JPM | APAC THEMATICS - Big Picture: Easing CPI & Iran noise / Tech Earnings: Matters more! GOOG next week = key for equities in 3Q / Korea Call: Strategy & Financing, 10am HK today

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JPM | APAC THEMATICS - Big Picture: Easing CPI & Iran noise / Tech Earnings: Matters more! GOOG next week = key for equities in 3Q / Korea Call: Strategy & Financing, 10am HK today

Specialist Sales

APAC Specialist Sales J P M O R G A N

14 July 2026

MARKET COMMENTARY

US OVERNIGHT - S&P +0.4%, 2Y yields -9bps… Lower CPI drives risk-on. Equities rebounded alongside bonds on the cooler

CPI print, unwinding near-term hike fears. The USD fell for the first time in 3 days, 2y yields dropped -9bps to 4.19% and 10y -

3bps to 4.59% as July hike odds were pushed out to Sep/Oct, and VIX eased to 16.5. Oil held firm but finished off the highs as

Trump backed away from the proposed Hormuz transit charge. Gold bounced for the first time in 3 days and crypto caught a bid

with Bitcoin back >$64k. In equities… Tech, Telcos & Energy led gains, while Healthcare, Staples & Real Estate lagged. In

single stock, the tape was driven by earnings & AI-capex read-throughs. In tech, IBM -25% cratered on a 2Q prelim sales miss

tied to AI-fueled shortages and ARM -6% lagged on a valuation-driven downgrade, while CrowdStrike +12% surged on IBM’s

cyber “distraction” comment and Dell +7% rallied on the comment that customers concentrated spend in servers/storage/memory.

Semis were bid, Nvidia +4% and Micron +5% on fresh bullish PT hikes. Outside tech, GS +9% ripped on record equities revs,

while Biogen -8% fell on a trial miss.

US THEMATICS - With easing CPI… the focus shifts back to earnings (Marissa Gilter). Geopolitical back-and-forth continues

to dominate headlines, but the translation to equities has so far been minimal. Meanwhile, the CPI print is buying the Fed some

time (without fully closing the door to tightening) - and most now see a July hike as unlikely given the cooling in core prices.