locate an office

offices near you

office near you

Economy & Markets

5 things working in markets today

  Key takeaways:

  • Last week, within just a few days, geopolitical tensions eased, rate cut bets surged, and U.S. stocks reached new highs.
  • As we enter the second half of the year, markets seem caught between two forces: strong fundamentals versus unresolved risks around tariffs and global tensions.
  • We believe the focus should remain on what is working—and currently, momentum favours strength, driven by diversified portfolios, regional diversification, bank stocks, IPO momentum, and long-term secular themes such as defence.
  • If you're hesitant to deploy capital, consider a phased-in approach. This strategy has historically outperformed holding cash and smoothed out volatility.

Geopolitical tensions eased, rate cut bets surged, and U.S. stocks hit new highs—all in a few days.

Trump's Monday night announcement of an Israel-Iran ceasefire, defused geopolitical risk and sent oil prices plunging -12%—the sharpest weekly drop since 2022. As markets exhaled, a flurry of dovish Fedspeak reignited hopes for rate cuts, even in the face of strong economic data.

The result? A global rally that saw the S&P 500 catapult back to record highs, fully rebounding from its near-bear market just months ago. Leading the charge was tech, with the NASDAQ 100 smashing through to its own fresh highs.

Europe jumped into the upswing as Germany fast-tracked fiscal stimulus, and the NATO summit’s 5% defence spending pledge was the highest since the Cold War. Meanwhile, Japan's Nikkei enjoyed its best week of 2025 yet.

As we enter the second half, markets are caught between two forces. On one hand, there's the strength of robust earnings, minimal defaults, resilient consumers, a balanced labour market, and inflation close to the Fed's target. On the other, unresolved risks from tariffs and global tensions threaten to disrupt the journey ahead.

How should investors respond? We believe the focus should remain on what is working—and right now, momentum is on the side of strength. Here are five things working in markets right now.

1. A diversified portfolio is doing its job

A global 60/40 stock/bond allocation is up over +8% year-to-date (in USD terms)—a clear sign of resilience in a market still contending with disinflation, tariff risks, and lingering (albeit fading) geopolitical uncertainty.1 Despite these challenges, central banks continue to lean towards easing.

Within U.S. equities, industrials (+12% total return), utilities (+9%), financials (+8%), and tech (+7%) have led the charge higher, with the latter three among our preferred sectors. We anticipate further upside from here.

Bonds, too, are pulling their weight. U.S. core bonds have rallied close to +4%, while their global, currency-hedged counterparts have gained close to +3%. When tariff fears flared, bonds held steady—and even outperformed, despite focus on U.S. debt and fiscal risks.

Even if our base case doesn't pan out, diversification is proving its worth. When the S&P 500 plunged -19% at its worst this year, a balanced global 60/40 portfolio was down roughly half that at -10%. Bonds now offer what we didn't see pre-pandemic: the potential for income and a shield against growth scares.

Higher yields offer opportunities for bond investors

Yield, %, USD terms and USD-hedged

Sources: J.P. Morgan Private Bank, Bloomberg Finance L.P. Data as of 26 June 2025.

2. Regional diversification is delivering

Investors seem to be shifting away from a U.S.-centric mindset—and the results speak for themselves.

While U.S. markets have been buoyed by AI and financials, broader earnings momentum remains limited. In contrast, tech in Europe and China is showing both strength and breadth, signaling potential for continued growth.

So far this year, performance has followed suit: USD investors are up roughly +20% in both Europe and China, compared to just over +5% in U.S. equities.

While stock markets earlier this year were engulfed by tariffs and geopolitical risks, recent catalysts seem to have flipped the narrative. Resilience is emerging, and global exposure is proving to add real value.

3. Deregulation is buoying U.S. banks

After years of tight regulation, U.S. banks are encountering a new landscape. The Fed appears to be easing key capital rules, potentially reasserting banks' role in driving economic growth.

Specifically, the Fed proposed lowering the supplementary leverage ratio (SLR) from 5% to a range of 3.5%–4.5%. While the details are technical, the impact is clear: banks would be freer to deploy excess capital—through more lending, increased market activity, and greater returns to shareholders.

Adding to the momentum, the largest U.S. banks just passed the Fed's latest stress tests, proving they're strong enough to weather a severe downturn. That gives regulators confidence—and gives banks room to act.

Overall, U.S. banks are sitting on roughly $200 billion in excess capital. So while financial stocks are already up some +8% this year, putting that to work—through the likes of loan growth and buybacks—could energize both markets and the broader economy as regulation eases and balance sheets remain strong.

For years, government spending has outpaced bank lending—and from that lens, doing more economic heavy lifting. But as banks gain more flexibility, a shift in the balance stands to add fuel to growth.

4. IPO momentum is building

After a prolonged drought, the IPO floodgates are reopening. High-profile debuts like Circle and CoreWeave have reignited investor appetite, signaling a shift in sentiment. May marked the strongest month for global IPO and M&A activity since 2022, despite a brief slowdown following 'Liberation Day.'

Private equity has been at the forefront, backing a record 55% of capital raised on major U.S. exchanges. Year-to-date, IPOs have amassed $29.1 billion in the U.S.—a 45% increase from the same period last year. AI is also making waves, seeing deal activity skyrocket to $150 billion, up from just $20 billion last year.

Two of the year's five largest U.S. IPOs are trading higher, with a weighted average gain of over +50%—a reflection of growing investor appetite. As interest rates look set to fall and regulations stand to ease, we anticipate this pipeline will remain active and continue to grow.

U.S. IPOs are yielding outsized returns

2025 IPO debut performance by region, weighted-average, %

Source: Bloomberg Finance L.P. Data as of 25 June 2025.

5. Long-term themes like defence are showing strength

Following the Israel-Iran ceasefire, defence stocks experienced a brief ‘buy the rumour, sell the fact’ pullback—Northrop Grumman, RTX, and Lockheed Martin each fell over -3% on the day. However, the broader trend remains robust: S&P 500 aerospace and defence companies have surged over +25% year-to-date, with Palantir ranking as the second-strongest performer in the entire S&P 500 index.

While the immediate risk of escalation in the Middle East may have diminished, the long-term case for defence is only growing stronger. Last week, European NATO members pledged to increase defence spending to 5% of GDP—a level not seen since the Cold War.

It's not just traditional defence sectors like missiles and jets benefiting from rising budgets. Increased defence spending is spilling over into critical adjacent sectors such as energy, infrastructure, supply chains, and cybersecurity—areas we view as major beneficiaries of this secular shift.

What it means for you

Markets are moving through a catalyst-heavy stretch—tariffs, taxes, geopolitics, and policy shifts are all in play. In uncertain times like these, our goal is to help investors stay positioned, not paralysed. To echo our Mid-Year Outlook, finding comfort in an uncomfortable environment.

If you’re hesitant to deploy capital, a phased-in approach may be a helpful consideration. Historically, consistently phasing-in has outperformed sitting in cash and helped smooth out volatility. Your J.P. Morgan team is here to explore your portfolio with you.

Historically, phasing-in has beaten cash, despite sacrificing some returns

Multi-asset allocation: investing all at once vs. phasing in, 3-year annualized return

Source: J.P. Morgan, Bloomberg Finance L.P. Data as of 7 May 2025. Performance analysis began on 31 December 1989, using index returns for an allocation of the S&P 500 Index and Bloomberg U.S. Aggregate Bond Index, rebalanced quarterly. Excess cash during phasing-in is invested in 1-3-month T-Bills. The range shown spans the 5th to 95th percentile of observations, with the middle line as the median. In the 3 Tranches method, cash is deployed in 3 increments over 2 months: 1/3 on 1 January, 1/3 on 1 February, and 1/3 on 1 March. The 6 Tranches method deploys cash in 6 increments over 5 months: 1/6 on 1 January, 1/6 on 1 February, continuing until 1/6 on 1 June. The 12 Tranches method uses 12 increments over 11 months: 1/12 on 1 January, 1/12 on 1 February, continuing until 1/12 on 1 December. The 24 Tranches method deploys cash in 24 increments over 23 months: 1/24 on 1 January, 1/24 on 1 February, continuing until 1/24 on 1 December of the following year.
1A global 60/40 stock/bond allocation is up over +8% year-to-date (in USD terms) is represented by the Bloomberg Global EQ:FI 60:40 Index, which is designed to measure cross-asset market performance globally. The index rebalances monthly to 60% equities and 40% fixed income. The equities and fixed income are represented by Bloomberg Developed Markets Large & Mid Cap Total Return Index (DMTR) and Bloomberg Global Aggregate Index (LEGATRUU) respectively.

KEY RISKS

All market and economic data as of June 2025 and sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.

We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice.

  • Past performance is not indicative of future results. You may not invest directly in an index.
  • The prices and rates of return are indicative, as they may vary over time based on market conditions.
  • Additional risk considerations exist for all strategies.
  • The information provided herein is not intended as a recommendation of or an offer or solicitation to purchase or sell any investment product or service.
  • Opinions expressed herein may differ from the opinions expressed by other areas of J.P. Morgan. This material should not be regarded as investment research or a J.P. Morgan investment research report.

Important Information

  • The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment-grade debt from a multitude of local currency markets. This multi-currency benchmark includes treasury, government-related, corporate, and securitised fixed-rate bonds from both developed and emerging markets issuers.
  • The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS, and CMBS (agency and non-agency).
  • The Nasdaq 100 is a stock market index made up of equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange. It is a modified capitalisation-weighted index.
  • The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.
  • The Standard and Poor's 500 Index, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States.

This material is for information purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations.

Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

IMPORTANT INFORMATION ABOUT YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST

Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio’s investment objective.

As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.

LEGAL ENTITY, BRAND & REGULATORY INFORMATION

In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE—Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by J.P. Morgan SE—London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567. In Italy, this material is distributed by J.P. Morgan SE—Milan Branch, with its registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE—Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 72610220. In Denmark, this material is distributed by J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010. In Sweden, this material is distributed by J.P. Morgan SE—Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In Belgium, this material is distributed by J.P. Morgan SE – Brussels Branch with registered office at 35 Boulevard du Régent, 1000, Brussels, Belgium, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE Brussels Branch is also supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) in Belgium; registered with the NBB under registration number 0715.622.844. In Greece, this material is distributed by J.P. Morgan SE – Athens Branch, with its registered office at 3 Haritos Street, Athens, 10675, Greece, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Athens Branch is also supervised by Bank of Greece; registered with Bank of Greece as a branch of J.P. Morgan SE under code 124; Athens Chamber of Commerce Registered Number 158683760001; VAT Number 99676577. In France, this material is distributed by J.P. Morgan SE – Paris Branch, with its registered office at 14, Place Vendome 75001 Paris, France, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB) under code 842 422 972; J.P. Morgan SE –Paris Branch is also supervised by the French banking authorities the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.

This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID II) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).

In Hong Kong, material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/ Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Hong Kong/ Singapore Branch (as notified to you). The contents of this site have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. You are advised to exercise caution in relation to this site. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. JPMorgan Chase Bank, N.A., a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder’s liability is limited.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction.

JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under U.S. laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

This material has not been prepared specifically for Australian investors. It:

  • May contain references to dollar amounts which are not Australian dollars;
  • May contain financial information which is not prepared in accordance with Australian law or practices;
  • May not address risks associated with investment in foreign currency denominated investments; and
  • Does not address Australian tax issues.

© 2025 JPMorgan Chase & Co. All rights reserved.

Despite markets being caught between strong fundamentals and lingering uncertainty, we zero in on what’s working.

you may also like

Jun 24, 2025

Take advantage of international business opportunities with ready access to liquidity

Experience the full possibility of your wealth

We can help you navigate a complex financial landscape. Reach out today to learn how.

Contact us

LEARN MORE About Our Firm and Investment Professionals Through FINRA BrokerCheck

 

To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products

 

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

 

Please read the Legal Disclaimer for J.P. Morgan Private Bank regional affiliates and other important information in conjunction with these pages.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED
Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC. Not a commitment to lend. All extensions of credit are subject to credit approval.