US Electrical Equipment & Multi-Industry "EE/MI Morning Note - 2Q Previe..."

研报英文原文证据摘录

US Electrical Equipment & Multi-Industry "EE/MI Morning Note - 2Q Previe..."

Global Research

22 June 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - 2Q Preview...Recovery,

Not Euphoria Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

We published Part 1 of our Multi-Industry 2Q Preview yesterday evening (click here for +1-201-352 1410

the full note). The setup remains constructive, though not without debate. Industrial

Neal Burk

equities have materially outperformed year-to-date, led by data center beneficiaries,

while broader non-AI demand is showing signs of improvement. We believe low channel neal.burk@ubs.com

inventories, resilient customer confidence, and gradually improving end market +1-212-713 4066

conditions should support an acceleration in growth through the second half of the year.

Pratap Singh

That said, we do not view 2Q as a quarter likely to deliver widespread upside surprises.

While recent geopolitical developments are helpful, we think further progress is needed pratap-za.singh@ubs.com

before they can translate into meaningful demand recovery. In our view, 2Q is less about +1-212-821 3112

a breakout and more about confirming that the industrial economy is moving back onto

Zachary Walljasper

firmer footing. Associate Analyst

zachary.walljasper@ubs.com

Growth is improving in 2Q, and we expect a notable step up in 2H +1-212-713 9829

We forecast median organic growth of approximately +5% in 2Q, modestly above 1Q

levels (+4.8%) and well ahead of last year's +3.3%. Importantly, improvement is no

longer confined to AI- and data-center-exposed names. Companies with limited

exposure to the data center buildout are also beginning to see better demand trends,