At Any Rate

Greg Shearer, metals strategist focused on supply shocks and precious metals dynamics. Otar Dgebuadze, European gas specialist tracking LNG flows and storage. They unpack strikes on metal plants, aluminum restart risks and possible deficits. They also cover strained LNG deliveries, low European storage and rerouting risks after Red Sea disruptions.

Jainik Mody, CFA, an EM equities and cross-asset strategist at J.P. Morgan, joins to unpack macro and FX complacency. They discuss geopolitical and cyclical risks to FX, energy-driven terms-of-trade effects, vulnerable European and EM currencies, and positioning for EM equities with a barbell between energy, quality growth, and defensive yield stocks.

Meera Chandan, FX strategist focusing on currency moves amid energy shocks. Fabio Bassi, cross-asset strategist on risk assets and portfolio positioning. Nora Szentivanyi, macroeconomist on growth, inflation, and policy. Natasha Kaneva, commodities strategist on oil, shipping, and gold. They discuss oil flow-to-stock dynamics, commodity price scenarios, macro and inflation impacts, risk-asset outlooks, and FX winners and losers.

Ben Ramsey, Head of EM Sovereign Credit Strategy at J.P. Morgan, offers takes on EM credit spreads and sovereign stress. Anezka Christovova, Head of EMEA EM and Latam Local Market Strategy at J.P. Morgan, breaks down EM local rates, FX moves and central bank reactions. They discuss conflict timeframes and scenarios, rates and curve dynamics, credit spread behavior, and EMFX entry considerations.

Greg Shearer, Head of Base and Precious Metals Strategy at J.P. Morgan, offers market-savvy perspective on metals. He walks through oil supply timelines and rerouting risks across regions. He flags refinery responses and early demand destruction in Asia. He also discusses gold’s recent technical bounce and what could drive its medium-term path.

Antonin Delair, a systematic FX strategist who specializes in carry and signal-based trades, and Ladislav Jankovic, an FX volatility strategist, discuss FX impacts from inflation, yield dispersion, momentum signals, and elevated volatility tied to geopolitical noise. They cover carry basket behavior, real versus nominal carry, dollar-centric vol dynamics, skew and cross-vol pockets, and thematic strategy performance.

Otar Dgebuadze, a European natural gas analyst focused on LNG and regional flows. Greg Shearer, head of base and precious metals strategy tracking metals moves and outlooks. They unpack strikes on energy infrastructure and Qatar LNG damage. They cover Asian fuel shortages, base metals weakness, and why gas and oil benchmarks are diverging.

Octavia Popescu, Nordic/Swiss FX strategist with central-bank intervention expertise; James Nelligan, G10 FX strategist focused on BoE and ECB policy; Arindam Sandilya, EM FX strategist tracking dollar, options and oil spillovers. They discuss oil-driven shocks and recession risk. They explore how Iran tensions push dollar dynamics, option-market warnings versus muted spot moves, and policy reactions across BoE, ECB, Riksbank and SNB.

Ben Ramsey, Head of EM sovereign credit strategy at J.P. Morgan, offers sovereign credit and spread analysis. Anezka Christovova, Head of IMEA EM and LATAM local market strategy at J.P. Morgan, covers FX, rates and local market moves. They discuss conflict-driven market shocks, rates vs FX sensitivity, idiosyncratic local opportunities and Venezuela’s recent market dynamics.

Ben Jarman, Australian rates strategist focused on AUD swap spreads. Takafumi Yamawaki, Japan rates strategist tracking JGB supply and fiscal risks. Francis Diamond, U.K. rates strategist on BOE policy and political premia. Ipek Ozil, U.S. rates strategist covering volatility, carry trades and geopolitical shocks. They discuss drivers of DM swap spreads, curve dynamics across markets, and key risks that could shift spreads.