Emerging Markets Equity Strategy: July 2026 Wrap – Seeing through the tail end of tech deleveraging; Geopolitical headwinds re-escalate

研报英文原文证据摘录

Emerging Markets Equity Strategy: July 2026 Wrap – Seeing through the tail end of tech deleveraging; Geopolitical headwinds re-escalate

J P M O R G A N Global Markets Strategy

03 August 2026

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Emerging Markets Equity Strategy

July 2026 Wrap – Seeing through the tail end of tech

deleveraging; Geopolitical headwinds re-escalate

MSCI EM posted another monthly decline in July (-3.3%, -1.7% in June), Emerging Markets Equity Strategy

ACunderperforming flattish returns in S&P500 (-0.1%) as well as DM (+0.5%). The Rajiv Batra

most major drag to performance was from an unwind of the AI/Tech complex (65) 6882-8151

concentrated in South Korea and to a lesser extent in Taiwan. The pulback was rajiv.j.batra@jpmorgan.com

driven by renewed fundamental concerns such as the continuity of AI capex, J.P. Morgan Securities Singapore Private Limited

financing and monetization challenges, and competition from China. But the Emy Shayo Cherman AC

resultant wobble in AI stocks was amplified by an intense positioning unwind (55-11) 4950-6684

emy.shayo@jpmorgan.com

(including from equity hedge funds and leveraged ETFs in Korea). Towards the Banco J.P. Morgan S.A.

end of the month, it appeared that the de-leveraging in Korea had run its course, AC Anindita Gandhi

resulting in a sharp rally on the last day. Another notable headwind was from a (91-22) 6157-3248

re-escalation of conflict in the Middle East that effectively ended the ceasefire anindita.gandhi@jpmorgan.com