European Staples Distilled and Packaged: Our take on the sector, US credit card spending, H1 previews, and more...

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European Staples Distilled and Packaged: Our take on the sector, US credit card spending, H1 previews, and more...

J P M O R G A N Europe Equity Research

15 June 2026

European Staples

Distilled and Packaged: Our take on the sector, US

credit card spending, H1 previews, and more...

European Staples outperformed the market this week across all sub-sectors except European Food Producers,

Beverages. Ingredients led performance and we previewed reassuring top-line Household & Personal Care

momentum into Q2 across Givaudan (which we placed on Positive CW), Symrise and Products, Beverages & Tobacco

Kerry. On the macro, the ECB raised interest rates by 25bps to 2.25% (in line with our Celine Pannuti, CFA AC

Economists’ expectations) and Eurozone CPI picked up to +3.2% in May. Meanwhile, (44-20) 7134-7123

US CPI reached +4.2% in May. We launched our inaugural monthly US Chase credit celine.pannuti@jpmorgan.com

card spending tracker for Staples, “From Cart to Card”, which showed soft off- Edward G Hockin AC

premise food and beverage trends (grocery and liquor stores), though more resilient (44-20) 7742-6937

edward.hockin@jpmorgan.com

restaurant, bars and health and personal care stores. In addition, we’ve published the

Samuel Lewis

key highlights from our “AI in Staples” events last week, including an overview of

samuel.lewis@jpmorgan.com

strategies and opportunities shared by experts and corporate executives. J.P. Morgan Securities plc

• In Food/HPC, we started our Q2/H1 previews, so far broadly expecting an Specialist Sales contact details:

acceleration in the quarter. We’ve added Givaudan to Positive Catalyst Watch

Olivia Petronilho - Specialist Sales - as we expect Q2 LFL to accelerate to +4.1%, which should place performance European Consumer