Market Colour; D/grade Swiss RE to UW; Hannover Negative Catalyst Watch; First Glances - Barclays, Man Group; Polish Banks Previews: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Research evidence excerpt

Market Colour; D/grade Swiss RE to UW; Hannover Negative Catalyst Watch; First Glances - Barclays, Man Group; Polish Banks Previews: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 28 July 2026

Market Colour; D/grade Swiss RE to UW; Hannover Negative Catalyst

Watch; First Glances - Barclays, Man Group; Polish Banks Previews

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

5 Key Highlights Today:

1. Market Colour

2. Reinsurance: Q2 Deja Vu - Kam and Nadia downgrade Swiss Re to UW, place Hannover on Negative Catalyst

Watch.

3. Barclays: First Glance from Kian and Sheel-

4. Man Group: First Glance - Strong numbers

5. Polish Banks - 2Q26 Preview: Operating momentum remains as strong volumes cushion the rate drag, more one-

offs this quarter.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

Save the Date: J.P. Morgan Events

J.P. Morgan Financials Contacts

Market Colour: A still very painful day in markets yesterday - even within financials the squeeze in reinsurers and diversified

financials stocks causing some pain. No let up in Asia first thing with Semis underperforming again. Keshan Vaikunthanathan on

our sales trading team explains that in Europe yesterday volumes were -70% vs 5d on HT. Extremely painful session for hfs given

the dispersion with -2.5z move for our 12m momo l/s basket. We saw continued selling in semis post the China duv comp story