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1、Global Markets Strategy09 September 2025J P M O R G A NThis material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China.This material or any portion hereof may not be reprinted,sold or red

2、istributed without the written consent of J.P.Morgan.Equity Macro ResearchRajiv Batra AC(65)6882-J.P.Morgan Securities Singapore Private LimitedMixo Das AC(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedKhoi Vu,CFA(65)6882-J.P.Morgan Securities Singapore Priv

3、ate LimitedRushit Mehta(9122)6157-J.P.Morgan India Private Limited,J.P.Morgan Tower,Santacruz(E),Mumbai-400098,SEBI Registration:INH000001873,(91-22)6157-3000.Joy Wang(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedAsian equities currently trade close to our

4、2025 outlook bull-case target for MXASJ(825).All things equal,risk/reward would appear poor in terms of valuations(+1.2SD above long-term averages)and positioning(aggregate measure at the 85th percentile).But things have decidedly changed in terms of the policy setup.As we have noted in recent month

5、s(see here,here),the follow-through from the 2Q policy pivot in the US is now morphing into a broad-based global easing.This includes easing from EM central banks and fiscal authorities(most recently seen in India GST reforms).It looks increasingly likely that this global policy setup will run econo

6、mies and markets“hot”over the next 6-12 months,keeping earnings supported and inflating equity valuations well beyond“normal”highs to“slingshot”levels.Spacecraft can be sent into deep space by using the gravitational assist from other planets.But before that,they are initially pulled in the wrong di