Report published September 28, 2026
J.P. Morgan: International Market Intelligence Morning Briefing (September 28, 2026)
J.P. Morgan · September 28, 2026
J.P. Morgan's Data Assets & Alpha Group remains tactically cautious on global equities, favoring the US and select Asian markets over Europe while monitoring high bond yields and inflation impulses. Tech positioning showed aggressive re-risking into Mag7 and semiconductors, while copper faces severe supply risks that could drive prices toward $15,000/mt.
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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.The desk maintains a tactically cautious/neutral stance on Global Equities, preferring US and Asia over Europe, while recommending cheap downside index hedges on EU equities.
- 2.Rates continue to rise globally as yields top 4% for the first time since 2007, propelled by strengthening global inflation impulses expected to push core goods inflation sharply to a 2.5% annualized rate.
- 3.Copper faces severe supply disruptions in South America from diesel shortages, El Niño, and potential strikes, which could create upside convexity and push prices above $15,000/mt by year-end.
Table of Contents
- Average Global Bond Yields Are At Multi-Decade Highs
- Junk Bonds Signal Rising Stress
- Gold Has Diverged From ETF Flows
- US and China Readouts on Trump-Xi Summit in Washington
- Catalysts
- Ideas & Insights – In Brief
- Ideas & Insights – In Detail
- Positioning Intelligence
Report data
Average Global Bond Yields Are At Multi-Decade Highs
| Metric | Estimate | Context |
|---|---|---|
| Average Global Bond Yield | 4% | Global bond yields rose above 4% for the first time since 2007 |
| Core goods inflation forecast | 2.5% | Driven by strengthening global inflation impulses |
| Copper target overshoot price | 15,000 USD/mt | Potential upside convexity driven by supply disruptions in Chile and Peru |
| Reciprocal tariff reduction value | 30 billion USD | Non-sensitive goods under consideration for US-China reciprocal tariff treatment cuts |
| Utilities Hedge Fund Net Exposure | -2.5 z-score | HF net exposure to utilities at new historical lows since 2018 inversely tracking 10yr yields |
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International Market Intelligence is shown in chronological order through this edition, published on September 28, 2026.
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