBI-EM) (Local EMD). Past performance is not indicative of current or future results. The price return calculation is based
on both the duration and convexity of the underlying index to movements in interest rates (Change in price = (-Modified Duration x change in yield) + (½ x Convexity x
change in yield2)).
57 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global fixed income: Return composition GTM ASIA 58

Debt return composition

Last 6 months
6%

3%

0%
Fixed income

-3%

-6%

-9%
USD Asia USD China USD Asia USD DM U.S. high yield USD EMD USD DM IG Local EMD Local DM
high yield offshore credit corporates high yield sovereigns corporates sovereigns sovereigns

Price return Income return Currency return Total return

Source: J.P. Morgan Economic Research, J.P. Morgan Asset Management. Based on J.P. Morgan Asia Credit High Yield Index (USD Asia high yield), J.P. Morgan U.S.
Liquid Index ex-EM (USD DM Investment Grade corporates), J.P. Morgan EMBI Global (USD EMD sovereigns), J.P. Morgan Asia Credit Corporates Index (USD Asia
corporates), J.P. Morgan Asia Credit China Index (USD China offshore credit), J.P. Morgan Developed Market HY Index (USD DM high yield), J.P. Morgan Domestic High
Yield Index (U.S. high yield), J.P. Morgan GBI-EM Global Diversified (Local EMD sovereigns), J.P. Morgan GBI-DM (Local DM sovereigns). Past performance is not a
reliable indicator of current and future results.
58 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global fixed income: Valuations GTM ASIA 59

Spread to worst across fixed income sub-sectors

Basis points, last 10 years
1,600

1,400 10-yr. range

Latest

1,200 10-yr. average

1,000

800
Fixed income

685
600 602

480
459
400 413
386 364
317 298
222 259
200 215
148 149 167
111 113 94
0
U.S. high U.S. Euro high Euro USD USD China USD Asia USD EMD USD EMD
yield investment yield investment Asia offshore credit high yield corporates
grade grade credit

Source: iBoxx, ICE BofA Merrill Lynch, J.P. Morgan Economic Research, J.P. Morgan Asset Management. Based on J.P. Morgan Domestic High Yield Index (U.S. high
yield), J.P. Morgan U.S. Liquid Index (JULI) (U.S. investment grade), J.P. Morgan Euro High Yield Index (Euro high yield), iBoxx EUR corporates (Euro investment grade),
J.P. Morgan Asia Credit Index (JACI) (USD Asia credit), J.P. Morgan Asia Credit China Index (USD China offshore credit), J.P. Morgan Asia Credit High Yield Index (USD
Asia high yield), J.P. Morgan EMBI Global Diversified (USD EMD), J.P. Morgan Corporate Emerging Markets Bond Index – CEMBI (USD EMD corporates). Positive yield
does not imply positive return. Past performance is not a reliable indicator of current and future results.
59 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Global fixed income: Government bond yields and expected
inflation GTM ASIA 60

10-year government bond yields Market-based inflation expectations**

5-year 5-year inflation swap rate
6% 3.0%
Average
Latest
since 1970*
5% U.S. 5.98% 4.21% 2.5%
Germany 4.99% 2.70%
Japan 2.03% 1.52%
4% 2.0%

3% 1.5%
Fixed income

2% 1.0%

1% 0.5%

0% 0.0%

-1% -0.5%
'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

U.S. Eurozone Japan

Source: FactSet, Tullett Prebon, J.P. Morgan Asset Management. *Data begins, and averages calculated from, 01/01/70 for U.S. Treasuries, 02/10/72 for German Bunds
and 03/02/86 for Japanese Government Bonds. Past performance is not a reliable indicator of current and future results. **Market-based inflation expectations are
calculated based on inflation indexed yields and spot yields. Positive yield does not imply positive return.
60 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 U.S. investment grade bonds GTM ASIA 61

Investment grade corporate bond spread U.S. investment grade return decomposition
Basis points, option-adjusted spread over U.S. Treasury*
700 25%
Average** Latest
Investment grade 131bps 94bps 20%
600
15%

500 10%

Recessions 5%
400

0%
Fixed income

300
-5%

200 -10%

-15%
100
-20%

0 -25%
'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24
Price Coupon Total

Source: Bloomberg, FactSet, J.P. Morgan Asset Management. *Investment grade is represented by the Bloomberg U.S. Aggregate Credit – Corporate Investment Grade
Index. **Average since 1990. Past performance is not indicative of current or future results.
61 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 U.S. high yield bonds GTM ASIA 62

High yield spread and default rate*

20% 2,000
10-yr
Latest
average
Recessions HY spread to
481bps 386bps
worst
16% 1,600
HY energy spread
609bps 364bps
to worst
HY default rate 2.1% 0.3%
HY ex-energy
2.4%** 0.3%
12% default rate 1,200
Fixed income

8% 800

4% 400

0% 0
'90 '95 '00 '05 '10 '15 '20 '25

Default rate Spread to worst (basis points)

Source: J.P. Morgan Economic Research, J.P. Morgan Asset Management. *Default rate is defined as the percentage of the total market trading at or below 50% of par
value and includes any Chapter 11 filing, pre-packaged filing or missed interest payments. Spreads indicated are benchmark yield-to-worst less comparable maturity
Treasury yields. **Data reflects 23-year average and is as of 31/12/24. U.S. corporate high yield is represented by the J.P. Morgan Domestic High Yield Index.
62 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Credit market dynamics GTM ASIA 63

Investment grade spreads and subsequent returns High yield spreads and subsequent returns

40% 70%
Current spread Current spread
range range
60%
30%
50%

12-month forward total return

12-month forward total return

20%
40%

30%
10%

20%
Fixed income

0%
10%

-10% 0%

-10%
-20%
-20%

-30% -30%
0 100 200 300 400 500 600 700 0 500 1000 1500 2000

Spread in basis points Spread in basis points

Source: Bloomberg, J.P. Morgan Economic Research, J.P. Morgan Asset Management. Investment grade is represented by the Bloomberg U.S. Aggregate Credit –
Corporate Investment Grade Index. High Yield is represented by the Bloomberg U.S. Aggregate Credit – Corporate – High Yield Index. Spreads are the difference between
the yield on debt securities and an equivalent maturity U.S. Treasury bond in basis points. Past performance is not a reliable indicator of current and future results.
63 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Emerging market debt GTM ASIA 64

EM debt spreads to U.S. Treasuries and returns EM real and nominal yields**

60% 0% 5% 10% 15% 20%

Current spread
range: 310-320
50% Thailand

40% Poland
12-month forward total return

30% China

Malaysia
20%

India
10%
Fixed income

Mexico
0%

Indonesia
-10%

S. Africa
-20%
Colombia
-30%
Brazil
-40%
100 200 300 400 500 600 700 800 900

Spread in basis points* Nominal yield Real yield

Source: J.P. Morgan Asset Management; (Left) J.P. Morgan Economic Research; (Right) FactSet. *EM debt is represented by the J.P. Morgan Emerging Market Equal
Weight Blended Index, which is an equal-weighted composite index of the J.P. Morgan GBI-EM Global Diversified, J.P. Morgan EMBI Global Diversified and J.P. Morgan
CEMBI Broad Diversified indices. Spreads are the difference between the yield on EM debt securities and an equivalent maturity U.S. Treasury bond in basis points.
**Yields are the 10-year local currency government bond yield for each respective market. Real yield is calculated based on nominal yield and the 12-month average of the
yearly change in the Consumer Price Index (CPI) for each respective market. Past performance is not indicative of current or future results.
64 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Asia fixed income GTM ASIA 65

JACI spread
Basis points over U.S. Treasury
1,600

10-yr average Latest

1,400 Non-investment grade 679bps 523bps
Non-investment grade
530bps 422bps
ex-China real estate
1,200 JACI 272bps 188bps
Investment grade 182bps 116bps

1,000

800
Fixed income

600

400

200

0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

Source: J.P. Morgan Economic Research, J.P. Morgan Asset Management. The JACI is the J.P. Morgan Asia Credit Index.
65 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Asset class returns GTM ASIA 66

10-yrs ('15 - '25)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q '25 Ann. Ret. Ann. Vol.
Asian Asian EM ex- APAC DM APAC DM DM DM EM ex- DM EM ex-
Cash Cash
Bonds Bonds Asia ex-JP Equities ex-JP Equities Equities Equities Asia Equities Asia
8.3% 2.8% 25.2% 37.3% 1.8% 28.4% 22.8% 22.3% 1.5% 24.4% 19.2% 9.8% 10.1% 20.8%
Global EM ex- Asian APAC DM EM ex- Asian EM ex- APAC Global APAC
U.S. IG EMD Diversified
Corp HY Asia Bonds ex-JP Equities Asia Bonds Asia ex-JP Bonds ex-JP
7.5% 1.2% 14.0% 24.7% -0.8% 19.5% 16.5% 8.1% -11.0% 18.2% 10.6% 2.6% 4.9% 16.8%
DM Global EM ex- Global Global APAC DM
EMD Cash EMD Diversified Diversified Diversified EMD
Equities Bonds Asia Corp HY Corp HY ex-JP Equities
5.5% 0.0% 10.2% 23.1% -1.2% 16.9% 11.2% 3.5% -12.7% 13.5% 7.9% 2.3% 4.6% 15.0%
DM DM DM Global Global Global
Diversified U.S. IG Diversified U.S. IG Diversified Diversified U.S. IG Diversified
Equities Equities Equities Corp HY Corp HY Corp HY
5.5% -0.3% 8.2% 17.2% -2.5% 16.4% 9.9% 2.0% -14.7% 12.0% 7.2% 2.3% 4.5% 9.4%
Global Global Global Asian
Diversified U.S. IG Diversified U.S. IG Cash U.S. IG EMD EMD EMD EMD
Corp HY Corp HY Bonds Bonds
3.3% -0.7% 8.1% 10.3% -3.5% 14.5% 9.2% 0.0% -15.8% 10.5% 5.7% 2.3% 3.1% 8.6%
APAC Global APAC Global EM ex- Asian Global Asian Global
EMD EMD EMD U.S. IG U.S. IG
ex-JP Bonds ex-JP Corp HY Asia Bonds Corp HY Bonds Corp HY
3.1% -3.2% 7.1% 9.3% -4.6% 14.4% 8.2% -1.0% -16.0% 8.5% 5.7% 2.0% 2.9% 8.0%
Other asset classes

Global Global Global Asian Global APAC

Diversified U.S. IG Diversified EMD Cash Diversified U.S. IG U.S. IG
Bonds Bonds Corp HY Bonds Bonds ex-JP
0.6% -3.4% 6.1% 7.4% -6.0% 13.4% 6.3% -1.5% -16.2% 7.7% 5.3% 1.6% 2.4% 6.9%
Global Global Asian DM Asian Asian Asian APAC EM ex- Global
U.S. IG EMD EMD U.S. IG
Corp HY Corp HY Bonds Equities Bonds Bonds Bonds ex-JP Asia Bonds
0.2% -4.9% 5.8% 6.4% -8.2% 11.3% 5.9% -2.4% -16.5% 7.0% 2.1% 1.2% 2.1% 6.4%
APAC Global Asian EM ex- Global APAC APAC Global Global Asian
Cash Cash Cash Cash
ex-JP Bonds Bonds Asia Bonds ex-JP ex-JP Bonds Bonds Bonds
0.0% -9.1% 2.1% 5.8% -11.5% 6.8% 0.5% -2.7% -17.2% 5.7% -1.7% 1.0% 1.9% 4.9%
EM ex- EM ex- APAC EM ex- Global DM EM ex- DM Global
Cash Cash Cash Cash Cash
Asia Asia ex-JP Asia Bonds Equities Asia Equities Bonds
-13.3% -25.1% 0.3% 0.8% -13.7% 2.2% -9.7% -4.7% -17.7% 5.1% -7.8% -1.7% 0.6% 0.6%

Source: Bloomberg, Dow Jones, FactSet, MSCI, J.P. Morgan Asset Management. The “Diversified” portfolio assumes the following weights: 20% in the MSCI World Index
(DM Equities), 20% in the MSCI AC Asia Pacific ex-Japan (APAC ex-JP), 5% in the MSCI EM ex-Asia (EM ex-Asia), 10% in the J.P. Morgan EMBIG Index (EMD), 10% in
the Bloomberg Aggregate (Global Bonds), 10% in the Bloomberg Global Corporate High Yield Index (Global Corp HY), 15% in J.P. Morgan Asia Credit Index (Asian
Bonds), 5% in Bloomberg U.S. Aggregate Credit – Corporate Investment Grade Index (U.S. IG) and 5% in Bloomberg U.S. Treasury – Bills (1-3 months) (Cash). Diversified
portfolio assumes annual rebalancing. All data represent total return in U.S. dollar terms for the stated period. 10-year total return data is used to calculate annualized
returns (Ann. Ret.) and 10-year price return data is used to calculate annualized volatility (Ann. Vol.) and reflects the period 31/03/15 – 31/03/25. Please see disclosure
page at end for index definitions. Past performance is not a reliable indicator of current and future results. Diversification does not guarantee investment returns and does
not eliminate the risk of loss.
66 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 U.S. recessions and market performance GTM ASIA 67

After the start of U.S. recession: first 6 months After the start of U.S. recession: subsequent 6 months
Annualized returns* Annualized returns*
100% 100%
Equities Fixed Income Others Equities Fixed Income Others
80% 80%

60% 60%

40% 40%

20% 20%

0% 0%

-20% -20%
Other asset classes

-40% -40%

-60% -60%

1981 (Energy crisis) 1990 (Oil price shock) 2001 (Dot-com bust) 2008 (GFC**) 2020 (Pandemic)
Average Range of returns
Source: FactSet, National Bureau of Economic Research (NBER), J.P. Morgan Asset Management. Based on MSCI AC World Index (AC World), MSCI Asia Pacific ex-Japan Index (AxJ Equity), MSCI
Asia Pacific ex-Japan High Dividend Yield Index (AxJ Equity High Div. Equity), MSCI World Growth Index (DM Growth), MSCI World Value Index (DM Value), Bloomberg U.S. Treasury Bellwethers 10Y
(U.S. 10Y Treasury), Bloomberg U.S. Corporate Investment Grade Index (U.S. IG), Bloomberg U.S. Credit Corporate High Yield (U.S. HY), J.P. Morgan EMBI Global (EM Debt USD), Bloomberg U.S.
Treasury Bills 1-3M (Cash), Gold New Spot price (Gold), U.S. dollar index (U.S. dollar), 60% AC World and 40% Global Bonds (60/40 portfolio). *Total returns in local currency are used, unless
otherwise specified. Recession dates are chosen according to NBER’s Business Cycle Dating Committee definitions, namely Aug ’81, Aug ’90, April ’01, Jan ’08, Mar ’20. **GFC stands for global
67 financial crisis. Past performance is not indicative of current or future results. Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Volatility GTM ASIA 68

VIX index*

90 6
12
80 Recession
70
3 5
60 4 7 8
50 2 9 10 13
1 14
11
40
Average: 19.6
30
20
10
0
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

VIX breaks 35 in six S&P 500 Perform ance VIX returns to long-term
Related event
m onths** On the day After 1 m onth After 3 m onths After 12 m onths average***(days)
1 8/6/1990 Recession – oil price shock and rate hikes -3.02% -4.18% -5.93% 16.80% 218
2 30/10/1997 Asian crisis -1.68% 7.52% 9.05% 21.58% 113
Other asset classes

3 27/8/1998 Long-Term Capital Management -3.84% 0.62% 13.84% 29.32% 309

4 17/9/2001 Recession – collapse of dot-com bubble -4.92% 2.87% 9.20% -15.91% 172
5 15/7/2002 Enron accounting scandal -0.38% 1.34% -8.33% 8.99% 304
6 17/9/2008 Recession – global financial crisis -4.71% -14.79% -21.79% -7.86% 476
7 5/7/2010 Greece bailout package, austerity imposed -1.53% -4.97% 0.97% 21.19% 157
8 8/8/2011 European debt crisis, U.S. credit dow ngrade -6.66% 5.93% 12.65% 25.18% 165
9 24/8/2015 Chinese yuan devaluation -3.94% 2.06% 10.21% 15.51% 44
10 2/5/2018 Bond market re-pricing grow th and rate hikes -4.10% 3.40% 0.89% 3.35% 9
11 24/12/2018 Global grow th and market liquidity fears -2.71% 12.39% 19.02% 37.10% 18
12 27/2/2020 Recession – Coronavirus pandemic -4.42% -13.23% 1.71% 27.94% 383
13 3/7/2022 Russia-Ukraine conflict and policy tightening -2.95% 7.12% -1.90% -5.11% 21
14 5/8/2024 Recession fears, yen carry trade unw inding -3.00% 6.11% 10.15% - 7
Median -3.84% 2.06% 1.71% 16.80%
Average -3.45% 0.47% 3.05% 13.70%

Source: FactSet, J.P. Morgan Asset Management. *The VIX-CBOE Volatility Index measures market expectations of near-term volatility conveyed by S&P 500 Index (SPX)
option prices. **First day when VIX breaks 35; subsequent spikes above 35 within the next six months are not included. ***Number of days for VIX to return to its long-term
average after initial VIX spikes above 35. Past performance is not a reliable indicator of current and future results.
68 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 U.S. dollar GTM ASIA 69

U.S. dollar and interest rate differential

Index Yield spread
140 3.0%

Recessions
130 2.5%

120 2.0%

110 1.5%

100 1.0%

90 0.5%
Other asset classes

80 0.0%

70 -0.5%

60 -1.0%
'98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24

U.S. dollar index* U.S. minus DM 10-year government bond yield**

Source: FactSet, OECD, Tullett Prebon, WM/Reuters, J.P. Morgan Asset Management. *The U.S. dollar index shown here is fixed-weighted against major currencies.
Major currencies are the euro, Japanese yen, British pound, Canadian dollar, Swedish kroner and Swiss franc. **DM is developed markets and the yield is calculated as a
GDP-weighted average of the 10-year government bond yields of Australia, Canada, France, Germany, Italy, Japan, Switzerland and the UK. Past performance is not a
reliable indicator of current and future results.
69 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Currencies GTM ASIA 70

Currency deviation from 10-year average in real effective exchange rate* terms
Number of standard deviations away from long-term average**
5

4
FX above
3 long-term
average
2
Max
1
Current
0

-1
Min
Other asset classes

-2

-3

-4 FX below
long-term
average
-5

-6
Canada

S. Africa

Mexico
Japan

Brazil

Australia

U.S.
Korea

Indonesia

Turkey

UK
China

Taiwan

Malaysia

India

Thailand

Russia

Eurozone
Source: FactSet, J.P. Morgan Economic Research, J.P. Morgan Asset Management. *The real trade-weighted exchange rate index is the weighted average of a
market’s currency relative to a basket of other major currencies adjusted for the effects of inflation. The weights are determined by comparing the relative trade
balances, in terms of one market’s currency, with other markets within the basket. **Long-term average is calculated from 2014.
Past performance is not a reliable indicator of current and future results.
70 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Commodities GTM ASIA 71

Commodity prices
Z-scores for the past five years, USD per unit
-4 -2 0 2 4 6 8 10 12

Commodity Index $63 $137

$106
Wheat $5 $13
$5
Iron Ore $80 $220
$102
Nickel $12,395 $48,241
$16,159
Coal $49 $458
$103
Dutch Natural Gas $5 $339
$41
Oil $36 $133
$74
Agriculture $34 $80
Other asset classes

$58
Henry Hub Gas $1 $24
$4
Aluminum $1,500 $3,985
$2,652
Copper $5,453 $10,857
$9,829
Gold $1,631 $3,150
$3,150

Example Low level High level

Current

Source: Bloomberg, CBOT, CME, CRB, FactSet, LME, J.P. Morgan Asset Management. Commodity Index is represented by Bloomberg commodity index, while other
commodities are represented by appropriate Bloomberg Commodity sub-index priced in U.S. dollars. Aluminum, copper and nickel are priced on LME. Coal is the
Newcastle Coal Closing Price (USD/t). Crude oil is Brent crude. Dutch Natural Gas is Dutch TTF Gas Monthly Near Term (NDEX EUR/mwh). Henry Hub Gas is Natural Gas
Henry Hub Spot Price (USD/Mmbtu). Iron Ore is iron ore 62% Fe -Cost and Freight China Port. Other commodity prices represented by futures contracts. Z-scores
calculated using daily prices over past five years.
71 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Gold GTM ASIA 72

Gold prices and real rates Gold demand by sector

USD / Troy oz U.S. 10-year Treasury inflation-protected security (TIPS) Share of total demand activity
3,500 -1.5% 100%

90%
-1.0%
3,000 80%
-0.5%
70%

2,500 0.0%
60%

0.5% 50%
2,000
1.0% 40%
Other asset classes

30%
1,500 1.5%
20%
2.0%
10%
1,000
2.5%
0%

500 3.0% -10%

'09 '11 '13 '15 '17 '19 '21 '23 '25 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19 Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24
Gold price TIPS yield (inverted) Jewelry fabrication Technology Investment
Central banks and other institutions

Source: FactSet, J.P. Morgan Asset Management; (Right) World Gold Council.
72 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Oil: Short-term market dynamics GTM ASIA 73

Global oil supply and demand Price of oil

Million barrels / day Brent crude, USD / bbl
Forecast
110 150
7/2008: $145.65
3/2022: $133.18

105 125
6/2014: $115.19

100 100 3/2025:

$73.59

95 75

6/2023:
$71.88
Other asset classes

90 50

85 25 12/2008: $33.73

4/2020: $9.12
80 0
'18 '19 '20 '21 '22 '23 '24 '25 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24

Demand Supply

Source: FactSet, J.P. Morgan Asset Management; (Left) Global Trade Tracker, U.S. Energy Information Administration; (Right) Commodity Research Bureau.
73 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Alternative asset class returns vs. selected portfolios GTM ASIA 74
2014-2023
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Sep-24 Ann. Vol.*
Venture Venture Venture Venture Venture Venture
Infra. Infra. Private Equity 60/40 Portfolio Transport 60/40 Portfolio 60/40 Portfolio
Capital Capital Capital Capital Capital Capital
26.0% 15.5% 14.2% 22.9% 21.2% 22.4% 58.3% 49.8% 12.1% 18.0% 15.0% 16.2% 13.2%

Venture Venture Venture 50/30/20 50/30/20

Infra. Private Equity Infra. Private Equity Private Equity Infra. Private Equity 60/40 Portfolio
Capital Capital Capital Portfolio Portfolio
13.9% 15.1% 12.2% 14.8% 11.6% 20.3% 24.1% 37.6% 9.6% 15.2% 13.3% 14.5% 10.2%

Europe Core 50/30/20 50/30/20

U.S. Core RE U.S. Core RE Direct Lending 60/40 Portfolio 60/40 Portfolio U.S. Core RE U.S. Core RE Direct Lending Hedge Funds Infra.
RE Portfolio Portfolio
12.5% 15.0% 11.2% 14.5% 9.9% 20.3% 14.0% 22.2% 7.5% 12.1% 10.1% 10.6% 8.6%

Europe Core Europe Core 50/30/20 50/30/20 50/30/20

APAC Core RE APAC Core RE Private Equity APAC Core RE Private Equity Transport Direct Lending Private Equity
RE RE Portfolio Portfolio Portfolio
12.3% 12.8% 10.4% 14.3% 9.3% 16.8% 13.8% 17.9% 6.8% 9.6% 8.9% 8.8% 8.5%

50/30/20 50/30/20
APAC Core RE U.S. Core RE Infra. Private Equity Infra. Hedge Funds 60/40 Portfolio Direct Lending Transport Direct Lending U.S. Core RE
Portfolio Portfolio
10.9% 11.8% 8.8% 12.2% 9.0% 11.5% 8.9% 16.6% 6.3% 8.9% 8.5% 8.6% 5.5%

50/30/20 Europe Core Europe Core Europe Core

60/40 Portfolio Private Equity APAC Core RE U.S. Core RE Transport Infra. Infra. 60/40 Portfolio Hedge Funds
Portfolio RE RE RE
10.6% 8.8% 8.5% 11.5% 8.3% 9.4% 6.8% 14.2% 4.6% 7.9% 7.5% 8.1% 5.4%

Private Equity Transport 60/40 Portfolio Transport Direct Lending Direct Lending Direct Lending Hedge Funds Private Equity Hedge Funds Private Equity Transport Transport
Other asset classes

9.8% 8.8% 8.2% 10.6% 8.1% 9.0% 5.5% 13.9% -1.5% 4.5% 5.7% 7.6% 4.6%

Europe Core Europe Core Europe Core Venture Europe Core Europe Core
Direct Lending Direct Lending Transport APAC Core RE Direct Lending Hedge Funds APAC Core RE
RE RE RE Capital RE RE
9.6% 5.5% 8.1% 9.8% 5.2% 6.6% 4.8% 12.8% -2.8% -2.2% 2.9% 7.5% 4.2%

50/30/20 50/30/20 50/30/20 Venture

APAC Core RE Transport Direct Lending Hedge Funds U.S. Core RE APAC Core RE APAC Core RE U.S. Core RE Infra.
Portfolio Portfolio Portfolio Capital
9.4% 2.9% 7.8% 8.6% -0.4% 5.6% 1.2% 11.8% -12.7% -2.3% 2.8% 7.3% 3.4%

Europe Core Europe Core

Transport 60/40 Portfolio Hedge Funds Hedge Funds Hedge Funds U.S. Core RE APAC Core RE Infra. 60/40 Portfolio APAC Core RE Direct Lending
RE RE
4.6% 1.1% 3.2% 8.5% -1.2% 5.3% 0.3% 10.5% -16.1% -4.9% -1.9% 7.2% 2.9%
Venture Venture
Hedge Funds Hedge Funds U.S. Core RE 60/40 Portfolio Transport Infra. Transport U.S. Core RE U.S. Core RE Hedge Funds APAC Core RE
Capital Capital
4.3% -0.2% 0.6% 7.6% -2.6% 1.5% 0.2% 10.3% -20.5% -12.0% -2.6% 4.4% 2.7%

Source: Bloomberg, Burgiss, Cliffwater, FactSet, HFRI, MSCI, NCREIF, J.P. Morgan Asset Management. Private Equity and Venture Capital are internal rates of return from Burgiss. Based on HFRI Fund Weighted Composite
(Hedge funds), transport returns are derived from a J.P. Morgan Asset Management index and are shown on an unlevered basis, which can be enhanced by adding leverage, NCREIF Property Index – Open End Diversified Core
Equity component (U.S. Core RE), MSCI Global Property Fund Index – Continental Europe (Europe Core Real Estate), MSCI Global Property Fund Index – Asia-Pacific (Asia Pacific (APAC) Core Real Estate), Cliffwater Direct
Lending Index (Direct Lending). MSCI Global Private Infrastructure Asset Index (Infra.), A 50/30/20 portfolio is comprised of 50% U.S. equities weight, 30% fixed income weight and 20% alternatives asset allocation weight.
Portfolios are rebalanced at the start of the year. A 60/40 portfolio is comprised of 60% equities and 40% fixed income. Equities in both the 60/40 portfolio and the 50/30/20 portfolio are represented by the S&P 500 Total Return
Index. Fixed income in both the 60/40 portfolio and the 50/30/20 portfolio are represented by the Bloomberg U.S. Aggregate Total Return Index. Alternatives in the 50/30/20 portfolio are represented by an equal-weight asset
allocation mix of the returns from the other nine alternatives asset classes on the chart. Annualized return (Ann.) and volatility (Vol.) represents the period from 31/03/2014 to 31/12/2023. Past performance is not a reliable indicator
of current and future results. *Volatility calculated as the annualized standard deviation of quarterly returns. Standard deviation is a measure of dispersion relative to the mean.
74 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Understanding alternatives GTM ASIA 75

Alternatives: Correlation, returns and yields Public and private market correlations
10-year correlations and 10-year annualized total returns, 4Q14 – 3Q24 Correlation coefficient based on quarterly returns
20% Other
Financial Global Private Hedge
real
Real estate assets real estate markets funds
Bubble size = yield assets
Infrastructure
3% and transport Global Equity
Global Global U.S. APAC Direct Private Relative
2Q08 - 3Q24 Core Long/ Macro
Private markets Bonds Equities Core RE Core RE
Infra
Lending Equity
Short
Value

Venture Capital Hedge funds

15% 0%
Global Bonds 1.0
Private Equity
Global Equities 0.4 1.0
10-year annualized return

Infrastructure

Direct Lending U.S. Core RE -0.3 0.0 1.0

Transport
10% APAC
Core RE APAC Core RE -0.2 0.0 0.8 1.0

Global Core
-0.1 0.1 0.4 0.5 1.0
Infra
Other asset classes

60/40 Direct Lending 0.1 0.7 0.2 0.2 0.3 1.0

5% Europe Core RE Hedge Funds

Private Equity 0.2 0.8 0.3 0.3 0.2 0.8 1.0
U.S. Core RE

Equity
0.3 0.9 -0.1 -0.1 0.1 0.7 0.8 1.0
Long/Short

CML - Senior*
Relative Value 0.2 0.9 -0.1 0.0 0.1 0.9 0.8 0.9 1.0

0% Macro 0.0 0.3 0.0 -0.1 0.0 0.1 0.2 0.3 0.3 1.0
-0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2
Trailing 10-year correlation to 60/40 portfolio
Source: Bloomberg, Cliffwater, FactSet, HFRI, MSCI, NCREIF, J.P. Morgan Asset Management; (Left) Burgiss, Gilberto-Levy; (Right) Cambridge Associates. Correlations
on the left chart are based on quarterly returns over the past 10 years through 2024. A 60/40 portfolio is comprised of 60% stocks and 40% bonds. Stocks are represented
by the S&P 500 Total Return Index. Bonds are represented by the Bloomberg U.S. Aggregate Total Return Index. 10-year annualized returns are calculated from 2014 –
2024. Indices and data used for alternative asset class returns and yields are as described on pages 8, 9 and 11 of the Guide to Alternatives. Yields are based on latest
available data as described on page 8 of the Guide to Alternatives. *CML is commercial mortgage loans. Global equities: MSCI AC World Index. Global bonds: Bloomberg
Global Aggregate Index. U.S. core real estate: NCREIF Property Index – Open End Diversified Core Equity component. Asia Pacific (APAC) core real estate: IPD Global
Property Fund Index – Asia-Pacific. Global infrastructure (infra.): MSCI Global Quarterly Infrastructure Asset Index (equal-weighted blend). U.S. direct lending: Cliffwater
Direct Lending Index. U.S. private equity: Cambridge Associates U.S. Private Equity Index. Hedge fund indices include equity long/short, relative value and global macro
and are all from HFRI. Correlation coefficients on the right chart are calculated based on USD quarterly total return data for the period 30/06/08 – 30/09/24. Past
performance is not a reliable indicator of current and future results.
75 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Alternative sources of income GTM ASIA 76

Asset class yields

12%

10% 9.6% 9.5%

8% 7.5%

6.0%
6% 5.5%
5.1%
4.6% 4.5% 4.4% 4.3% 4.2% 4.2%
4% 3.5%
3.2% 3.1%
Other asset classes

2.5% 2.4%
2% 1.4%

0%
Global Asia HY USD Global EM high APAC ex-JP Europe APAC Infra. Global U.S. U.S. DM high Local cur. Eur. APAC Convertibles U.S.
transport bonds EMD HY bonds div. equity high div. Real Real assets REITs Real 10-year div. equity EMD equity ex-JP equity equity
equity Estate Estate Estate
Equity Fixed income Alternatives

Source: Alerian, Bank of America, Bloomberg, Clarkson, Drewry Maritime Consultants, FactSet, Federal Reserve, FTSE, MSCI, Standard & Poor’s, J.P. Morgan Asset Management.
Global transport: Levered yields for transport assets are calculated as the difference between charter rates (rental income), operating expenses, debt amortization and interest expenses,
as a percentage of equity value. Yields for each of the sub-vessel types above are calculated and respective weightings are applied to each of the sub-sectors to arrive at the current
levered yields for Global Transportation; asset classes are based on MSCI Global Property Fund Index – North America (U.S. real estate), market weighted-average of MSCI Global
Property Fund Indices – UK & Continental Europe (Europe real estate), MSCI Global Property Fund Index – Asia Pacific (APAC real estate), FTSE NAREIT Global REITs (Global REITs),
MSCI Global Infrastructure Asset Index (Infra. assets), Bloomberg U.S Convertibles Composite (Convertibles), Bloomberg Global High Yield Index (Global HY bonds), J.P. Morgan
Government Bond Index EM Global (GBI-EM) (Local currency EMD), J.P. Morgan Emerging Market Bond Index Global (EMBIG) (USD EMD), J.P. Morgan Asia Credit Index Non-
investment Grade (Asia HY bonds), MSCI Asia Pacific ex-Japan equities (APAC ex-JP equity), MSCI Asia Pacific ex-Japan High Dividend Yield Index (APAC ex-JP high div. equity),
Emerging Markets High Dividend Yield Index (EM high div. equity), MSCI World High Dividend Yield Index (DM high div. equity), MSCI Europe (Eur. equity), MSCI USA (U.S. equity).
Yields for infra. assets, global transport, U.S. real estate, Europe real estate and APAC real estate are as of 30/09/24. Past performance is not a reliable indicator of current and future
results.
76 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 APAC ex-Japan equity annual returns and intra-year declines GTM ASIA 77

MSCI AC Asia Pacific ex-Japan intra-year declines vs. calendar year returns
Despite average intra-year drops of -20% (median: -18%), annual returns are positive in 23 of 37 (62%) years
100%

80%
80%
68%

60%
47%
44%

40% 33% 34%

27% 29%
26% YTD
19% 19% 20% 0.6%
17% 17% 15% 16%
20%
9% 8%
6% 5%
4% 0.5%-0.2% 4%
-16% -14% -36% -7% -31% -5% -8% -53% -18% -16% -5% -20%
-12%
0%

-5% -4% -5%

-10% -8% -9% -10%
-20% -14% -12% -12%-11% -13% -13% -13% -13% -11%
-18% -18%-19% -16%-16% -16%
-18%
-21% -21%-19%
-24% -25% -25%
-27%
-30%
-40% -34%-34% -32% -33%
Investing principles

-41%-40%

-60%
-62%

-80%
'88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24

Calendar year return Intra-year decline

Source: FactSet, MSCI, J.P. Morgan Asset Management. Returns are price returns based on MSCI AC Asia Pacific ex-Japan Index in U.S. dollar terms. Intra-year decline
is the largest peak to trough decline during the respective year. Past performance is not a reliable indicator of current and future results.
77 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 U.S. equity annual returns and intra-year declines GTM ASIA 78

S&P 500 intra-year declines vs. calendar year returns

Despite average intra-year drops of -14% (median: -10%), annual returns are positive in 34 of 45 (76%) years
60%

40% 34% YTD

31% -4.6%
30% 29%
26% 27% 26% 27% 26% 27%
26%
23% 24% 23%
20% 20% 19%
17%
20% 15% 15%
16%
12% 14% 13% 13%
11%
9% 10%
7%
4% 4%
2% 3%
1%
-10% -7% -2% -10%-13%-23% -38% 0.0% -1% -6% -19%
0%
-3% -3%
-7% -6% -6% -5% -6% -7%
-5%
-8%
-9%
-8% -8%
-9%
-8% -8% -7% -8% -7% -8%
-11% -10% -10% -11% -10% -10%
-13% -12% -12%
-14%
-20% -17%-18%-17% -17% -16%
-20% -19% -19% -20%

-25%
-28%
-30%
Investing principles

-34% -34% -34%

-40%

-49%

-60%
'80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24

Calendar year return Intra-year decline

Source: FactSet, Standard & Poor’s, J.P. Morgan Asset Management. Returns are price returns based on the S&P 500 Index in U.S. dollar terms. Intra-year decline is the
largest peak to trough decline during the respective year. Past performance is not a reliable indicator of current and future results.
78 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Fixed income annual returns and intra-year declines GTM ASIA 79

Bloomberg Global Aggregate USD intra-year declines vs. calendar year returns
Despite average intra-year drops of -4% (median: -3%), annual returns are positive in 18 of 22 (82%) years
20%

15%

10% 9.0%
7.6% 7.6% YTD
7.0% 2.8%
6.5%
6.0% 5.9% 5.7%
5.3%
4.3% 4.3% 4.6%
5% 4.0% 3.7%
2.5% 2.8%
1.5%
0.6%
-1.9% 0.0% -1.4% -13.1%
0%

-1.2% -1.1% -1.5% -1.1%

-2.0% -2.1% -1.8% -2.0%
-2.4% -2.4% -2.7%
-5% -3.3% -2.9%
-3.6% -4.0%
-4.6% -4.5% -4.2%
-5.3% -4.9%
-6.5%
-7.0%
-10%
Investing principles

-15%

-16.9%
-20%
'03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25

Calendar year return Intra-year decline

Source: Bloomberg, FactSet, J.P. Morgan Asset Management. Returns are total returns based on Bloomberg Global Aggregate USD Hedged Total Return Index. Intra-
year decline is the largest peak to trough decline during the respective year. Past performance is not a reliable indicator of current and future results.
79 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 United States: Bull and bear markets GTM ASIA 80

Characteristics of bull and bear markets

0%

-20% 4
5 7 8 20% Market 11 12
-40% Decline
6 9
10
-60%
3
-80% 2
1
Recessions
-100%
1926 1931 1936 1941 1946 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021

Bear markets* Macro environment Bull markets

Bear Bull
Duration P/E Commodity Aggressive Extreme Bull begin Duration P/E
Mkt. Peak return Recession return
(mths) trough spike Fed valuations date (mths) Peak
Market corrections (%) (%)
1 Crash of 1929 09/1929 -86 32 07/1926 152 37
2 1937 Fed tightening 03/1937 -60 61 03/1935 129 23
3 Post WWII crash 05/1946 -30 36 04/1942 158 49
4 Flash crash of 1962. Cuban Missile Crisis 12/1961 -28 6 10/1960 39 13
5 Tech crash of 1970 11/1968 -36 17 10/1962 103 73
Investing principles

6 Stagflation. OPEC oil embargo 01/1973 -48 20 05/1970 74 31

7 Volcker tightening 11/1980 -27 20 03/1978 62 32
8 1987 crash 08/1987 -34 3 9.6x 08/1982 229 60 15.2x
9 Tech bubble 03/2000 -49 30 13.8x 10/1990 417 113 24.7x
10 Global financial crisis 10/2007 -57 17 10.2x 10/2002 101 60 15.1x
11 Coronavirus pandemic 02/2020 -34 1 13.3x 03/2009 401 131 19.1x
12 Stagflation worries 01/2022 -25 9 15.3x 03/2020 114 21 21.6x
Averages - -43 22 - 165 54

Source: FactSet, NBER, Robert Shiller, Standard & Poor’s, J.P. Morgan Asset Management.*A bear market represents a 20% or more decline from the previous market
high using a monthly frequency. Periods of recession are defined using the NBER’s business cycle dates. Commodity spike is defined by a significant upward movement in
oil prices. Periods of extreme valuation are defined as periods where the forward P/E multiple on the S&P 500 was approximately two standard deviations above the long-
run average. Aggressive Fed tightening is defined as Federal Reserve monetary tightening that was unexpected and/or significant in magnitude. Peak and trough price-to-
earnings ratios quoted are next 12 months forward P/Es. Past performance is not a reliable indicator of current and future results.
80 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Long-term returns and the compounding effect GTM ASIA 81

Growth of a USD100 investment MSCI AC World Index: Performance under different scenarios
Based on inflation-adjusted monthly returns from 31/12/91 Indexed, 1991 = 100
$1,250 1,600
% period with
Annualized
positive 3-year
return
$1,117 rolling returns
1,400
Return plus dividends in equities 8.1% 83.8%
1320
$1,000 Return plus dividends in Cash* 6.8% 83.2%
Return plus dividends 6.6% 83.0%
1,200
Price return 5.7% 79.4%

1,000
$750
885
828
800

$500 623
600
$449

400
$250
Investing principles

$193
200
$106

$0 0
'91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23

U.S. equity U.S. high yield U.S. aggregate bonds

U.S. short-term Treasuries
Source: FactSet, J.P. Morgan Asset Management; (Left) Bloomberg; (Right) MSCI. U.S. equity is based on S&P 500 Total Return Index; U.S. high yield is based on
Bloomberg U.S. Corporate High Yield Total Return Index; U.S. aggregate bonds is based on Bloomberg U.S. Aggregate Index; U.S. short-term Treasuries is based on
Bloomberg Short-term Treasury Total Return Index. *Reinvestment in Cash based on the same month U.S. three-month Treasury bill (secondary market) yield. Past
performance is not a reliable indicator of current and future results.
81 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Portfolio construction, asset class returns and volatility GTM ASIA 82

Annualized returns and volatility

Total returns in USD*
14% U.S.

12%

DM

10%
Annualized returns

DM HD REITs
8%
Gold

Balanced AxJ HD Europe

U.S. HY Private real estate
6%
Aggressive APxJ HD
APxJ

Asian bonds EMD

4%
EM HD
EM
Conservative
U.S. bonds
2%
Investing principles

Cash

0%
0% 5% 10% 15% 20%
Annualized volatility

High dividend (HD) equities Equities Bonds and cash Alternatives Portfolios

Source: Bloomberg, Dow Jones, FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. Hypothetical portfolios were created to illustrate different risk/return
profiles and are not meant to represent actual asset allocation. U.S. dollar total return calculations are based on MSCI Total Return, Bloomberg and J.P. Morgan indices.
AxJ stands for MSCI AC Asia ex-Japan and APxJ stands for MSCI AC Asia Pacific ex-Japan. Cash is based on Bloomberg Short-term Treasury Total Return Index. DM
stands for developed markets and EM stands for emerging markets. *Monthly total returns between 31/03/10 and 31/03/25 are used for all asset classes except private real
estate, where quarterly returns between 31/12/09 and 31/12/24 are used. Past performance is not a reliable indicator of current and future results.
82 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 60/40 stock-bond portfolio performance GTM ASIA 83

Annual returns in a 60/40 stock-bond portfolio

50%

19% 21%
40% 20% 21%
18% 19%
17% YTD
16%
15% 16% -0.2%
30% 15% 15%
13% 13%
12% 11% 12% 11% 12%
20% 9% 8% 9%
6% 7%
10% 3%
1%
0%

-0.2%
-10% -1%
-5%
-5%
-7%
-20%
-8%
-7%
-30%
Investing principles

-16%
-40%
-22%

-50%
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

Stock total return Bond total return Portfolio total return

Source: Bloomberg, FactSet, MSCI, J.P. Morgan Asset Management. Returns are calendar year. Portfolio returns reflect allocations of 60% in the MSCI AC World Index
and 40% in the Bloomberg Aggregate Bond Index. Returns are total returns. Past performance is not a reliable indicator of current and future results.
83 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 60/40 stock-bond portfolio during market shocks GTM ASIA 84

1-year and 3-year returns of a 60/40 stock-bond portfolio in excess of cash

60%

50% 46%

40%
30%
30% 28%
26%
23% 22%
20% 16% 18% 18%
13% 13%
9% 11% 10%
10% 8% 6%
6%
2% 2%
0%
-2%
-10% -8% -7%
-11% -10% -10%
-20%

-30%
-31%
Investing principles

-40%

1 year (60/40 minus cash) 3 year (60/40 minus cash)

Source: Bloomberg, FactSet, MSCI, J.P. Morgan Asset Management. Portfolio returns reflect allocations of 60% in the MSCI AC World Index and 40% in the Bloomberg
Aggregate Bond Index. Cash returns are based on Bloomberg U.S. Treasury Bellwethers (3M) Total Return Index. Returns are total returns. Past performance is not a
reliable indicator of current and future results.
84 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 Correlation between stocks and bonds GTM ASIA 85

Correlations between stocks and sovereign bonds

Weekly rolling six-month correlation of equities and sovereign bond prices*
80%
Stocks and bonds moving
in the same direction
60%

40%

20%

0%

-20%

-40%

-60%
Investing principles

-80%
Stocks and bonds moving
in the opposite direction
-100%
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
S&P 500 / U.S. government bonds* MSCI AC World / Global government bonds*

Source: Bloomberg, FactSet, MSCI, J.P. Morgan Asset Management. *Rolling six-month pairwise correlations between weekly returns in equity (S&P 500 and MSCI All
Country World Index price indices) and bonds (Bloomberg U.S. Aggregate Government Treasury and Bloomberg Global Aggregate Government Treasuries price indices)
markets. Past performance is not a reliable indicator of current and future results.
85 Guide to the Markets – Asia. Data reflect most recently available as of 31/03/25.
 J.P. Morgan Asset Management: Index Definitions GTM ASIA 86

All indexes are unmanaged and an individual cannot invest directly in an index. Index The MSCI Pacific IndexSM is a free float-adjusted market capitalization index that is designed to
returns do not include fees or expenses. measure equity market performance in the Pacific region. As of June 2007, the MSCI Pacific Index
The S&P 500 Index is widely regarded as the best single gauge of the U.S. equities market. This consisted of the following 5 Developed Market markets: Australia, Hong Kong, Japan, New
world-renowned index includes a representative sample of 500 leading companies in leading Zealand, and Singapore.
industries of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of The MSCI Europe ex UK IndexSM is a free float-adjusted market capitalization weighted index that
the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total is designed to measure the equity market performance of the developed markets in Europe,
market. An investor cannot invest directly in an index. excluding the United Kingdom. The
The Tokyo Stock Price Index ('TOPIX') is a composite index of all common stocks listed on the MSCI Europe ex UK Index consists of the following 15 developed market country indices: Austria,
First Section of Tokyo Stock Exchange (TSE).The index is basically a measure of the changes in Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway,
aggregate market value of TSE common stocks. The base for the index is the aggregate market Portugal, Spain, Sweden, and Switzerland.
value of its component stocks as of the close on January 4, 1968. The aggregate market value is The MSCI Pacific ex Japan IndexSM is a free float-adjusted market capitalization index that is
calculated by multiplying the number of listed shares of each component stock by its price and designed to measure equity market performance in the Pacific region, excluding Japan. As of June
totaling the products derived there from. 2007, the MSCI Pacific Index consisted of the following 4 Developed Markets: Australia, Hong
The Bombay Exchange Sensitive Index (‘SENSEX’), first compiled in 1986, was calculated on a Kong, New Zealand, and Singapore.
"Market Capitalization-Weighted" methodology of 30 component stocks representing large, well- The MSCI USA IndexSM is designed to measure the performance of the large and mid cap
established and financially sound companies across key sectors. The base year of SENSEX was segments of the U.S. market. With 586 constituents, the index covers approximately 84% of the
taken as 1978-79. SENSEX today is widely reported in both domestic and international markets free float-adjusted market capitalization in the U.S.. The MSCI USA Index was launched on Dec
through print as well as electronic media. It is scientifically designed and is based on globally ember 31, 1969.
accepted construction and review methodology. Since September 1, 2003, SENSEX is being
calculated on a free-float market capitalization methodology. The MSCI China IndexSM captures large and mid cap representation across China H shares, B
shares, Red chips and P chips. With 148 constituents, the index covers about 84% of this China
The Korea Composite Stock Price Index (‘KOSPI’) is market capitalization based index on all equity universe. The MSCI China Index was launched on December 31, 1992.
common stocks listed on the Stock Market Division of the Korea Exchange (KRX) and excludes
preferred stocks. The stock price index is calculated using the actual price traded on the market The MSCI Indonesia IndexSM is designed to measure the performance of the large and mid cap
and not the “base price” used for market management such as establishment of price change segments of the Indonesian market. With 25 constituents, the index covers about 84% of the
limits. When no market price is available for issues that are not being traded or have halted trading, Indonesian equity universe. The MSCI Indonesia Index was launched on December 31, 1990.
the latest closing price is used. KOSPI was a assigned a base index of 100 set to January 4, 1980. The MSCI Korea IndexSM is designed to measure the performance of the large and mid cap
The China Shenzhen Composite Index is an actual market-cap weighted index that tracks the segments of the South Korean market. With 105 constituents, the index covers about 84% of the
stock performance of all the A-share and B-share lists on Shenzhen Stock Exchange. The index Korean equity universe. The MSCI Korea Index was launched on December 31, 1989.
was developed on April 3, 1991 with a base price of 100. The MSCI India IndexSM is designed to measure the performance of the large and mid cap
The Euro Stoxx 600 Index represents large, mid and small capitalization companies across 18 segments of the Indian market. With 71 constituents, the index covers about 84% of the Indian
European countries. equity universe. The MSCI India Index was launched on December 31, 1993.
The MSCI® EAFE (Europe, Australia, Far East) Net Index is recognized as the pre-eminent The MSCI Japan IndexSM is designed to measure the performance of the large and mid cap
benchmark in the United States to measure international equity performance. It comprises 21 MSCI segments of the Japan market. With 315 constituents, the index covers approximately 84% of the
country indexes, representing the developed markets outside of North America. free float-adjusted market capitalization in Japan. The MSCI Japan Index was launched on
December 31, 1969.
The MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is
designed to measure equity market performance in the global emerging markets. As of June 2007, The MSCI Hong Kong IndexSM is designed to measure the performance of the large and mid cap
the MSCI Emerging Markets Index consisted of the following 25 emerging markets indices: segments of the Hong Kong market. With 42 constituents, the index covers approximately 84% of
Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, the free float-adjusted market capitalization of the Hong Kong equity universe. The MSCI Hong
Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, Kong Index was launched on December 31, 1972.
South Africa, Taiwan, Thailand, and Turkey. The MSCI Taiwan IndexSM is designed to measure the performance of the large and mid cap
The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization segments of the Taiwan market. With 113 constituents, the index covers approximately 84% of the
weighted index that is designed to measure the equity market performance of developed and free float-adjusted market capitalization in Taiwan. The MSCI Taiwan Index was launched on
emerging markets. As of June 2009 the MSCI ACWI consisted of 45 country indices comprising 23 December 31, 1989.
developed and 22 emerging market country indices. The MSCI Environmental, Social and Governance (ESG) Universal Indices are designed to
The following MSCI Total Return IndicesSM are calculated with gross dividends: address the needs of asset owners who may look to enhance their exposure to ESG while
This series approximates the maximum possible dividend reinvestment. The amount reinvested is maintaining a broad and diversified universe to invest in. By re-weighting free-float market cap
the dividend distributed to individuals resident in the country of the company, but does not include weights based upon certain ESG metrics tilting away from free-float market cap weights, the indices
tax credits. enhance exposure to those companies that demonstrate both a higher MSCI ESG Rating and a
positive ESG trend, while maintaining a broad and diversified investment universe.
The MSCI Europe IndexSM is a free float-adjusted market capitalization index that is designed to
measure developed market equity performance in Europe. As of June 2007, the MSCI Europe
Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland and the United Kingdom.

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 J.P. Morgan Asset Management: Index Definitions, Risks and
Disclosures GTM ASIA 87

West Texas Intermediate (WTI) is the underlying commodity for the New York Mercantile Small-capitalization investing typically carries more risk than investing in well-established "blue-
Exchange's oil futures contracts. chip" companies since smaller companies generally have a higher risk of failure. Historically,
The Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity smaller companies' stock has experienced a greater degree of market volatility than the average
futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 stock.
by world production and weight-caps are applied at the commodity, sector and group level for Mid-capitalization investing typically carries more risk than investing in well-established "blue-chip"
diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule. companies. Historically, mid-cap companies' stock has experienced a greater degree of market
The Bloomberg Commodity Subindexes represent commodity groups and sectors, as well as volatility than the average stock.
single commodities, that make up the Bloomberg Commodity Index. The subindexes track Real estate investments may be subject to a higher degree of market risk because of
exchange-traded futures of physical commodities, and the commodity groups and sectors, like in concentration in a specific industry, sector or geographical sector. Real estate investments may be
the case of the broad index, are weighted to account for economic significance and market liquidity. subject to risks including, but not limited to, declines in the value of real estate, risks related to
The various subindexes include Agriculture, Energy, Livestock, Grains, Industrial Metals, Precious general and economic conditions, changes in the value of the underlying property owned by the
Metals and Softs. trust and defaults by borrower.
The Bloomberg High Yield Index covers the universe of fixed rate, non-investment grade debt. International investing involves a greater degree of risk and increased volatility. Changes in
Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging currency exchange rates and differences in accounting and taxation policies can raise or lower
markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds returns. Also, some markets may not be as politically and economically stable as other nations.
(SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up Investments in emerging markets can be more volatile. The normal risks of international investing
coupon structures, and 144-As are also included. are heightened when investing in emerging markets. In addition, the small size of securities
The Bloomberg 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. markets and the low trading volume may lead to a lack of liquidity, which leads to increased
Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are volatility. Also, emerging markets may not provide adequate legal protection for private or foreign
rated investment grade, and have $250 million or more of outstanding face value. In addition, the investment or private property.
securities must be denominated in U.S. dollars and must be fixed rate and non convertible. Investments in commodities may have greater volatility than investments in traditional securities,
The Bloomberg Corporate Bond Index is the Corporate component of the U.S. Credit index. particularly if the instruments involve leverage. The value of commodity-linked derivative
instruments may be affected by changes in overall market movements, commodity index volatility,
The Bloomberg TIPS Index consists of Inflation-Protection securities issued by the U.S. Treasury. changes in interest rates, or factors affecting a particular industry or commodity, such as drought,
The J.P. Morgan EMBI Global Index includes U.S. dollar denominated Brady bonds, Eurobonds, floods, weather, livestock disease, embargoes, tariffs and international economic, political and
traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities. regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for
increased return but, at the same time, creates the possibility for greater loss.
The J.P. Morgan GBI-EM Global Diversified consists of regularly traded, liquid fixed-rate,
domestic currency government bonds to which international investors can gain exposure. The Derivatives may be riskier than other types of investments because they may be more sensitive to
weightings among the countries are more evenly distributed within this index. changes in economic or market conditions than other types of investments and could result in
losses that significantly exceed the original investment. The use of derivatives may not be
The J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI): The CEMBI tracks total successful, resulting in investment losses, and the cost of such strategies may reduce investment
returns of US dollar-denominated debt instruments issued by corporate entities in Emerging returns.
Markets countries, and consists of an investable universe of corporate bonds.
There is no guarantee that the use of long and short positions will succeed in limiting an
The J.P. Morgan Domestic High Yield Index is designed to mirror the investable universe of the investor's exposure to domestic stock market movements, capitalization, sector swings or other risk
U.S. dollar domestic high yield corporate debt market. factors. Investing using long and short selling strategies may have higher portfolio turnover rates.
The VIX-CBOE Volatility Index measures market expectations of near-term volatility conveyed by Short selling involves certain risks, including additional costs associated with covering short
S&P 500 Index (SPX) option prices. positions and a possibility of unlimited loss on certain short sale positions.
The MOVE-Merrill Lynch Option Volatility Index is a blended implied normal volatility for Forecasts, projections and other forward looking statements are based upon current beliefs
constant one-month at-the-money options on U.S. Treasuries. and expectations. They are for illustrative purposes only and serve as an indication of what may
Price to forward earnings is a measure of the price-to-earnings ratio (P/E) using forecasted occur. Given the inherent uncertainties and risks associated with forecast, projections or other
earnings. Price to book value compares a stock's market value to its book value. Price to cash forward statements, actual events, results or performance may differ materially from those reflected
flow is a measure of the market's expectations of a firm's future financial health. Price to or contemplated. Positive yield does not imply positive return.
dividends is the ratio of the price of a share on a stock exchange to the dividends per share paid J.P. Morgan Asset Management (JPMAM) Global Market Insights Strategy Team as of 31/03/25.
in the previous year, used as a measure of a company's potential as an investment. There can be no assurance that the professionals currently employed by JPMAM will continue to
Bonds are subject to interest rate risks. Bond prices generally fall when interest rates rise. be employed by JPMAM or that the past performance or success of any such professional serves
as an indicator of such professional's future performance or success.
The price of equity securities may rise, or fall because of changes in the broad market or changes
in a company’s financial condition, sometimes rapidly or unpredictably. These price movements
may result from factors affecting individual companies, sectors or industries, or the securities
market as a whole, such as changes in economic or political conditions. Equity securities are
subject to “stock market risk” meaning that stock prices in general may decline over short or
extended periods of time.

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 J.P. Morgan Asset Management: Risks and Disclosures GTM ASIA 88

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Copyright 2025 JPMorgan Chase & Co. All rights reserved.

Prepared by: David Kelly, Tai Hui, Marcella Chow, Kerry Craig, Arthur Jiang, Agnes Lin, Shogo Maekawa, Chaoping Zhu, Ian Hui, Raisah Rasid, Fumiaki Morioka, Jennifer Qiu and Adrian Wong.

Unless otherwise stated, all data are as of Mar 31, 2025 or most recently available.

MI-GTMASIA-E Mar 2025

Material ID: 0903c02a823a5888

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