JPM | Industrial Strength Morning Messages: More (generally positive) earnings, more rotation with an added Hormuz flare up

Research evidence excerpt

JPM | Industrial Strength Morning Messages: More (generally positive) earnings, more rotation with an added Hormuz flare up

Specialist Sales J P M O R G A N

29 July 2026

JPM | Industrial Strength Morning Messages: More (generally positive)

earnings, more rotation with an added Hormuz flare up

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

Earnings: ADP FP, AENA SM, AIR FP, AML LN, BAS GR, DG FP, ELUXB SS, IMCD NA, LR FP, NEX FP, P911 GR, PIRC

IM, RNO FP, SOLB BB, WEIR LN

US All Stars Conference is taking place on the 22nd and 23rd of September. In Industrials we've got 3M, Carrier Global,

Deere & co, Eaton Corp, Equifax, Honeywell International, Howmet Aerospace, Quanta Services, Rollins, TransUnion

and Trimble attending. Registration link is here: https://jpm.buythesell.com/Registration/EventAccess?id=176

In Focus Today

• Good Morning. We’re not at peak earnings yet - that joy comes tomorrow - but the market is clearly worried we’re at peak

growth. Kospi is down sharply again this morning - but has showed some signs of trying to find a bottom since I’ve been at

my desk. A ‘miss’ from SK Hynik the smoking gun this morning. We’ve also got higher oil to contend with after the US and

Saudi Arabia launched attacks against Iran sponsored militia’s in Iraq after a ‘surprise attack’ was launched. The fact that this

contradicts Iran’s earlier statements about not attacking unless attacked is a worry. Earnings continue to be generally good -

First Takes from analysts and my first looks are below - but the ‘interestinng’ ones today are…..

• ELECTROLUX - says something about the market that this will be the star performer in Cap Goods today - but better

profit and much better cashflow plays high short interest. Expect shares to be sharply higher this morning.