Today‘s Morning Meeting

Research evidence excerpt

Today‘s Morning Meeting

Europe Equity Research

Europe First to Market 16 June 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

UK Spotlight (Bruna Haq)

Makerfield Matters: Sector and Stock Implications of the UK’s Shifting Political Landscape

Less than two years after Labour won a decisive parliamentary majority in 2024, UK Prime Minister Sir Keir Starmer faces

mounting leadership pressure following May’s local elections, in which the party lost 58% of the seats it was defending. Greater

Manchester Mayor Andy Burnham is expected to win this week’s Makerfield by-election, which would pave the way for him to

formally push for the leadership of the party. JPM UK Economist Allan Monks expects this could lead to some important fiscal

changes at the Budget, with the pace of planned tightening next year moderated to a degree.

| Global Online Classifieds (Marcus Diebel/Lara Simpson/Alexei Gogolev/Bob Chen/Dae K Lee, CFA)

Marginalised 2.0 – after the de-rate, quality segmentation takes over and share price performance of

Classifieds incumbents is likely to diverge from here

In our last deep dive on the Online Classifieds sector in Nov 2025, Marginalised, the rising cost of maintaining

relevance and traffic leadership in an AI world ( here ) , we had argued that sector dynamics were about to change and

Classifieds incumbents would have to materially increase their efforts to maintain their gatekeeper position by delivering

undisputably top-notch and now AI-driven experiences as well as deeper data & information to compete with GenAI agents and

new aggregators in the future. Since then, the industry has quickly adapted, and improved search functionality has been