Mi weekly market brief

Market Insights 12 October 2026

The Weekly Brief Market statistics Equities Change (%) Commodities Level Change (%) Thought of the week Equities Week ago YTD Year ago Commodities 09/10 Week ago YTD Year ago MSCI Europe -0.2 9.1 13.3 Brent $/bbl Elevated stock market concentration has raised the importance of diversification. Major benchmarks are increasingly dominated by a small DAX -0.6 2.4 1.9 Gold $/oz number of stocks: the largest 10 companies in the S&P 500 are all technology- CAC 40 -1.2 -1.4 0.2 like names and now represent about 40% of the index’s market capitalisation. IBEX -0.3 12.7 26.3 Currency Level In Emerging Markets (EM), just three semiconductor-related names account for FTSE MIB -1.5 14.2 21.3 Currency 09/10 Week ago Start of year Year ago roughly 30% of the MSCI benchmark. Overall, passive US and EM investors are FTSE $ per € carrying at least close to 50% exposure to Artificial Intelligence-related S&P £ per € industries. Equity markets have of course remained resilient to uneasy TOPIX 0.3 22.9 28.9 $ per £ geopolitics, helped in part by sustained corporate and government spending. MSCI EM -0.2 23.7 27.8 ¥ per € That resilience, however, doesn’t remove the need to manage risk, particularly MSCI China 1.2 -12.2 -19.0 ¥ per $ around stock market concentration. Diversification across equities is therefore MSCI Brazil 9.9 28.6 46.2 CN¥ per $ important, while core fixed income provides valuable portfolio insurance. MSCI AC World 0.7 15.4 18.1 CHF per € Energy 3.6 42.0 46.5 Stock market concentration risk underscores the need for Materials 0.9 11.6 18.2 Volatility (%) Level diversification Industrials -1.0 10.2 11.8 Volatility (%) 09/10 Week ago Start of year Year ago Equity index exposure to AI-related industries, % of total market cap Cons discr. 2.6 -5.1 -4.9 VIX 15 15 15 16 Cons staples 3.6 6.8 8.4 Healthcare 2.1 7.2 13.0 Macro GDP %† CPI % Financials 0.7 7.5 13.5 Eurozone 2.6 3.8 Technology -0.4 37.8 37.9 UK 2.1 3.1 Comm serv. 0.7 1.5 5.6 US 2.2 3.4 Utilities 2.6 3.7 3.2 Japan 1.4 1.9 Value 0.7 18.0 22.5 China 3.6 0.8 Growth 0.7 12.8 13.9 Valuation Forward P/E Bond spreads Level Change (bps) MSCI Europe 13.9 Bond spreads 09/10 Week ago YTD Year ago FTSE 100 12.0 Global IG 87 -2 7 9 S&P 500 19.2 EMBIG (USD) 219 0 -12 -34 MSCI EM 9.6 Global High Yld 330 -3 26 14 MSCI World 17.9 Source: LSEG Datastream, MSCI, S&P Global, J.P. Morgan Asset Management. MSCI indices are used for EM, Europe and Japan, US: S&P 500. US hyperscalers include Alphabet, Amazon, Meta, Microsoft and Oracle. EM hyperscalers include Alibaba and Tencent. The US software weight is Bond yields (10 yr) Level Change (bps) adjusted to exclude Microsoft and Oracle given they are counted as hyperscalers. Data as of 6 Bond yields (10 yr) 09/10 Week ago YTD Year ago October 2026. UK 5.45 8 97 69 The Week Ahead Germany 3.49 3 63 78 USA Day Country/region Event Period Prior Japan Wed China Headline CPI (y/y) Sep 0.8% China 1.72 4 -14 -21 US Headline CPI (y/y) Sep 3.4% US Core CPI (y/y) Sep 2.4% Thu UK Monthly GDP (m/m) Aug 0.4% Eurozone Industrial production (m/m) Aug -0.1% US Retail sales (m/m) Sep 1.1% US PPI (final demand, y/y) Sep 5.4% Fri Eurozone HICP (final, y/y) Sep 3.8% US Industrial production (m/m) Sep 0.0%

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

Market Insights 12 October 2026

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