** J.P.Morgan says that metals and mining names were top performing sector exiting the last three recessions and it continues to forecast a "V-shape" recovery in 2025
** While it's too soon to call a trough, JPM says it sees this period of weakness as an opportunity to accumulate exposure to copper and gold equities and/or miners that are strategically vulnerable
** Its top picks across European metals and mining stocks are Antofagasta ANTO.L, Rio Tinto RIO.L, Lundin Mining LUN.TO, Fresnillo FRES.L, AngloGold AU.N and Hochschild HOCM.L
** JPM notes that the sector has been the worst performer since new U.S. tariffs were announced, down 13%, and carries latent weakness
** However, it says that the mining shares factor in a potential recession and are already discounting prices 15%-20% below current levels
** JPM notes mining outperformed MSCI Europe by around 100% once markets troughed, with sector value creation triggered by China economic stimulus
** It sees parallels in 2025 as JPM China economists' latest forecasts expect a new 1 trillion yuan ($136 billion) fiscal stimulus to arrive in Q3
($1 = 7.3498 Chinese yuan)
(Reporting by Anna Pruchnicka)
((anna.pruchnicka@tr.com))
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