Global Equity Strategy: Barclays Equity Factor Insights: July 2026

研报英文原文证据摘录

Global Equity Strategy: Barclays Equity Factor Insights: July 2026

Equity Research

Equity Strategy

14 July 2026

Global Equity Strategy

Barclays Equity Factor Insights: SIGNATURE

July 2026

Even as earnings estimates trend up, cooling of AI enthusiasm

U.S. Equity Strategy

and resumption of Hormuz hostilities means risk-on pulls Venu Krishna, CFA

back; in the US, we turn Negative on High-v-Low Vol and go +1 212 526 7328 venu.krishna@barclays.com

Neutral Quality; in EU, Momo rout deepens and further BCI, US

unwind risk persists as Value is in sweet spot as key Riddhiman Dass

beneficiary +1riddhiman.dass@barclays.com212 526 0850

BCI, US

The methodology behind US & EU factor basket construction can be viewed in Global Equity Rex Feng

Strategy - Updating Barclays Equity Factor Baskets for Liquidity Weighting, 2 Apr 2025. + 1 212 526 6114

rex.feng@barclays.com

In the US, we remain Positive on Growth as the AI capex cycle continues to underpin multi- BCI, US

year earnings expansion, with recent Big Tech weakness reflecting a positioning reset rather

Atharva Weling

than a structural break; by contrast, we stay Neutral on Value, which remains less compelling +1 212 526 3204

given limited exposure to AI-driven growth and a softer inflation backdrop, leaving only modest atharva.weling@barclays.com

support from improving sentiment. In Europe, we stay Positive on Value as it is supported by BCI, US

improving earnings momentum among cheaper stocks and a supportive rates backdrop, and

Tianqi Feng

stay Neutral on Growth. +1 212 526 9179

tianqi.feng@barclays.com

In the US, we are Positive on Large-over-Small, as small-cap outperformance, despite BCI, US

improving earnings revisions and AI trade broadening, appears fragile given heightened rate