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Research evidence excerpt

Top Stories

North America Equity Research

U.S. First to Market 29 June 2026

Global Data Watch (Bruce Kasman)

While chasin’ the clouds away

• Oil price forecast falls; upside growth risk rises

• Consumption moderates, while business spending displays strength

• Nudging 2Q26 up for Euro area and down for US

• Next week: Solid June US jobs and global mfg. PMI; EA HICP moderates

Init | Quantinuum (Harlan Sur) (QNT, OW, PT $97.00)

Strong Technology Roadmap + Heritage From Honeywell and Execution on Bringing Three

Generations of Scalable Trapped Ion Systems Encouraging; Initiating Overweight with $97 PT

We are initiating coverage of Quantinuum (QNT) with an Overweight rating and December 2027 price target of $97.

Quantinuum is a leader in quantum computing with two-qubit gate fidelity that is among the highest in the industry (99.92% on

Helios platform), a high number of logical qubits at a low physical-to-logical overhead, a full-stack software and applications

platform and, post its recent IPO, one of the the strongest balance sheets in the group.

Derivatives Exchanges (Kenneth B. Worthington, CFA)

A Primer on Perpetual Futures — Limited Risk to the Traditional Futures Structure for Institutional

Traders, but Leveraged Spot Can Work for Retail

Perpetual futures — commonly referred to as “perps” — dominate cryptocurrency trading globally. Recent approval by the

CFTC for Bitcoin perps for Kalshi and Coinbase and the growth of perpetual futures trading in real-world-assets at Hyperliquid

have further increased the product’s visibility to U.S. investors who are trying to better evaluate their outlook. We see perps,

which are currently retail products traded outside the U.S., having broader appeal to U.S.

JPM E&P, Integrateds, and Refiners (Arun Jayaram)