JPM | FTM | Today’s Research | CEEMEA

研报英文原文证据摘录

JPM | FTM | Today’s Research | CEEMEA

CEEMEA Equity Research

CEEMEA First to Market 16 July 2026

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

Today’s Morning Meeting

CE3 FX Strategy: Steady does it (Anezka Christovova)

We remain OW HUF and CZK and do not chase Zloty weakness

CE3 FX has recently come under some pressure as downside inflation surprises have inspired dovish central bank shifts in

Hungary and Poland, while external risks have resurfaced.

CW | EMEA Gold Miners (Patrick Jones/Dominic O'Kane)

Q2’26 into the print: pullback & catalysts offer compelling entry point; AngloGold & Fresnillo stay

Top Picks & place GFI on Positive Catalyst Watch

As we approach Q2’26 results season, we see the ~35-45% pullback in EMEA Gold Miners since the start of the Iran-US

conflict as a compelling entry point with both company specific catalysts near-term and inexpensive valuations. Although JPM

Commodities Research have lowered their YE'26 gold target to ~$4,500/oz (~$6,300/oz prev) given reduced ETF flows, more

measured central bank buying and subdued Asian physical demand, they maintain their long-term bullish outlook, expecting

structural buying to return in 2027 ( link ). On central banks, they see the EM-led diversification case as structurally intact and

note that lower prices are self-correcting, eroding gold's reserve share and increasing the tonnage needed to reach target

allocations . Among the EMEA Gold Miners, we see several positive catalysts across the subsector, including excess cash

returns and organic growth progress. With EMEA Gold Miners pricing in long-term gold prices of only ~$3,200-3,800/oz (~10%

below spot, ~20% below JPM Commodities’ YE'26 forecast), we see the pullback as an attractive entry point.