Asia Market Movers: JPMorgan says non-US stocks at 25% discount but cheap alone won't shift flows

Thursday, 25 Jun, 2026 Stock market update JPMorgan says non-US stocks at 25% discount but cheap alone won't shift flows JPMorgan's Michael Cembalest said non-US equities trade at roughly a 25% forward P/E discount to US stocks, near record lows, but attractive valuations have failed to redirect flows away from US marke Central Banks PBOC is expected to set the USD/CNY reference rate at 6.8048 – Reuters estimate The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch Learn more News South Korea equities surging at the open, Kospi up more than 5% US equity index futures are trading higher on the Globex reopening for the new session also. News Magnitude 7.1 quake topples Caracas buildings as USGS warns of high Venezuela casualties A magnitude 7.1 earthquake struck north-central Venezuela on Wednesday, collapsing buildings in Caracas. The USGS issued a red alert warning of high casualties and economic losses of 1-4% of Venezuela News UK car output snaps four-month slide in May but US surge masks deeper industry stress The 83% surge in US shipments is almost certainly a pull-forward effect driven by tariff front-running rather than genuine demand strength, which makes the May headline figure a poor guide to underlyi Central Banks NY Fed's Marchioni calls new FOMC reserves language cleanup, not a Warsh policy shift If Marchioni is right and the new FOMC language is genuinely just housekeeping, money markets get a straightforward signal: the pace of Treasury bill buying will continue to respond to liquidity condi News MUFG says intervention threat slowing yen slide as BOJ hike fails to shift USD/JPY trend The market's muted response to both the BOJ hike and the Katayama-Bessent alignment language is the most telling signal in MUFG's note: verbal intervention and policy tightening are doing the job of s Stock market update JP Morgan lifts S&P 500 target to 7,800 but warns of flash crash risk in crowded AI trades The flash crash warning on speculative AI momentum names is the detail traders will focus on, not the headline target upgrade. JP Morgan is effectively signalling that the easy money in second and thi Learn more Commodities JP Morgan cuts Brent forecast to $78 year-end as demand miss and inventory lag bite A year-end Brent target of $78 from JP Morgan suggest a directional anchor for the market, reinforcing the bearish H2 drift that has been building in consensus since the Iran ceasefire removed the geo

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