European Construction, Building Materials & Infrastructure: Building Blocks

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European Construction, Building Materials & Infrastructure: Building Blocks

Equity Research

26 May 2026

European Construction, Building Materials & Infrastructure

Building Blocks

This week: 1) Cross-sector infra implications from

electrification acceleration in Europe, 2) feedback from our

European Leadership conference (DG, SIKA, FGR, ACS, HOLN & European& InfrastructureConstruction, Building Materials

3) US infra re-athorisation debate. Valuation sheet included. NEUTRAL

European Transportation

NEUTRAL

European Construction, Building

Macro trends, news and data Materials & Infrastructure

Global Economics Weekly: Parallel universes Pierre Rousseau

+33 (0)1 4458 3377

Optimism over AI and a potential Iran deal continue to fuel equity markets. In contrast, bond pierre.rousseau@barclays.com

markets show concern over the oil shock's inflationary consequences, rising interest rates and BBI, Paris

high public debt. These immediate macro realities could catch up with the tech promise.

Tom Zhang, CFA

Source: Global Economics Weekly: Parallel universes, 22 May 2026. +44 (0)20 3555 1395

tom.zhang1@barclays.com

European Equity Market Review: It better end soon Barclays, UK

IMarkets still feel very binary, torn between hope and despair. But the European economy is

Katherine Hearne, CFA

increasingly feeling the cost of the war, and the EU vs US equity trade has essentially become a

+44 (0)20 7773 2041

call on oil. Without peace soon, concerns about an ECB policy mistake may start putting more katherine.hearne@barclays.com

pressure on eurusd. Source: European Equity Market Review: It better end soon, 22 May 2026. Barclays, UK

US Construction: Build America 250 Act: The Likely Floor for a Surface European Transportation

Transportation Reauthorization Andrew Lobbenberg