Mi weekly market brief

Market Insights 17 August 2026

The Weekly Brief Market statistics Equities Change (%) Commodities Level Change (%) Thought of the week Equities Week ago YTD Year ago Commodities 14/08 Week ago YTD Year ago MSCI Europe -0.1 13.8 22.3 Brent $/bbl Corporate activity has accelerated sharply in 2026, pointing to healthier capital markets and greater confidence among companies and investors. Global DAX 0.5 8.0 8.5 Gold $/oz merger and acquisition (M&A) deal value reached close to $3 trillion by the end CAC of the second quarter, on track to surpass the $4.8 trillion recorded across the IBEX -0.1 19.3 37.2 Currency Level whole of 2025 and set for one of the strongest years of the past decade. FTSE MIB -0.2 22.9 31.1 Currency 14/08 Week ago Start of year Year ago Importantly, the recovery has extended beyond M&A, with both the value and FTSE $ per € number of global initial public offerings (IPOs) also picking up in 2026. For S&P £ per € private equity, both M&A and IPO activity provide important routes to exit TOPIX 3.0 24.6 40.4 $ per £ existing investments and return capital to investors. A sustained recovery could MSCI EM 2.5 23.7 39.3 ¥ per € therefore help unlock some of the capital currently tied up in private markets. MSCI China -3.1 -9.0 -7.5 ¥ per $ MSCI Brazil -1.3 4.4 25.6 CN¥ per $ Strong M&A activity points to healthy capital markets MSCI AC World 0.7 15.9 24.6 CHF per € Global M&A by quarter, USD trillions Energy 5.2 33.9 43.5 Materials -1.2 13.0 27.9 Volatility (%) Level Industrials 1.2 19.3 25.1 Volatility (%) 14/08 Week ago Start of year Year ago Cons discr. -1.6 -0.8 4.1 VIX 14 15 15 15 Cons staples -0.0 8.5 8.0 Healthcare 0.2 6.4 20.9 Macro GDP %† CPI % Financials 0.6 13.1 20.6 Eurozone 1.8 2.9 Technology 1.7 31.8 44.2 UK 1.7 2.6 Comm serv. -0.9 -0.4 9.0 US 1.5 3.4 Utilities 0.2 7.1 11.6 Japan 1.8 1.6 Value 1.0 19.5 28.1 China 3.6 0.5 Growth 0.3 12.4 21.0 Valuation Forward P/E Bond spreads Level Change (bps) MSCI Europe 15.1 Bond spreads 14/08 Week ago YTD Year ago FTSE 100 12.6 Source: PitchBook Data, Inc., J.P. Morgan Asset Management. Guide to Alternatives. Data as of Global IG 80 1 0 1 S&P 500 20.0 31 July, 2026. EMBIG (USD) 219 0 -12 -41 MSCI EM 10.2 The Week Ahead Global High Yld 283 -5 -21 -23 MSCI World 18.9 Day Country/region Event Period Prior Mon Japan GDP growth rate q/q Q2 0.5% Bond yields (10 yr) Level Change (bps) China Industrial production y/y Jul 5.3% Bond yields (10 yr) 14/08 Week ago YTD Year ago Tue UK Unemployment rate Jun 4.9% UK US Industrial production m/m Jul 0.1% Germany 3.20 7 35 49 Wed UK Headline CPI y/y Jul 2.6% USA 4.69 5 53 40 UK Core CPI y/y Jul 2.6% Japan Fri Japan Headline CPI y/y Jul 1.7% China 1.69 -2 -18 -5 Japan Core CPI y/y Jul 1.6% Japan Composite PMI Aug 52.7 Eurozone Composite PMI Aug 52.0 UK Composite PMI Aug 52.2 US Composite PMI Aug 54.5

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

Market Insights 17 August 2026

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