Australian Research at a Glance - May 18, 2026

Research evidence excerpt

Australian Research at a Glance - May 18, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Industry Comments

Research RBCCM Global Financials () Global Financials Research Group – Weekly Valuation Overview

rbccmglobalfinancials@rbccm.com Published May 14 2026 21:00:14 EDT

This publication shows estimates and valuations for our coverage of Global

Financials for the week ending May 15, 2026. Please see the footnotes in the

coverage tables for further details.

Please note that all RBC ratings, price targets, estimates, and forward valuation

metrics are as of 5PM ET on May 14, 2026, unless otherwise noted.

Investment Strategy Research

Lori Calvasina (Analyst) The Pulse of the Market

(212) 618-7634; lori.calvasina@rbccm.com Published May 15 2026 11:55:28 EDT

London Fog

In a Nutshell: In Pulse, we tackle hot topics and other updates to the indicators

we track regularly. The big things you need to know: First, the investors we met

with this past week were keen to explore other opportunities in US equities beyond

Semis/Tech/AI, but had difficulty envisioning what those were. Second, we highlight

continued outperformance of high price momentum in our factor work and what

we’re seeing in our valuation work for this part of the market, a pick up in the rate

of upward EPS estimate revisions for the S&P 500 as reporting season slows down,

and the signal we’re currently getting from S&P 500 and Russell 2000 forward P/E’s.

Global Commodity Strategy and MENA

RBCCM Global Commodity Strategy and MENA Research () Commodity Comment: No Easy Passage

(212) 437-1925; rbccmcommoditystrategyresearch@rbccm.com Published May 14 2026 16:01:30 EDT

Geopolitics, Oil, Natural Gas, Gold, Clean Energy and MENA Research

As we approach summer demand season, there seems to be an emerging