JPM | Industrial Strength Morning Messages: Rolls Royce p/t to 1625p, Croda, Knorr-Bremse previews, UK Defence

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JPM | Industrial Strength Morning Messages: Rolls Royce p/t to 1625p, Croda, Knorr-Bremse previews, UK Defence

nal Highway Traffic Safety Administration opened a rulemaking to eliminate the manual brake pedal

requirement for vehicles designed to operate exclusively under automated driving systems, marking the fifth Federal Motor

Vehicle Safety Standard update under its Automated Vehicle Safety Framework. The proposed changes to FMVSS No. 135 would

remove the mandate for hand- and foot-operated brake controls in vehicles built without provision for a human driver, while

retaining existing rules for ADS-equipped vehicles with manual controls. Other braking performance requirements, including

stopping distance standards, would remain. NHTSA said the update aims to confirm that an automated vehicle can physically stop

when commanded.

Global Autos: J.P. Morgan Weekly Research & Events - - Jose M Asumendi hereSchneider Electric - Early look at Q2’26

Results: Still strong growth driven by DC and a recovering China, no H1 margin warning – Reiterate OW- Phil Buller hereWe

update our model to incorporate take-aways from the group’s pre-close call earlier this afternoon and from our Industrials

conference (here), top-down data-points and peer read-across. Our Q2 sales forecast of €10,907m assumes 10.9% organic growth

(of which 2% is price) and a 1.9% FX headwind, which compares to the standing BBG consensus of €10,854m and 10.3% OSG.

On the call, CFO Nathan Fast reiterated messages shared at our conference from both an end market and gross margin standpoint,

and also explained that consensus did seem to reflect the yoy improvement in SFC (i.e. there was no warning on adj EBITA

margin, which was of mild concern to some investors ahead of the pre-close).