J P M O R G A N Global Markets Strategy 17 April 2024 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 A repeat of last August? Global Markets Strategy Nikolaos Panigirtzoglou AC (44-20) 7134-7815 nikolaos.panigirtzoglou@jpmorgan.com J.P. Mo ...