Report published September 23, 2026
J.P. Morgan: International Market Intelligence Morning Briefing (September 23, 2026)
J.P. Morgan · September 23, 2026
J.P. Morgan's morning briefing highlights a tug-of-war between tech leadership and a tentative market broadening ahead of global PMIs. Tactically, the team favors the US and select Asian markets over Europe while noting that washed-out hedge fund positioning could support an equity rebound.
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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.
Key Takeaways
- 1.Equities are caught in a tug-of-war between ongoing Tech outperformance and a nascent broadening trade supported by geopolitical off-ramps and solid macro data.
- 2.Meta's new Muse application and Agentic AI are driving significant memory demand, but simultaneously raising concerns about capping broader market participation via disruption.
- 3.Tactically cautious to neutral on global equities, maintaining regional preferences for US and Asia (Japan, South Korea, Taiwan) over Europe, with hedges on momentum and cyclicals.
Table of Contents
- Bullion ETF Holdings Approaching 2026 Highs
- China has spent a record amount on gold imports this year
- Borrowing Is Running Well Ahead of Official Forecasts
- Euro area consumer spending nowcast
- U.S.-CHINA SUMMIT
- CATALYSTS
- IDEAS & INSIGHTS – IN BRIEF
- IDEAS & INSIGHTS – IN DETAIL
- EMERGING MARKETS MONETIZATION
- POSITIONING INTELLIGENCE
Report data
Figure 4: Muse Daily Downloads in the U.S. Exceeds All of Meta's Core Family of Apps
| Metric | Estimate | Context |
|---|---|---|
| Brent crude price threshold | 100 USD/barrel | Brent crude has stayed below $100 in its longest losing streak in 1 year. |
| Agentic AI CPU-grade memory requirement premium | 30-100% | Agentic AI memory requirements compared to general purpose CPU-grade memory. |
| Gold ETF holdings net tonnage added | 180 tonnes | Total gold added by ETFs weekly since mid-July. |
| Chinese unwrought gold imports | 1000 tonnes | Chinese gold imports reached a record high level. |
| European Commission flash consumer confidence indicator change | -1 points | EU consumer confidence fell due to higher energy prices. |
Reports in this series
International Market Intelligence is shown in chronological order through this edition, published on September 23, 2026.
Part of the International Market Intelligence series — view all 26 editions
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