J.P. Morgan
June 9, 2026
Flows & Liquidity
Weekly UpdateEquitiesRates Govt BondsCryptoInformation TechnologyFinancials
Global share buybacks reached record levels of $533bn in April-May 2026, largely driven by US Tech. Consequently, net equity supply is projected to remain manageable despite upcoming IPOs.
Key Takeaways
- 1.Global share buybacks set a record pace of $533bn in April and May 2026, driven primarily by US Tech.
- 2.Net equity supply for 2026 is projected at $200bn, though buyback strength moderates the supply impact of new issuance.
- 3.Increased dollar hedging demand is observed in ETFs and active US equity mutual funds domiciled abroad.
Table of Contents
- Flows & Liquidity
- Cross Asset Fund Flow Monitor
- Global Markets Strategy
- Cross Asset Positioning Monitor
- Which flows have been propagating Korean and Taiwanese equities?
- Some signs of increased dollar hedging demand
- The proposed Market Structure Bill (CLARITY Act) may have only a narrow window for passage this year
- Appendix
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Authors
Nikolaos PanigirtzoglouMika Inkinen
Securities
GOOGMSCI AC World Index
Themes
Share buybacksCorporate cash flow vs capexCurrency hedging demandCrypto market regulation
Regions
Asia PacificGlobalUnited StatesSouth KoreaTaiwan