Asia Pacific Monthly Wrap: June 2026: Shifting macro/thematic undercurrents drive volatility

研报英文原文证据摘录

Asia Pacific Monthly Wrap: June 2026: Shifting macro/thematic undercurrents drive volatility

J P M O R G A N Global Markets Strategy

01 July 2026

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Asia Pacific Monthly Wrap

June 2026: Shifting macro/thematic undercurrents drive

volatility

• MSCI Asia Pacific and MXASJ ended a volatile June down 1.1% and Equity Macro Research

AC 1.3%, respectively. The month was marked by heightened volatility and Rajiv Batra

dispersion given: (1) decline in commodity (particularly oil) prices following (65) 6882-8151

moves towards a peace deal in Iran, (2) concerns over a stronger dollar and rajiv.j.batra@jpmorgan.com

higher interest rates following continued strong US data and a hawkish J.P. Morgan Securities Singapore Private Limited

perception of new Fed Chair Kevin Warsh’s first FOMC, (3) sharp pullback Mixo Das AC

(following renewed monetization concerns) but eventual recovery (following (852) 2800-0511

mixo.das@jpmorgan.com

reports from Micron and Broadcom) in AI hardware names, and (4) J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

heightened volatility in Asia’s market leader (Korea) resulting from large Morgan Broking (Hong Kong) Limited

outstanding leveraged ETFs. Overall, Momentum delivered another positive Joy Wang AC

month as North Asia’s AI infrastructure-heavy markets again led regional (852) 2800-2322

equities and eked out positive returns as a whole (Taiwan: +1.4%; Korea: joy.y.wang@jpmorgan.com

+0.1%; Japan: -0.4%), supported by stronger earnings forecasts.