EU GAS DEMAND, ELE, VIE, ENGI, CNA: EU Energy Sector Specialist Commentary Oil - OFS - Utilities - Infrastructure

研报英文原文证据摘录

EU GAS DEMAND, ELE, VIE, ENGI, CNA: EU Energy Sector Specialist Commentary Oil - OFS - Utilities - Infrastructure

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A Nian.e.mitchell@jpmorgan.com

J.P. Morgan Securities plc 24 June 2026

overnight in Asia and Europe with US mostly seeing a broadening of Tech/AI/MoMo weakness which had been contained to

Mag7 on Monday. Positioning, Seasonality and the upcoming MU earnings tonight certainly did not help. MoMo gave back 5%,

mostly driven by the long leg, Software outperformed Semis by almost 900bps while Cyclicals lagged Defensives by 700bps. At

factor level Beta and Size got hit with Value outperforming. Overall the sell off felt very technical with zero panic on our desk,

our HT volumes were down small vs recent avg with LOs busier than HFs. Our TMT/AI/Semis flow was actually risk-on,

Defensives caught a bid led by Healthcare and we saw supply in Banks on the strength – note we continue to see negative

headlines in the Private Credit space. Finally worth noting MU was down 13% yesterday and options are pricing a 15% move for

tonight. In Europe today we will have June IFO in Germany. In the US we get Q1 Current Account and May New Home Sales.

There are multiple speakers from the ECB, BOE, SNB throughout the day. Fed Bank Stress Tests get released after the close.

Overnight press is pretty quiet, mostly looking at the global stock price action, UK and US politics as well as the European

heatwave. Gold has been hit below $4100 and Oil continues to drift lower. APAC has been trying to rebound this morning with

mixed success. Korea +4% post a whippy session and Taiwan -2% on low turnover. We do have a firm sell skew but on lighter

volumes.