Top Stories

Research evidence excerpt

Top Stories

Global Equity Research

International First to Market 13 July 2026

Equity Strategy (Mislav Matejka, CFA)

Q2 Earnings Preview - robust corporate profits to offer support to the market

Our bullish 2026 view had strong earnings outlook as one of the key drivers, contrasting with the stance by many that

consensus expectations entering the year were too high. Despite the spike in geopolitical uncertainty in Q2, it is encouraging

that 2026 EPS projections kept moving higher, something which is seen in all regions, and is not solely the result of IT and

Energy. In fact, the majority of sectors in MSCI AC World have seen net upgrades ytd. Iran conflict is flaring up again, but

we think one keeps using the dips driven by this to add, the same stance we had since 2nd half of March.

Carbon Counts 2026 (Jean-Xavier Hecker)

What to Expect from the EU ETS Reform Proposal on July 17? Flagging Stock Sensitivities

The European Commission's comprehensive review of the EU Emissions Trading System (ETS) — pushed back from 15 July

to 17 July 2026 — will mark a significant political milestone 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.

French Banks (Delphine Lee), France

Paris Tour Feedback