First to Market Autos Valuation Comp Sheet Key Trades and Risks：Emerging Markets Equity Strategy JPM Asia Telco Investing our Recommendations：Back Testing Analysis-10th Apr 2015 Biotechnology：Highlights from The Annual JPM Biotech Napa Forum More upside potential in place Strategic long-term growth undermined by rich valuation; Sell India Steel - Non tariff barriers being expanded; Coal Post auction blues; Zinc prices move up sharply China: March M2 growth eased to 11.6%oya; new loans solid while non-bank financing slowed; fx reserves at US$3.73 trillion March money data: The PBoC’s biggest challenges