行业回顾_投资者应如何布局 2026 年上半年-Sector Review_ How should investors position into 1H26_

Europe Credit Research 04 November 2025 J P M O R G A N Sector Review How should investors position into 1H26? In our view, investors are not just suffering from recession fatigue but full blown recession exhaustion. We have had four scares in as many years - including the energy crisis after the Russian invasion of Ukraine in 2022, the regional banking crisis in 2023 with the collapse of SVB and Credit Suisse, the 'Sahm rule' trigger in 2024 with the US unemployment rate rising by 0.6% from the lows, and t ...