Thursday saw J.P.Morgan note.......>

EMERGING MARKETS: Thursday saw J.P.Morgan note that "EM risk has been

catching-up to the global rebound in the last week as near-term sentiment

improves on developed economies that are visibly opening up, with an anticipated

improvement in upcoming data. High beta EM currencies are one of the last asset

classes to see meaningful retracement from the Feb/Mar sell-off and we do not

see a reason to fade near-term strength yet, even though this will eventually

likely give way to a medium-term trend of EM currency weakness resuming. The

tactical nature of this means we are expressing it in our model portfolio by

adding an overweight in Latam FX - we move overweight in MXN - versus an

underweight in Asia. In EMEA EM, we move marketweight from underweight by

scaling up our existing overweight in RUB. Overall the portfolio is marketweight

EM FX but with a better regional allocation for a short-term continuation of EM

FX strength. We added an underweight in CNY this week to hedge risks around

US-China tensions escalating."