International Market Intelligence Morning Briefing

Global equities are rising on AI optimism and potential Iranian diplomacy, despite weakening Flash PMIs suggesting a global growth slowdown. However, extreme positioning in the momentum factor signals a growing risk of a tactical market reversal.

Key Takeaways

• 1.Equities are extending gains due to a resurgence in AI/Tech and potential geopolitical de-escalation between the US and Iran.
• 2.Global Flash PMIs indicate stalling growth, particularly in the Euro Area where 2Q GDP forecasts have been lowered to 0.25%ar.
• 3.Hedge fund momentum exposure has reached extreme levels (highest since 2018), creating a significant tactical risk of a reversal.

Table of Contents

• MKT INTEL VIEWS
• SPX FUTURE (BLUE) VS WTI (WHITE) & US 10Y (ORANGE) INVERTED
• Turning to NEXT WEEK
• G7 Long-Term Borrowing Costs Climb Above Post-Covid Peak
• Activity tracking
• UK MACRO
• IDEA & INSIGHTS – IN BRIEF
• IDEAS & INSIGHTS – IN DETAIL
• SALES & TRADING: GLOBAL CHINA SUMMIT 2026 – DAY 2 KEY THEMES
• POSITIONING INTELLIGENCE
• Report: Weekly Wrap | Momentum in Reverse? Risk of Downside
• J.P. Morgan Global Market Intelligence Contacts

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