Equity Strategy What would it take for Europe to trade relatively better?

研报英文原文证据摘录

Equity Strategy What would it take for Europe to trade relatively better?

J P M O R G A N Global Markets Strategy

08 June 2026

Equity Strategy

What would it take for Europe to trade relatively better?

• At the overall equity level, we continue to recommend to use the dips caused by Equity Strategy

AC adverse geopolitical news to add into, but have also advised two weeks ago to Mislav Matejka, CFA

start looking at Low Vol part of the market - see report. We argued that this (44-20) 7134-9741

group of stocks is likely to find support irrespective of where bond yields go mislav.matejka@jpmorgan.com

from here, ie, even if they move up. Further into 2nd half, the wildcards for more J.P. Morgan Securities plc

market gains are the prospect of a turn dovish by Fed, something which is right Prabhav Bhadani, CFA

now clearly very much out of consensus, materially lower oil prices by this time (44-20) 7742-4404

prabhav.bhadani@jpmorgan.com

next year, and potential green shoots in China. J.P. Morgan Securities plc

• European indices, both SX5E and SXXP, have rebounded nicely from the Iran Nitya Saldanha, CFA

conflict driven lows, to currently trade near the highs of the year. The question (44 20) 7742 9986

is what would be needed for these to make a clear breakout in 2H. nitya.saldanha@jpmchase.com

J.P. Morgan Securities plc

• Relatively, the Iran conflict has likely hurt European prospects more than other Karishma Manpuria, CFA

regions, and our call in March to go back to Mag-7 is clearly at the (91-22) 6157-4115

disadvantage of Europe. Near term, Iran conflict retains a potential to karishma.manpuria@jpmchase.com

escalate, even as we believe both sides have an incentive to come to terms J.P. Morgan India Private Limited

eventually.