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Report published September 2, 2026

J.P. Morgan Market Intelligence Morning Briefing: Global Equity Outlook and Asian Positioning Reset

Source and citation context

Report date
September 2, 2026
Analysis as of
August 31, 2026

Authors / editors: Andrew Tyler (Author), Federico Manicardi (Author), Ellen Wang (Author), Victoria Campos (Author), John Schlegel (Author), Jigar Vakharia (Author)

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.

Daily UpdateCommoditiesDerivativesEquitiesInformation TechnologyFinancials

J.P. Morgan Market Intelligence has shifted to a tactically cautious stance as rising bond yields, oil prices, and corporate issuance weigh on sentiment, though positioning washouts indicate an attractive Q4 setup ahead. The desk advocates relative regional preference for the US and Asia over Europe while selectively hedging momentum and AI vulnerabilities.

Key Takeaways

  • 1.J.P. Morgan Market Intelligence remains tactically neutral/cautious on global equities in the near term amid rising bond yields and oil prices, while anticipating an attractive Q4 setup.
  • 2.Asian equity positioning has reset from the 75th to the 40th percentile, with emerging market inflows resuming since July ($19bn) and Korean corporate buybacks offering solid structural support.
  • 3.The team favors long US and Asian equities over European equities, maintaining hedges on European indices and momentum factors while selectively buying dips in supercycle themes.

Table of Contents

  • 20 SECONDS
  • Positioning Intelligence | EU Thematic Positioning Dashboard
  • Positioning Intelligence | APAC Thematic Positioning Dashboard
  • Stages of token demand acceleration
  • Total monthly tokens processed across Google surface
  • Anticipated AI Capex Funding Sources
  • Volume-Weighted Average Token Pricing
  • CATALYSTS:
  • IDEAS & INSIGHTS – IN BRIEF
  • IDEAS & INSIGHTS – IN DETAIL
  • EMERGING MARKETS MONETIZATION
  • POSITIONING INTELLIGENCE
  • J.P. Morgan Global Market Intelligence Contacts

Report data

J.P. Morgan global manufacturing PMI summary — as of August 31, 2026.

MetricEstimateContext
J.P. Morgan Global Manufacturing PMI52.3 index levelGlobal manufacturing PMI ticked up to 52.3 in August from 52.1 in July.
Global Manufacturing Future Output PMI60.0 index levelFuture output expectations rose to 60.0 in August from 59.1 in July.
Investor Positioning in Asia Percentile40.0 percentileAggregate investor positioning measure in Asia fell to the 40th percentile from the 75th percentile in late June.
Euro Area Core Inflation2.4 %oyaCore inflation inched down to 2.4%oya, driven by easing services inflation.
Euro Area Headline Inflation Forecast3.4 %oyaExpected headline inflation revised up due to higher Brent and TTF price assumptions.
Source: S&P Global, J.P. Morgan; J.P. Morgan Equity Macro Research; Eurostat, J.P. Morgan; J.P. Morgan. This is a dated model snapshot, not a live forecast.

Reports in this series

International Market Intelligence Morning Briefing is shown in chronological order through this edition, published on September 2, 2026.

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  16. Jul 27JPM International Market Intell Morning Briefing 2026 07 27
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  25. Aug 10JPM International Market Intell | Morning Briefing 2026 08 10
  26. Aug 11JPM International Market Intelligence | Morning Briefing: 20 SECONDS
  27. Aug 13JPM International Market Intell | Morning Briefing Aug 13
  28. Aug 27JPM International Market Intelligence Morning Briefing Aug 27

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Authors / Editors

Andrew Tyler · AuthorFederico Manicardi · AuthorEllen Wang · AuthorVictoria Campos · AuthorJohn Schlegel · AuthorJigar Vakharia · Author

Reported Data Context

  • J.P. Morgan Global Manufacturing PMI: 52.3 index level (2026-08) · Source: S&P Global, J.P. Morgan
  • Global Manufacturing Future Output PMI: 60.0 index level (2026-08) · Source: S&P Global, J.P. Morgan
  • Investor Positioning in Asia Percentile: 40.0 percentile (2026-08) · Source: J.P. Morgan Equity Macro Research
  • Euro Area Core Inflation: 2.4 %oya (2026-08) · Source: Eurostat, J.P. Morgan
  • Euro Area Headline Inflation Forecast: 3.4 %oya (2026) · Source: J.P. Morgan

Securities

VIXUSDJPYNVDAILFKWEBEPIASEA

Themes

AI Infrastructure Capex and Debt CrowdingAsian Equity Positioning Reset and Corporate BuybacksCross-Asset Tactical De-risking and Hedging

Regions

GlobalAsia PacificEuropeUnited StatesJapanSouth Korea

Browse More

J.P. MorganDaily UpdateVIXUSDJPYNVDAEquitiesRates Govt Bonds

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