JPM | APAC THEMATICS - Oil: Below $80... next stop $60? / Inflation: US CPI (6m/6m) to turn -ive in 2H = don‘t stay hawkish / Micron: Buyside bars into earnings / Global strategy: Mislav‘s case for consumer

研报英文原文证据摘录

JPM | APAC THEMATICS - Oil: Below $80... next stop $60? / Inflation: US CPI (6m/6m) to turn -ive in 2H = don‘t stay hawkish / Micron: Buyside bars into earnings / Global strategy: Mislav‘s case for consumer

Specialist Sales

APAC Specialist Sales J P M O R G A N

22 June 2026

MARKETS OVERNIGHT… Key to know

- US Market Wrap - Oil declines… but equities fall as Mag7 weighs. The S&P -0.4% and Nasdaq -1.3% both fell as renewed

weakness in megacap tech outweighed incremental optimism on US‑Iran peace talks. Breadth was better than the tape suggested

with Real Estate, Energy & Healthcare higher while Telcos, Discretionary & Staples lagged. The macro backdrop was mixed - oil

continued its recent decline with WTI below $75/bbl on deal progress, while gold gained as inflation fears eased….but the DXY

extended its win streak to 3 days on “USD exceptionalism” talk, 2y yields +5bps to 4.23% and 10y +6bps to 4.51%, and the VIX

+3% pushed higher for a 2nd day. In single stock, pressure concentrated in mega tech and high‑multiple software - Alphabet -5%,

Amazon -5%, Netflix -6% and Palantir -7%. Apple was in the headlines on an additional Deepmind-to-Anthropic headline.

Palantir’s fall was also notable as it hit 52-week lows. On the flip side, Micron +7% rallied on a new Anthropic agreement,

coming ahead of results later this week. We also saw gains from Super Micro +16% on an upgrade citing better AI‑server

visibility, Credo +11% on an outperform initiation, and Caterpillar +4% hitting new ATHs.

FROM THE FRANCHISE… 3x which caught my eye

- Global Strategy - Beaten up consumer stocks… Can rally in 2H27 (Mislav Matejka). Consumer stocks have been in the eye of

the storm for a while amid rising oil/rates and weak labour market backdrop… but we expect performance to improve in 2H as oil