JPM | Industrial Strength Morning Messages: Heading into earnings with an SoH headwind

Research evidence excerpt

JPM | Industrial Strength Morning Messages: Heading into earnings with an SoH headwind

in the quest to balance climate

ambition with competitiveness concerns. The proposal will, among other things, shape Phase V of the EU ETS (2031–

40) and will aim to align the system with the EU's 2040 climate target. After six months of "policy volatility" and competing

pressures, the tone has turned more constructive versus Q1 2026. Ahead of the reform, we flag the key issues to watch,

potential EUA price implications based on forecasters' expectations, sector reads for Cement, Chemicals and Pulp & Paper

from our analysts, and introduce our simplified “carbon pricing” stock screener.

7. UK Housebuilders - Press reports that Andy Burnham to be presented with plans to revive Help to Buy; reminder on what it

could mean for the sector- Zaim Beekawa hereThe Times reported (here) that Andy Burnham will be presented with plans to

revive the Help-to-Buy scheme when he is expected to enter office on July 20, noting that a review commissioned in the final

throes of Starmer’s government by Matthew Pennycook, the housing minister, will explore a new iteration of the scheme

following a long tussle with Rachel Reeves. The article also states that Pennycook’s review, conducted in recent weeks, is

understood to have followed an internal report, commissioned by members of the housing department and Treasury, which

concluded that rolling out a new version of Help to Buy would not force up house prices. As a reminder, in February this year,

there were reports that the Government was looking at a Help to Buy scheme but since then the newsflow had largely died

down and in a report we published at the time to assess the potential impact of a scheme (here), we noted that in contrast to