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JPM | FTM | Today’s Research | Europe

Europe Equity Research

Europe First to Market 26 June 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

European Quant Strategy (Khuram Chaudhry)

Style Investing: QMI ‘Contraction’; Reducing Risk, Increasing Quality

European QMI rotates to the ‘Contraction’ phase.

After two years in the ‘Recovery’ phase, the European QMI, our macro navigational tool, has decisively rotated towards the

‘Contraction’, signaling a higher probability of economic growth disappointment. This month 5 out of 6 QMI inputs are now

falling, and a shift in style leadership is very likely to follow. Simply put, the message is to reduce High Risk, and add High

Quality & Low Volatility. We are now overweight Value & Quality/Low Volatility (QaRP), underweight Growth & High Risk, and

neutral Momentum and Size. We have rotated away from the ‘Recovery’ phase following positive returns – L/S QMI is up by

+29.2% with a Sharpe ratio of 3.3. L/S Risk is up by 51.1%, with a Sharpe ratio of 3.9. L/S Value is up 25.7%, with a Sharpe

ratio of 2.6. L/S Quality is down 32%, and L/S Growth is down 3.7%.

JPM Autos Tracker: Global Car Market (Jose M Asumendi)

May’26 Update

European Car Market: Passenger car sales across the five major European countries were up ~3% y/y to 791k units in

May’26, but still remained down ~24% vs pre-COVID -19 levels of May’19. Volumes were up ~4% y/y in France, up ~7% y/y in

the UK, ~8% y/y in Italy, flat y/y in Germany and down ~1% in Spain. Chinese OEMs have expanded their market share in

Western Europe from about 7.5% in May’25 to around 12.9% in Apr’26 (up almost 540 basis points).Tesla sales were up again