Mi weekly market brief

Market Insights 24 August 2026

The Weekly Brief Market statistics Equities Change (%) Commodities Level Change (%) Thought of the week Equities Week ago YTD Year ago Commodities 21/08 Week ago YTD Year ago MSCI Europe -0.5 13.2 20.4 Brent $/bbl -year US government bond yields hit their highest level since mid-2007 last week, briefly topping 5.3% before retreating. The reversal followed an DAX -1.1 6.7 7.6 Gold $/oz unexpected announcement from the US Treasury that it would at least double CAC its purchases of longer-dated government bonds from September. While the IBEX -1.0 18.2 35.0 Currency Level move helped ease pressure at the long end of the curve, it does little to address FTSE MIB -1.7 20.8 27.8 Currency 21/08 Week ago Start of year Year ago the factors that have driven yields higher. Investors continue to grapple with FTSE $ per € uncertainty over the future path of Federal Reserve (Fed) policy, concerns about S&P £ per € large fiscal deficits, and inflation risks linked to the ongoing conflict in the TOPIX -3.1 20.7 35.0 $ per £ Middle East. Attention now turns to Chairman Warsh's speech at Jackson Hole MSCI EM 0.5 24.4 40.5 ¥ per € this week. Markets will be watching closely for any signals on future Fed policy, MSCI China 2.8 -6.4 -4.7 ¥ per $ and any effort by Warsh to reinforce the central bank's inflation-fighting MSCI Brazil 1.8 6.3 27.6 CN¥ per $ credibility. MSCI AC World -1.1 14.6 24.2 CHF per € Energy 2.8 37.6 45.6 The US government is increasingly uncomfortable with rising Materials 4.4 18.0 32.4 Volatility (%) Level bond yields Industrials -2.9 15.8 21.9 Volatility (%) 21/08 Week ago Start of year Year ago %, nominal 30-year US Treasury yield Cons discr. -0.3 -1.1 4.8 VIX 15 14 15 17 Cons staples -1.0 7.5 5.1 Healthcare 3.9 10.6 22.7 Macro GDP %† CPI % Financials -1.6 11.4 18.8 Eurozone 1.8 2.9 Technology -2.8 28.1 44.8 UK 1.7 2.9 Comm serv. -1.2 -1.6 9.5 US 1.5 3.4 Utilities -2.0 5.0 9.2 Japan 1.1 1.9 Value -0.7 18.7 27.0 China 3.6 0.5 Growth -1.5 10.7 21.1 Valuation Forward P/E Bond spreads Level Change (bps) MSCI Europe 15.1 Bond spreads 21/08 Week ago YTD Year ago FTSE 100 12.7 Global IG 81 1 1 1 S&P 500 19.7 EMBIG (USD) 219 0 -12 -44 MSCI EM 10.3 Global High Yld 287 4 -17 -24 MSCI World 18.7 Source: LSEG Datastream, J.P. Morgan Asset Management. Past performance is not a reliable indicator of current and future results. Data as of 19 August 2026. Bond yields (10 yr) Level Change (bps) The Week Ahead Bond yields (10 yr) 21/08 Week ago YTD Year ago Day Country/region Event Period Prior UK 5.06 2 59 33 Tue US New home sales (m/m) Jul 1.6% Germany 3.26 6 40 50 Wed US Core PCE (y/y) Jul 3.3% USA 4.73 4 57 41 US PCE (y/y) Jul 3.7% Japan US Real personal spending (m/m) Jul 0.4% China 1.69 1 -17 -8 Thu US Jackson Hole Symposium begins - - Fri Japan Unemployment rate Jul 2.5% UK Nationwide house prices (m/m) Aug 0.1%

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

Market Insights 24 August 2026

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