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J.P. Morgan: Although the Middle East issue remains unresolved, a path to negotiation is visible; the macro focus has shifted from risk premium to residual "stagflation" risk.

J.P. Morgan: Although the Middle East issue remains unresolved, a path to negotiation is visible; the macro focus has shifted from risk premium to residual "stagflation" risk.

``` The main theme of Asian stock markets in April appeared to be AI-driven acceleration, but this strategy report from JPMorgan casts the lens further: the Middle East conflict has not “ended,” and the real change lies in the market’s pricing of worst-case scenarios beginning to converge—after the risk