Key Takeaways
- • The original article could not be retrieved; the only available evidence is a BlackRock Investment Institute weekly commentary dated October 26, 2026, which does not clearly match the headline "JPMorgan Emerging Markets beats benchmark amid robust emerging market."
- • BlackRock reports Brent crude surged to around $117 a barrel, its highest since April, as the Middle East energy shock shifts from crude supply to refining and shipping bottlenecks.
- • Refiner shares have risen roughly 160% year to date and tanker operators about 120%, versus a 40% gain for major oil and gas producers, per BlackRock.
- • BlackRock estimates the energy shock has reduced GDP by about 0.5% in Europe versus 0.1% in the U.S., with European gas storage near 75%, its lowest seasonal level since 2011.
- • The Nasdaq fell roughly 1% and the S&P 500 fell 0.4% in the week, while the U.S. 10-year Treasury yield slipped below 5%.
Summary
The primary article on JPMorgan Emerging Markets performance relative to its benchmark could not be retrieved, so this summary draws on the available supplemental material. The most relevant supplemental source is BlackRock Investment Institute's weekly market commentary, published October 26, 2026, which addresses the evolving Middle East energy shock. The sources do not confirm details of the JPMorgan fund's performance, and no emerging-market fund figures are available from them.
According to BlackRock, the global economy has proved resilient to the energy shock, helped by strong AI investment and government spending. Buffers such as strategic reserves and rerouted oil shipments absorbed much of the initial hit, but those buffers are now thinning. Brent crude surged to around $117 a barrel last week, its highest since April, and the pressure has moved downstream to refining and shipping. BlackRock says the delivered cost of fuel from the Middle East to Asia has more than doubled relative to prewar levels.
BlackRock estimates the energy shock has cut GDP by about 0.5% in Europe compared with 0.1% in the U.S. Europe's natural gas storage is around 75%, its lowest seasonal level since recordkeeping began in 2011, and European energy prices are up roughly 170% this year. The firm expects importers and exporters alike to invest in more resilient energy systems, a shift it views as potentially outlasting the conflict and requiring substantial capital that could push up sovereign bond yields.
In markets, the Nasdaq fell roughly 1% and the S&P 500 fell 0.4% last week as investors scrutinized the AI trade, while U.S. 10-year Treasury yields slipped below 5%. BlackRock favors selective energy infrastructure exposure, select utilities, and short-term U.S. Treasuries, and notes the Federal Reserve's policy decision is due October 28.
According to BlackRock, the global economy has proved resilient to the energy shock, helped by strong AI investment and government spending. Buffers such as strategic reserves and rerouted oil shipments absorbed much of the initial hit, but those buffers are now thinning. Brent crude surged to around $117 a barrel last week, its highest since April, and the pressure has moved downstream to refining and shipping. BlackRock says the delivered cost of fuel from the Middle East to Asia has more than doubled relative to prewar levels.
BlackRock estimates the energy shock has cut GDP by about 0.5% in Europe compared with 0.1% in the U.S. Europe's natural gas storage is around 75%, its lowest seasonal level since recordkeeping began in 2011, and European energy prices are up roughly 170% this year. The firm expects importers and exporters alike to invest in more resilient energy systems, a shift it views as potentially outlasting the conflict and requiring substantial capital that could push up sovereign bond yields.
In markets, the Nasdaq fell roughly 1% and the S&P 500 fell 0.4% last week as investors scrutinized the AI trade, while U.S. 10-year Treasury yields slipped below 5%. BlackRock favors selective energy infrastructure exposure, select utilities, and short-term U.S. Treasuries, and notes the Federal Reserve's policy decision is due October 28.
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