JPMorgan Econ FI-Euro Area-103395559.pdf

1MarcoProtopapa(44-20)7742-7644marco.protopapa@jpmorgan.comJ.P.MorganSecuritiesplcGregFuzesi(44-20)7134-8310greg.x.fuzesi@jpmorgan.comRaphaelBrun-Aguerre(44-20)7134-8308raphael.x.brun-aguerre@jpmorgan.com1Marco1Prtrp(P4o-o2aP0)7r627m2.2@2.P011August20231MarcoPtp(4-2-0)7726pm42.4020@2jp0j62gn2J)062nS)j4-e20)(604S2u@i40pS.2j@is)0)@i-2pS42l)0)i(2pis24i4S(.G)i04i-)m42)isg-0S)4-26pm42Fp)74s20@2S4l@gis2pF04S2FS@u20642(p-2nS)j42-6@jz32P@i406474--e2-@u42@F2064-42sSp(-2-6@g7s2-0)772Fps4e2p7-@2647n4s2l.2p20)(6027pl@S2upSz402@m4S20642j@u)i(28gpS04S-2pise2064S4F@S4e2jgSS4i02s@Ji-)s42S)-z-2-6@g7s2Fps432t42S4j4i07.2S4m)-4s2s@Ji2@gS2xfxR2(S@J062F@S4jp-02pis274pm4206p02gij6pi(4s206)-2J44z2s4-n)0420642hB2xfxR2s@JiJpSs2S4m)-)@ie2p-2J424An4j02s@u4-0)j2upjS@2Fgispu4i0p7-20@2)unS@m42@m4S20642u4s)gu204Su3jrgoncoP.(tJ72.oa1Seo2-(tJbgS@2pS4p2j@S42nS)j42nS4--gS426p-2j@u42s@Ji2)i2S4j4i02u@i06-e2lg02j@S42)iF7p0)@i2S4up)i-26)(625pS@gis2-.2J64i2s)-G0@S0)@i-2pS42j@i0S@774s2F@S/320)(6027pl@S2upSz40-2pis2-0S@i(4S2Jp(42(S@J062J)77e2)i2@gS2m)4Je2ng02nS4--gS42@i20642b1220@26)z42)i2B4n04ul4S25J424An4j02p2x-ln26)z4/2lg02J4pz2pj0)m)0.2sp0p26)i02p02p2n@--)l742npg-42)i20642Sp0426)z42j.j74253)(gS42x/320642gnJpSs2S4m)-)@i2J42upz420@20642bgS@2pS4p2(S@J062F@S4Gjp-02)-20@@2-up7720@2)unpj02@gS2)iF7p0)@i2F@S4jp-02-)(i)F)jpi07.322g02s4-n)0420642u@s4-02gnJpSs2S4m)-)@i2pS@gis206420gSi2@F20642.4pSe2J42-0)772-442bgS@2pS4p2(S@J062@i2p2-glsg4s2np062)i20642j@u)i(28gpS04S-3206)-2-6@g7s24ij@gSp(42u@S42u@s4Sp042nS)j42pis2Jp(42-400)i(e2J6)j62-6@g7s2@n4i20642s@@S2F@S2n@7)j.2Sp04-2jg0-2i4A02.4pS32f@J4m4Se2J42i@J24An4j02064-42jg0-20@20pz42n7pj42p02p27p04S2-0p(432t6)742J426ps24An4j04s20642b1220@2-0pS02jg00)i(2)0-2n@7)j.2Sp042p02p2x-ln28gpS04S7.2npj42)i2x4xRe2J42i@J24An4j02)020@2-0pS02)i254xR3)oap2t(tuM-.aiu2.2-.(77go2so4Supi2)isg-0S.2sp0p2j@i0)ig420@2nS)i02@i20642J4pz2-)s432F04S2p2637.u8u2s4j7)i42)i2Fpj0@S.2-p74-2)i21gi42pis2p2l1MMarcoPMtp(oc4P-(2o(PoP04o)P4t76p(o)PmmP-arco(2to.@o0j-64Mo4tgapaPrlntorP-otJjt7(o(2toSeuo(Pot6ptoaroislGFoarp(t6MoP)olslGlz0rtoS04Po64t6o38opt(o)P4oxfRhBoc6arFo2tmjtMoAbo6o5if5ho34ap2oc6ar06S442J44z-2p(@e20642-7)s42)i20642bgS@2pS4p2Ma92nS@un04s2g-20@2S4m)-42s@Ji2@gS2i4pSG04Su2bgS@2pS4p2(S@J062F@S4jp-025x4x5G54x5/32020642-pu420)u4e2J42p7-@2S4m)-4s2s@Ji2@gS2xfxR2nS@F)74e20pz)i(2@i2l@pSs206427p((4s2)unpj02@F2u@i40pS.2n@7)j.3206)-2J44ze2J42ups42u@s4-020J4pz-20@20642u)ss742npS02@F2@gS2o:M2F@S4jp-025-7)(607.2-0S@i(4S2(S@J062pS@gis206420gSi2@F20642.4pS/2F@77@J)i(20642gnJpSs2S4m)-)@i2@F20642hB2(S@J062F@S4jp-032t42p7-@2ups42p2u@s4-02j6pi(420@2@gS2b122jp772pis2i@J24An4j020642j4i0Sp72lpiz20@2-0pS024p-)i(2)i254xRe2)i-04ps2@F2x4xR3G6(.praoJarg.02arMtuio2aFotu0642hB2(S@J062F@S4jp-02Jp-27)F04s2l.2x.Gn0-2@i2pm4Sp(4206S@g(62xfx52pis2l.26.Gn02)i264xR27p-023S)sp.32oS@J062Jp-2p7-@2S4m)-4s2s@Ji2l.26.Gn02@i2pm4Sp(42)i2xfxR32064-42j6pi(4-2pS42-)(i)F)jpi0e2lg02J42@i7.2S4-n@is4s20@2064-42u@sG4-07.206)-2J44ze2l4jpg-42bgS@2pS4p2pj0)m)0.2sp0p26pm42l44i2J4pz2@i2l@0620642s4upis2pis2nS@sgj0)@i2-)s4-329i2npS0)jg7p