Mi weekly market brief

Market Insights 21 September 2026

The Weekly Brief Market statistics Equities Change (%) Commodities Level Change (%) Thought of the week Equities Week ago YTD Year ago Commodities 18/09 Week ago YTD Year ago MSCI Europe -0.6 10.2 17.8 Brent $/bbl Global supply chains appear to be holding up well, despite ongoing energy flow disruptions. The Global Supply Chain Pressure Index can help to gauge wider DAX -1.0 3.3 6.9 Gold $/oz supply chain health, as it combines world transport cost datasets with supply CAC 40 -1.4 1.5 5.9 chain-related sub-indices from the Purchasing Managers’ Index surveys. The IBEX -1.6 15.5 33.0 Currency Level index spiked during the first few months of this year, but has since moderated FTSE MIB -1.8 18.2 27.1 Currency 18/09 Week ago Start of year Year ago to close to normal levels as of August. Notably, its recent high was also well FTSE $ per € below post-pandemic disruption levels. Back then, the pressure on supply S&P £ per € chains was clearly much greater, amid a very loose policy backdrop and the TOPIX 1.6 21.5 32.5 $ per £ world’s most important manufacturing hubs in Asia experiencing frequent MSCI EM 0.3 23.9 31.8 ¥ per € shutdowns. Higher wholesale energy prices have filtered through to consumer MSCI China -0.2 -11.0 -15.9 ¥ per $ prices in recent months, but the index at least suggests that direct goods MSCI Brazil -1.7 13.5 25.4 CN¥ per $ inflation may be more contained this time round. MSCI AC World -0.0 13.9 19.0 CHF per € Energy -0.9 39.0 43.4 Global supply chains have remained resilient this year Materials -1.5 12.5 23.5 Volatility (%) Level Global Supply Chain Pressure Index, standard deviations from average value Industrials -0.8 10.9 15.1 Volatility (%) 18/09 Week ago Start of year Year ago Cons discr. -1.2 -6.5 -6.9 VIX 15 16 15 16 Cons staples -0.4 4.8 5.4 Healthcare 2.1 6.6 18.3 Macro GDP %† CPI % Financials -1.5 10.5 16.6 Eurozone 2.6 3.2 Technology 1.2 31.9 39.4 UK 1.7 3.1 Comm serv. 0.6 0.8 2.2 US 1.5 3.4 Utilities -1.5 2.8 8.9 Japan 1.4 1.9 Value -0.5 17.9 23.5 China 3.6 0.8 Growth 0.5 10.0 14.6 Valuation Forward P/E Bond spreads Level Change (bps) MSCI Europe 14.1 Bond spreads 18/09 Week ago YTD Year ago FTSE 100 12.4 Global IG 79 -2 -1 2 S&P 500 19.1 EMBIG (USD) 219 0 -12 -43 MSCI EM 9.7 Source: Federal Reserve Bank of New York, LSEG Datastream, J.P. Morgan Asset Management. A Global High Yld 287 2 -17 -8 MSCI World 17.8 higher (lower) reading indicates that supply chain conditions are more (less) stressed than usual. Data as of 18 September 2026. Bond yields (10 yr) Level Change (bps) The Week Ahead Bond yields (10 yr) 18/09 Week ago YTD Year ago Day Country/region Event Period Prior UK 5.30 -5 83 61 Tue Eurozone Consumer confidence Sep -15.5 Germany 3.52 2 67 81 Wed Eurozone Composite PMI Sep 52 USA 5.01 3 85 89 UK Composite PMI Sep 52.5 Japan US Composite PMI Sep 56 China 1.72 3 -14 -15 Thu Japan Composite PMI Sep 53.5 US New home sales (m/m) Aug -10.5% Germany Ifo business climate Sep 88.8

Note: All index returns are total returns in local currency. *Term = index duration. †GDP q/q seasonally adjusted annual rate.

Market Insights 21 September 2026

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