JPM | Industrial Strength Morning Messages: Evonik & Conti earnings, MHI goes up on strong results (+ve ENR), RR p/t to 1800p

Research evidence excerpt

JPM | Industrial Strength Morning Messages: Evonik & Conti earnings, MHI goes up on strong results (+ve ENR), RR p/t to 1800p

products and will have HSD EPS accretion in the first full year after closing (pre-synergies, DD

accretion post synergies). Prysmian will fund the deal through equity, hybrid bonds and debt. Management said on the call

that about 20% of the funding will come from equity, which equates to 2% of Prysmian’s market cap on Friday, and the

company has yet to make a call on whether to issue new shares or sell treasury shares.

3. European Chemicals -Analysis of the latest Chinese and European chems trade flows- Chetan Udeshi hereJune 2026 China

chemical trade data reinforce that China’s export surplus is broadening across basic, downstream and specialty chemical

chains, with record or near-record net exports across several chemical products across the value chains (i.e. upstream and

downstream). Pricing remained inflationary YoY, with median Chinese export/import prices still positive after the earlier

APAC naphtha spike and Middle East-related value-chain disruption, but June also showed early signs of normalization as

several product prices were flat or lower MoM, and the rebound in Chinese imports from Asia suggests rest-of-Asia

production constraints are easing. Overall, while the ongoing Middle East conflict continues to drive near-term pricing and

earnings variability, we continue to view the recent pricing, margin and earnings uplifts as temporary. The structural

headwinds of significant industry overcapacity — especially in China — and intensifying competition in specialty products

from Chinese and other Asian producers persist, as also reflected in June China trade flows.

4.