Report published September 24, 2026
J.P. Morgan: International Market Intelligence Morning Briefing (September 24, 2026)
J.P. Morgan · September 24, 2026
J.P. Morgan maintains a tactically cautious stance on global equities amid upward yield pressure, while highlighting resilient macro momentum and strong corporate financing surpluses. The desk recommends buying dips via broadening themes, remaining selective on AI beneficiaries versus vulnerables, and exploiting regional tactical opportunities in Asia, Europe, and Emerging Markets.
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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.Strong cyclical momentum persists globally, with September flash PMIs beating expectations and corporate financing surpluses boding well for capex.
- 2.Tactical caution is warranted on global equities due to upward yield pressure, but J.P. Morgan advises buying dips via broadening trades as yields approach fair value.
- 3.Tech and AI dispersion is shifting within themes rather than across them, driving differentiation across AI infrastructure, capex spenders, and agentic AI vulnerables.
Table of Contents
- 20 SECONDS
- J.P. Morgan PMI, Developed Markets
- The AI Trade Finds New Losers
- CATALYSTS
- IDEAS & INSIGHTS – IN BRIEF
- IDEAS & INSIGHTS – IN DETAIL
- EMERGING MARKETS MONETIZATION
- POSITIONING INTELLIGENCE
Report data
J.P. Morgan PMI, Developed Markets: DI, sa; September preliminary based on flash reports
| Metric | Estimate | Context |
|---|---|---|
| Developed Markets PMI Output Total | 55.7 Diffusion Index | Preliminary flash report for Developed Markets total output PMI. |
| Developed Markets PMI Employment Total | 53.1 Diffusion Index | Employment component showed sharp broad-based gains. |
| OECD median sovereign net-debt to GDP | 55.5% | Comparison against estimated sustainable limits of 180% to 230% of GDP. |
| Global total debt | 365 US$ Trillion | Global debt topped $365 trillion in 1H 2026 with debt-to-GDP kept in check by inflation. |
| China AI value chain cumulative operating profit | 544 US$ Billion | Expected cumulative operating profit across the China AI ecosystem over 2026E-2030E. |
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International Market Intelligence is shown in chronological order through this edition, published on September 24, 2026.
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