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          1. Weekly Market Recap

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          Weekly Market Recap


          Week of November 09, 2026

          View and download PDF

          Week in review

          • Democrats won control of Congress in U.S. midterm elections
          • Reserve Bank of Australia increased the cash rate from 4.60% to 4.85%
          • China RatingDog Manufacturing PMI decreased to 52.0 in November

          Week ahead

          • China October inflation rate, exports, and imports
          • U.S. October inflation rate and PPI
          • Japan September household spending

          Thought of the week

          Asian technology shares came under pressure after the U.S. midterm elections, with Korean memory producers particularly weak as investors considered the prospect of tighter oversight of AI data centers. Foreign selling amplified the declines, although some markets recovered from their initial lows. The policy concern matters because restrictions on data-center development could temper expectations for chip demand at a time when investors are questioning the scale and returns of AI spending. Still, existing investment plans may continue while the scope and timing of any new oversight remain uncertain. Recent record profits and expectations of prolonged memory shortages also counter fears that demand is already fading. Over the coming years, the pace of AI adoption, the ability to turn usage into revenue, and the sustainability of spending are likely to matter more to markets than any single policy proposal.

          APAC ex-Japan AI-related industry performance
          Price return

          Source: FactSet, MSCI, J.P. Morgan Asset Management. AI refers to artificial intelligence. Hyperscalers is a market-weighted composite of Alibaba, Baidu and Tencent. The remaining categories are based on GICS Industries: Semis = Semiconductors & Semiconductor Equipment (Info. Tech.); Hardware = market-weighted composite of Communications Equipment (Info. Tech.), Electronic Equipment Instruments & Components (Info. Tech.) and Technology Hardware Storage & Peripherals (Info. Tech.). The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. Past performance is no guarantee of future results. Data reflect most recently available as of 04/11/2026.

          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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