J P M O R G A N Global Markets Strategy 20 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Flows & Liquidity Macro managers remain cautious in equities Cross Asset Fund Flow Monitor Current level shows the latest percentile of weekly flows; Min i ...