Today‘s Morning Meeting

Research evidence excerpt

Today‘s Morning Meeting

Europe Equity Research

Europe First to Market 18 June 2026

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

Today’s Morning Meeting

European Capital Goods (Phil Buller/Akash Gupta/Chitrita C Sinha)

Feedback from J.P. Morgan European Industrials Conference

We hosted 23 Capital Goods companies at our European Industrials Conference on the 16th and 17th June and share our

headline takeaways and detailed company feedback in this note. We came away even more bullish on the electricals subgroup,

where end markets are still strong if not accelerating, energy resilience/security/efficiency is of increasing importance to

customers, and China factory automation is also better than expected (as discussed in our feedback from Asia marketing +

JPM China summit note here). More broadly, price/cost appears to be well managed, demand commentary was reassuringly

unchanged versus Q1 despite the onset of the conflict in the Middle East, with data centers and mining equipment the standout

positives. A discrete automation recovery is now underway, and there is little evidence of an inflection in non-DC construction

end markets, for now.

CW | Carrefour (Borja Olcese) (CA FP, UW)

Hype meets gravity: Placing shares on - CW into 1H26; Reiterate UW

We place CA FP on Negative Catalyst Watch into 1H26 results on July 23. Share outperformance and investor positioning

imply a positive inflection in the equity story, whilst in turn, our analysis suggests that 1H26 might turn out to be a downgrade

event - looking back at the last few set of interim results, we note Carrefour has had a tendency to miss expectations; given our