European Banks flows; ECB thoughts; Rasan initiation; Fed Stress Tests: Financials Sector Specialist Commentary Banks - Insurance - Diversified Financials

Research evidence excerpt

European Banks flows; ECB thoughts; Rasan initiation; Fed Stress Tests: Financials Sector Specialist Commentary Banks - Insurance - Diversified Financials

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 24 June 2026

Global Financials Research Links

• FirstRand Ltd - Trading update - FY26 guidance maintained amid solid operating momentum; UK exit a positive catalyst.

• SCOR - Updating estimates ahead of 2Q26.

• Investment Companies Daily - May Open-ended fund flows, PINT March NAV, UKW buybacks, RTW/IBT Apogee acquired,

JEDT final results.

• Derivatives Exchanges - FMX June 22 Total Daily Volume of 66,972 with OI of 159,070.

• Cryptocurrency Markets - June 22 Spot ETP Flows: Combined Net Redemptions Continue, Roughly Flat from Prior Session

($134mn); New Week off to Another Negative Start as Trading Volume Remain Mute.

• Australia Insurance and Diversified Financials - J.P. Morgan Snapshot.

• Rasan - The KSA Insuretech Compounder – Initiate with OW and SAR175 PT.

Global Macro Research Links

• Euro area: PMI begins to recover following US-Iran deal

• UK: PMI drops again, but prices remain high

• ECB: Lagarde and Lane consistent with further tightening

• Daily Economic Briefing - Constructive June survey readings

• Daily Financial Markets Monitor

• US: PMI still subdued in services, though edges higher

Save the Date: J.P. Morgan Events

Registratio

Event Type Date Format Title & Speaker(s) JPM Analyst Location

n

Roadshow Jun 22 In-Person DEUTSCHE BANK Kian Abouhossein LONDON Here

Roadshow Jun 22 In-Person BARCLAYS Sheel Shah / Kian Abouhossein LONDON Here

JOHANNESBURG,

Roadshow Jun 22-24 In-Person PRUDENTIAL PLC Farooq Hanif Here

LONDON, CAPE TOWN