J P M O R G A N Global Quantitative & Derivatives Strategy 07 October 2024 An Analysis of Cross Asset Liquidity Conditions 3Q24 Update - An inclusion of China equities • In this note, we provide an update on the liquidity conditions across asset classes, including US, Europe and Japanese equities, bonds and FX, and major Commodities markets including Oil, Gold and Copper. Market depth, in our definition, represents the market order imbalance required to move the market by 1% within a short period of time (e ...