European Equity Strategy: Q2'26 & June market review

研报英文原文证据摘录

European Equity Strategy: Q2'26 & June market review

Equity Research

Equity Strategy

30 June 2026

European Equity Strategy

Q2'26 & June market review

Global equities delivered best returns since Q4'20 in Q2.

Performance was US-led initially, before US-Iran MoU drove

broadening into EU in June, while AI/Semis were trimmed European Equity Strategy

amid lower oil and Fed hawkishness. Momo/Tech/EM fared Magesh+44 (0)20Kumar3134 5983Chandrasekaran, CFA

magesh.kumarchandrasekaran@barclays.comwell in Q2, despite some reversal in June, while Oil/Gold/

China lagged. Barclays, UK

Emmanuel Cau, CFA

+44 (0)20 3134 0475

Cross-Asset Performance: Global 60:40 portfolio bounced  Monthly Wrap emmanuel.cau@barclays.com

back in Q2 after the decline seen in Q1, primarily due to Barclays, UK

Our monthly wrap contains key

best performance for equities since Q4'20. All major equity charts on performance, valuation Emmanuel Makonga

regions were up during Q2, with RoW outperforming US, as and technicals +44 (0)20 7773 2593

tail risks receded with US-Iran signing a MoU to end the emmanuel.makonga@barclays.com

war. Bonds were volatile and their performance was largely Barclays, UK

flat as inflationary pressures from higher oil prices earlier in the quarter eased in June. Oil was Arihanth Bohra Jain

the biggest loser in Q2 as war risks faded, with prices going almost back to pre-war levels. Same +91 (0)22 6175 1406

trends were visible across the broader commodities and bitcoin, which all registered losses in arihanth.bohrajain@barclays.com

Q2. Rising real rates also created headwinds for gold, leading to its underperformance. Dollar Barclays, UK

was broadly flat in Q2, although it went up notably in June on renewed Fed hawkishness.

Barclays Capital Inc.