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  1. Weekly Market Recap

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Weekly Market Recap


Week of July 27, 2026

View and download PDF

Week in review

  • ECB interest rate remains at 2.4%
  • Japan inflation rate increased to 1.7% y/y in June

Week ahead

  • U.S. interest rate decision
  • Europe 2Q GDP growth rate
  • U.S. GDP growth rate

Thought of the week

Fresh tariff action appears to be moving back to the center of the policy agenda, with potential new duties on a wide range of trading partners arriving as earlier temporary measures are set to expire. The significance lies less in any single tariff rate and more in the renewed uncertainty around global supply chains, inflation pass-through, and corporate margin planning. Broader trade restrictions could complicate the disinflation narrative if import costs rise, while sector-specific measures may create uneven pressure across industries and countries with large export exposure. However, some measures may be designed with grace periods, exemptions, or negotiated outcomes, limiting the immediate economic impact; larger multinational firms may also have more flexibility to adapt through agreements, sourcing shifts, or pricing power. Still, the direction of travel suggests trade policy could remain a persistent macro variable. Investors may be best served by monitoring how tariffs affect inflation expectations, earnings guidance, and central bank flexibility going forward.

Average tariff rate on U.S. goods imports for consumption

Duties collected / value of total goods imports for consumption

Source: U.S. Census Bureau, U.S. Department of Treasury, U.S. International Trade Commission, J.P. Morgan Asset Management. For illustrative purposes only. The estimated weighted average statutory U.S. tariff rate includes all tariffs that are currently in effect, not announced. Imports for consumption: goods brought into a market for direct use or sale in the domestic market. *Figures are based on 2024 import levels and assume no change in demand due to tariff increases. Import figures included in the table are from the U.S. Census Bureau. Estimates, projections and other forward-looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections or other forward-looking statements, actual events, results or performance may differ materially from those reflected or contemplated. Data reflect most recently available as of 16/07/2026.

Market data

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All returns in local currency unless stated otherwise.
Currencies’ return are based on foreign currencies per U.S. dollar. An appreciation of the foreign currency against the U.S. dollar would be positive and a depreciation of the foreign currency against the U.S. dollar would be negative.

Diversification does not guarantee positive returns or eliminate risk of loss.

The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.

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In the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be.; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc. is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon, and an Investment Fund Manager in British Columbia, Ontario, Quebec, and Newfoundland and Labrador. It is also a Derivatives Adviser in Manitoba, a Commodity Trading Manager in Ontario, and a Derivatives Portfolio Manager in Quebec. In the United Kingdom, by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other European jurisdictions, by JPMorgan Asset Management (Europe) S.à r.l. In Asia Pacific (“APAC”), by the following issuing entities and in the respective jurisdictions in which they are primarily regulated: JPMorgan Asset Management (Asia Pacific) Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited, each of which is regulated by the Securities and Futures Commission of Hong Kong (“SFC”), which this advertisement or publication has not been reviewed by the SFC; JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K), which this advertisement or publication has not been reviewed by the Monetary Authority of Singapore; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (Japan) Limited, which is a member of the Investment Management Association of Japan, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Australia, to wholesale clients only as defined in section 761G and 761GA of the Corporations Act 2001 (Cth), by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919). For all other markets in APAC, to intended recipients only.

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The value of investments may go down as well as up and investors may not get back the full amount invested.

Copyright 2026 JPMorgan Chase & Co. All rights reserved.