JPMorgan cuts emerging market FX and local debt on Middle East war uncertainty

LONDON, March 5 (Reuters) - JPMorgan's analysts cut the bank's stance on emerging market currencies and local currency debt to 'marketweight' from 'overweight' on Thursday, following this week's outbreak of the war between the United States and Israel and Iran

The bank said considerable uncertainty remained for emerging economies six days into the conflict.

"We are using yesterday’s rally back to reduce our remaining small OW (overweight) EM FX and local rates positions to MW (marketweight)," they said in a research note.