Flows & Liquidity: Deleveraging likely behind us

研报英文原文证据摘录

Flows & Liquidity: Deleveraging likely behind us

J P M O R G A N Global Markets Strategy

29 July 2026

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Flows & Liquidity

Deleveraging likely behind us

Global Markets Strategy

Nikolaos Panigirtzoglou AC

• We find that investors deleveraging in the tech and semiconductor space, (44-20) 7134-7815

including memory stocks, has advanced faster than we had previously nikolaos.panigirtzoglou@jpmorgan.com

anticipated. J.P. Morgan Securities plc

• As a result, we now see more limited room for any further deleveraging. Mika(44-20)Inkinen7742 6565

mika.j.inkinen@jpmorgan.com• The collapse of the odds of the Clarity Act passing by the Senate represents

a setback for crypto markets. J.P. Morgan Securities plc

Mayur Yeole

(91 22) 6157 3872

Cross Asset Fund Flow Monitor mayur.yeole@jpmchase.com

J.P. Morgan India Private LimitedCurrent level shows the latest percentile of weekly flows; Min is denoted by 0 and Max by 1. As of 22nd July 26.

Krutik P Mehta

(91-22) 6157-5016

krutik.mehta@jpmchase.com

J.P. Morgan India Private Limited

Cross Asset Positioning Monitor

Current level shows the latest percentile, Min is

denoted by 0 and Max by 1.

Source: J.P. Morgan Flows & Liquidity.

Cross Asset Positioning Monitor aggregates across the

various position indicators of Appendix ranging from

positioning proxies across various futures contracts,

momentum signals as proxies of how trend-following funds/

CTAs are positioned, mutual fund betas as proxies of howSource: Lipper, ICI, Bloomberg Finance L.P.