Report published September 1, 2026
J.P. Morgan Global Market Intelligence: August 2026 Recap
Source and citation context
- Issuer
- J.P. Morgan
- Report date
- September 1, 2026
- Analysis as of
- August 31, 2026
Authors / editors: Eloise Goulder (Head of Data Assets & Alpha Group), Andrew Tyler, Federico Manicardi, Ellen Wang, Victoria Campos, Luca Rainero, Edwina Lowe, Maria Smedoiu, Ben Broughton, John Schlegel, Jigar Vakharia, Sunny Potharaju, Chris Lam
Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Global equities gained in August (MSCI ACWI +2.6%), supported by broadening technology leadership and an explosive rebound in software. Meanwhile, sovereign yields rose and the dollar weakened as the debasement narrative gained traction alongside coordinated US-Japan FX intervention.
Key Takeaways
- 1.Global equities rebounded in August (MSCI ACWI +2.6%), led by a recovery and broadening in Tech (NDX +4.2%, IGV Software +16.3%) after July's sharp unwind.
- 2.The currency debasement narrative resurfaced on US fiscal dominance concerns and AI bond issuance crowding out, driving a rally in gold (+9.7%), silver (+15.6%), and commodities while the USD weakened.
- 3.Japanese and US authorities conducted a historic coordinated yen-buying intervention for the first time since 1998, as the BoJ signaled an accelerated rate hike path.
Table of Contents
- KEY THEMES IN AUGUST
- TECH BROADENING
- MOMENTUM
- POSITIONING
- DEBASEMENT & GLOBAL RATES SELLOFF
- GEOPOLITICS
- JAPAN FX & BOJ POLICY
- POLITICS
- MONTHLY RECAP
- GLOBAL EQUITIES IN AUGUST
- GLOBAL FICC IN AUGUST
- Market Intelligence
- Data Intelligence
- Positioning Intelligence
Report data
GLOBAL EQUITIES IN AUGUST — as of August 31, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MSCI ACWI Return | 2.6% | Global equity benchmark monthly performance. |
| Software Sector (IGV) Return | 16.3% | Strong monthly performance for software. |
| Gold Return | 9.7% | Gold rally driven by debasement trade. |
| Silver Return | 15.6% | Silver monthly gain. |
| US Flash Composite PMI | 56.0 index points | Highest reading since March 2022, driven by Services. |
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Authors / Editors
Reported Data Context
- MSCI ACWI Return: 2.6 % (2026-08) · Source: JPM Int Market Intelligence, Bloomberg
- Software Sector (IGV) Return: 16.3 % (2026-08) · Source: Bloomberg
- Gold Return: 9.7 % (2026-08) · Source: Bloomberg
- Silver Return: 15.6 % (2026-08) · Source: Bloomberg
- US Flash Composite PMI: 56.0 index points (2026-08)