Market Extra: After Brexit, U.K. stocks still set to outperform, says J.P. Morgan

With the British pound and bond yields falling, analysts at J.P. Morgan are sticking with their overweight call on U.K. stocks, brushing off downbeat economic data in the wake of the country’s Brexit vote to leave the European Union.

J.P. Morgan revisited its overweight call in the wake of the first wave of post-Brexit economic numbers.

Its upgrade of U.K. equities earlier this year “was clearly not based on the view that Brexit would happen,” said J.P. Morgan equity strategists, led by Mislav Matejka, in a research note on Monday.

However, “we believed that the U.K. would be the outperformer even in the case of Brexit and the key drivers of our bullish view on the region still hold,” they said.

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