According to Odaily, JPMorgan has reported that three-quarters of global arbitrage trades have been closed, with recent declines erasing this year's gains. Quantitative strategists Antonin Delair, Meera Chandan, and Kunj Padh stated in a letter to clients that the returns of the G-10, emerging markets, and global arbitrage trade baskets tracked by the bank have fallen by approximately 10% since May. This downturn has wiped out year-to-date returns and significantly reduced the profits accumulated since the end of 2022. The team noted that the spot portion of the global arbitrage trade basket indicates that 75% of arbitrage trades have been closed. They reiterated that there is limited time left for G-10 arbitrage trades. The strategists also mentioned that the chances of a rebound in August are slim, given the light central bank schedule and the already cooling volatility.