Mi weekly market brief

The Weekly Brief Market statistics Equities Change (%) Commodities Level Change (%) Thought of the week Equities Week ago YTD Year ago Commodities 31/07 Week ago YTD Year ago MSCI Europe 0.9 12.0 22.6 Brent $/bbl Low water levels on the Rhine could pressure German industry later this year. While the river carries only a limited share of Germany’s total freight, it’s far DAX 2.1 4.7 6.5 Gold $/oz more critical for the raw materials that feed the country’s industrial engine. At CAC the Kaub crosspoint, water levels below 80cm restrict the navigation of barges. IBEX 1.0 17.1 42.2 Currency Level Research from our Sustainable Investing team finds that disruptions of freight FTSE MIB 0.7 19.6 32.8 Currency 31/07 Week ago Start of year Year ago on the Rhine are linked to slowdowns of German industrial output, with higher FTSE $ per € shipping costs typically falling on industrial buyers rather than carriers. This S&P £ per € link was visible in 2018 and 2022, when disruptions prompted profit warnings in TOPIX -0.2 18.8 39.2 $ per £ the chemical industry. A repeat seems likely in 2026 with ongoing droughts and MSCI EM 1.5 21.5 39.7 ¥ per € already low water levels heading into summer, even if last year’s huge fiscal MSCI China 3.9 -7.1 -2.0 ¥ per $ package remains the key driver of the German growth story. MSCI Brazil 2.2 9.4 34.0 CN¥ per $ MSCI AC World 1.0 12.1 22.9 CHF per € German industry faces risks from low water levels on the Rhine Energy -0.2 31.6 39.5 Rhine river water depth in cm at the Kaub crossing Materials -0.5 7.2 26.2 Volatility (%) Level Industrials -0.5 14.5 20.0 Volatility (%) 31/07 Week ago Start of year Year ago Cons discr. 6.9 -1.6 6.1 VIX 16 19 15 17 Cons staples 1.6 8.5 10.3 Healthcare -0.2 4.1 20.8 Macro GDP %† CPI % Financials 1.0 11.5 21.5 Eurozone 1.8 2.9 Technology -0.1 23.0 37.6 UK 2.5 2.6 Comm serv. 4.5 -1.2 12.2 US 1.5 3.5 Utilities -3.2 8.1 13.4 Japan 1.8 1.7 Value 1.2 16.2 27.3 China 3.6 1.0 Growth 0.8 8.1 18.5 Valuation Forward P/E Bond spreads Level Change (bps) MSCI Europe 15.1 Bond spreads 31/07 Week ago YTD Year ago FTSE 100 12.9 Global IG 80 -1 0 1 S&P 500 19.8 Source: German Federal Institute of Hydrology, J.P. Morgan Asset Management Sustainable EMBIG (USD) 226 0 -5 -44 MSCI EM 10.5 Investing Team. Data as of 28 July 2026. Global High Yld 302 5 -2 -5 MSCI World 18.6 The Week Ahead Day Country/region Event Period Prior Bond yields (10 yr) Level Change (bps) Mon US ISM manufacturing PMI Jul 53.3 Bond yields (10 yr) 31/07 Week ago YTD Year ago Tue US JOLTS job openings Jun 7.59m UK 5.05 2 58 48 Wed China Composite PMI Jul 53.6 Germany 3.20 3 35 51 Japan Average cash earnings (y/y) Jun 3.2% USA 4.71 3 55 35 US ISM non-manufacturing PMI Jul 54.0 Japan Thu Eurozone Retail sales (y/y) Jun 1.6% China 1.71 -2 -15 -2 Fri US Nonfarm payrolls Jul 57k US Unemployment rate Jul 4.2% US Average hourly earnings (y/y) Jul 3.5% Sun China Inflation rate (y/y) Jul 1.0%

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

The Market Insights programme provides comprehensive data Asset Management is the brand for the asset management in APAC, to intended recipients only. For U.S. only: If you are a and commentary on global markets without reference to business of JPMorgan Chase & Co. and its affiliates worldwide. person with a disability and need additional support in viewing products. Designed as a tool to help clients understand the To the extent permitted by applicable law, we may record the material, please call us at for assistance. markets and support investment decision-making, the telephone calls and monitor electronic communications to programme explores the implications of current economic data comply with our legal and regulatory obligations and internal Copyright 2026 JPMorgan Chase & Co. All rights reserved. and changing market conditions. For the purposes of MiFID II, policies. Personal data will be collected, stored and processed Unless otherwise stated, all data is as of 31/07/2026 or most the JPM Market Insights and Portfolio Insights programmes are by J.P. Morgan Asset Management in accordance with our recently available.…