JPM | Industrial Strength Morning Messages: Thales/Exail, Germany increases borrowing, Italy might increase defence spending

Research evidence excerpt

JPM | Industrial Strength Morning Messages: Thales/Exail, Germany increases borrowing, Italy might increase defence spending

L3 driver-assistance systems to an unnamed North American electric

vehicle manufacturer. The platform delivers 50 times the resolution of the previous generation and includes both radar

hardware and embedded software. Designed for modularity, the system allows the OEM to scale from entry-level to Level 3

configurations and add features such as “Eyes off” capability via over-the-air updates.

7. Global Autos: J.P. Morgan Weekly Research & Events - - Jose M Asumendi here

8. China Metals Activity Tracker - 3 weeks of copper & aluminium inventory declines signal strengthening China metals

consumption- Dominic O'Kane hereWe present our high-frequency inventory trends for base metals, steel and iron ore in

China for the week ended 3 Jul’26. Our data plots China weekly metals inventory trends, a proxy for consumption. After six

weeks of weak copper inventory movement, Copper has recorded three consecutive weeks of larger inventory drawdowns (-

13kt last week). These significant reductions reduce China’s total copper inventory to the multi-year low for this time of year

at 163kt. We interpret this as a signal of improved China copper consumption, synchronous with the US continuing to pull

metal to COMEX, ahead of the US Department of Commerce decision on whether to impose US copper import tariffs.

China’s copper purchase premium climbed back to >$70/t in the last week, which is a signal of improving regional

demand.This de-stocking trend also continues in Alum

9. Vinci -Expect H1 EBIT up 0.6% y/y- Elodie Rall hereVinci will report Q2/H1 Group results on July 29 after market close

and will host a conference call the following day at 09:30am UK time.