Specialist Sales APAC Specialist Sales 18 August 2026 J P M O R G A N Geely, EU Cap Goods, 2X Macro Risks & Thoughts, Weichai Power Feedback Joann Kim +852 2800 8016 joann.kim@jpmorgan.com Macro tightening finally weighed on equities, with SPX sliding from +0.2% pre-open to -0.5% close as higher rates/Brent hit cyclicals (SPW -0.9%, Financials -1.0%, Consumer Discretionary -1.8%). Semis +1.6% outperformed on supportive AI/data- center headlines and a memory-led rally (Memory +5.9%; SNDK +8.9%, WDC +5.3%), w ...