JPM | Softer CPI but hawkish Warsh, Reliance screens well into numbers, Rio & EVN first thoughts, China Profit alerts

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JPM | Softer CPI but hawkish Warsh, Reliance screens well into numbers, Rio & EVN first thoughts, China Profit alerts

Specialist Sales

APAC Specialist Sales J P M O R G A N

15 July 2026

JPM | Softer CPI but hawkish Warsh, Reliance screens well into

numbers, Rio & EVN first thoughts, China Profit alerts

Anmol Mehta

+852 2800 8896

anmol.mehta@jpmorgan.com

Good morning, CPI came in softer than expected which gives the fed a couple of months of breathing room, but new chair Warsh

delivered a very hawkish testimony. Other than that was all about earnings. Fairly modest reactions from the stocks but first takes

from wave of Chinese earnings post market attached and Aus names below.

From a tactical trading perspective - The CPI miss has begun front end dovish repricing we have been looking for for weeks

now. Unfortunately coming at a time of oil repricing higher which creates a frustrating crosscurrent for the short USD

beneficiaries across APAC. The positive is the front end can further reprice lower on yet another iteration of a “deal” with Iran. I

don’t see how this escalation is much different to previous ones and they have consistently marked good entry points rather than

exit points.Favored trades therefore remain dovish repricing beneficiaries across APAC, namely broadly long India cyclicals.

Reliance is reporting on Friday which stands out , the market is waiting to see how much crack spread widening will translate

into earnings but we very much like this into the print. The stock is down 17% ytd despite higher petchem & refining margins.

Outside of India we like ANTM into numbers, the govt has ruled out major increase in nickel ore production and Benny thinks

they will beat consensus on the print proving the sustainability of earnings.

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