European Equity Strategy: SoH Reopening Begins, Now What?

研报英文原文证据摘录

European Equity Strategy: SoH Reopening Begins, Now What?

Idea

June 19, 2026 07:37 AM GMT

Morgan Stanley & Co. International plc+MEuropean Equity Strategy | Europe Marina Zavolock

Equity Strategist

SoH Reopening Begins, Now Marina.Zavolock@morganstanley.comRegiane Yamanari +44 20 7425-2318

Regiane.Yamanari@morganstanley.com +44 20 7677-4652

What? Leoni Externest, CFA

Leoni.Externest@morganstanley.com +44 20 7425-2681

We revisit our Strait of Hormuz reopening playbook, Emily A Woods

downgrading Energy equities to Equal-weight. The reopening is EquityEmily.Woods@morganstanley.comStrategist +44 20 7425-1597

only partially reflected in EU equities rotations & breadth, as Guilherme Levy

investors await deal execution whilst AI continues to dominate EquityGuilherme.Levy@morganstanley.comAnalyst +44 20 7425-6616

performance. Beyond Hormuz & outside AI, we favour Banks & Martijn Rats, CFA

Equity Analyst and Commodities Strategist

anticipate market focus to increasingly shift to Russia/Ukraine. Martijn.Rats@morganstanley.com +44 20 7425-6618

Morgan Stanley India Company Private Limited+

Is the Strait of Hormuz reopening in the price? Partially. In late May we published

Karthik Nityanand

'The Case for Broadening' in which we noted growing signs of a US-Iran MoU Strategist

agreement and explored European sector and stock upside to a deal. Our SoH Karthik.Nityanand@morganstanley.com +91 22 6995-1587

Jitiksha Shahreopening stock screens have outperformed the index since the deal news but have

only just begun to break out of their recent range ( Exhibit 5 ). Relative performance Jitiksha.Shah@morganstanley.com +91 22 6995-9374

of most positively vs most negatively exposed stocks to SoH reopening has been

more pronounced ( Exhibit 4 ).