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JPMorgan turns bullish on UK stocks for the first time since the Brexit vote
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cnbc.comLONDON — JPMorgan has upgraded U.K. stocks to «overweight,» ending years of caution on British equity markets which the bank said are now trading at a «record discount.»
The Wall Street giant had held a longstanding cautious call on U.K. equities since the Brexit referendum in 2016, before moving to «neutral» in July 2020 after a particularly dire spell for U.K. stocks and after the worst of the coronavirus pandemic.
With U.K. equities having delivered a more range-bound performance against their transatlantic and European peers over the past 12 months, however, JPMorgan on Monday upped them to overweight in both a European and global context.
Since the Brexit referendum, U.K. equities have lagged the U.S. by a cumulative 50% and the euro
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