Week in review
- U.S. core PCE increased 0.3% m/m in May.
- China’s one-year loan prime rate was maintained at 3%.
- China’s YTD foreign direct investment decline narrowed to -8.6% y/y in May
Week ahead
- China NBS Manufacturing PMI
- U.S. non farm payrolls and unemployment rate
- Europe inflation rate
Thought of the week
Emerging market leadership is increasingly being shaped by the AI supply chain, but recent volatility is a reminder that strong fundamentals and crowded positioning can coexist. South Korea’s sharp market swings highlight how retail flows, leverage, and demand for downside protection can amplify moves, even as the memory cycle remains supported by tight supply, long-term customer commitments, and rising pricing power. At the same time, the growing weight of a handful of technology-linked stocks within emerging market indices raises concentration risk: what has helped performance on the way up could become a vulnerability if sentiment turns. For investors, this reinforces the case for active management in emerging markets, with a focus on balancing exposure to AI-driven winners against diversification across less crowded regions and sectors.
Index performance across different markets
Dec 31, 2025 = 100, price return, local currency

Source: MSCI, S&P Global, FactSet, J.P. Morgan Asset Management. Data reflect most recently available as of 25/06/2026.
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.