J.P. Morgan Australia FTM 18 May 26 Copper Dashboard; Vicinity Centres and More

Research evidence excerpt

J.P. Morgan Australia FTM 18 May 26 Copper Dashboard; Vicinity Centres and More

Asia Pacific Equity Research AC Asia Pacific Equity Research

16 May 2026 J P M O R G A N

aprr.publications@jpmorgan.com

Mainstreaming Sustainability: News & Content Highlights from Equity Research

Top of the Agenda…

EU ETS: The Commission opens its long awaited benchmark revision for consultation. Metals—particularly Steel—face

more significant benchmark reductions that could lead to a greater loss of free allowances, while the impact on Chemicals

depends on companies’ product mix.Link

Daily Economic Briefing (Alex Gallin)

Don’t stop ’til you spend enough

US consumers are weathering the energy supply shock. The latest retail sales data showed both headline and the “control”

category—which excludes autos, gas, building materials, and food services—up 0.5%m/m in April. The gain in control sales

was stronger than expected, and based on today’s data we expect total real spending rose 0.1-0.2% in April. Assuming similar

growth for the rest of the quarter, real spending could rise 2.2%ar in 2Q, notable in the face of headline PCE inflation that is on

track to top 5%ar. However, as the cushion from higher tax refunds fades, spending may pull back temporarily.

Equity Strategy (Mislav Matejka, CFA)

Q1 Earnings Season Tracker - Key Takeaways

The Q1 earnings season is in its final stages, with nearly 90% of companies having reported in both the US and in Europe. In

this last edition of our Q1 tracker, we summarize the key takeaways.

Equity Thematic Strategy (Dubravko Lakos-Bujas/Bhupinder Singh/Kamal Tamboli)

Security and Resiliency Investing

For decades, global capital allocation prioritized economic efficiency. Firms optimized cross-border supply chains, sourcing