Joann Kim +852 2800 8016 joann.kim@jpmorgan.com Specialist Sales APAC Specialist Sales 19 August 2026 J P M O R G A N Asia Physical AI, JP Auto; Suzuki as Top Pick, Earnings Recap; Xiaomi/ Fuyao Glass US : Equities moved lower as macro tightening and an accelerating semis unwind weighed on the tape, pulling SPX down 0.7% and driving a sharp reversal in Momentum (-2.8%) and Crowded Longs (-2.7% vs Shorts -1.1%). Breadth improved versus the prior session (46% of SPX up) and equal-weight held up better (SPW -0 ...