JPM | Industrial Strength Morning Messages: Earnings highlight strong order growth (Wartsila, Alfa)

Research evidence excerpt

JPM | Industrial Strength Morning Messages: Earnings highlight strong order growth (Wartsila, Alfa)

s what Britain must set. This commitment would have strong cross-party support….However, your DIP

[Defence Investment Plan] financial settlement….falls well short of what is required for defence and the country at this

dangerous time. The extra support is back loaded when the pressure of operations and imperative to speed up readiness to

fight is in the first two years and it rises to just 2.68% of GDP in 2030, when we will reach 2.6% next year with the

investment we are already making.” We think it is very likely that Mr Healey will now seek to boost UK Defence spending.

3. JPM Autos Tracker -Global Light Vehicle Production: Quarterly Outlook Revisions: Europe Upward in Q3, China

Downward in Q3- Jose M Asumendi hereIHS (S&P Global Mobility) has increased its LVP forecast for FY26 by 140 bps.

The new estimate projects a 2.1% yoy decrease, up from the 3.5% yoy decrease forecasted in Jun’26. This upward revision is

primarily attributed to higher production expectations across all regions except China, with the most significant upward trends

in the Middle East/Africa, Japan/Korea, South Asia and Europe.

4. Copper Dashboard -Global inventory eases on China destocking; tariff front running continues as US stocks continue to

build; remain constructive on most copper miners- Lyndon Fagan hereKey takeaways: (1) Global visible copper

inventories have fallen to 1.05Mt from 1.37Mt in March - SHFE + China bonded warehouse destocking has been the main

driver (down 450kt to ~120kt), while US located LME & COMEX inventory has continued to rise on tariff front-running

(now at ~725kt or ~70% of the global total). Overall, ex-US-based inventory has normalized back to 2025 levels.