J.P.Morgan Global Equity Research International First To Market

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J.P.Morgan Global Equity Research International First To Market

Global Equity Research

International First to Market 29 June 2026

Top Stories

Equity Strategy (Mislav Matejka, CFA)

Look for further upside in Europe in 2H - updating our targets and positioning

Overall, in terms of global equity outlook, we remain constructive for 2H, are staying with Cyclical trades and look for

certain rotations compared to what was an extremely narrow leadership in Q2 - top chart. This is not to say that Mag-7 and

SOX are a sell. We believe the recent weakness in the space is largely technical, positioning driven, and will ultimately be

bought into. Mag-7 P/E relative is at the cheapest levels in 10 years, with earnings delivering. Having said that, we do not

believe AI trade will be the only story in town in 2H, and are looking for a broader market participation.

Global Banks (Kian Abouhossein), Switzerland, Germany, United States, United Kingdom

Mythos-class era: Cybersecurity a bigger concern than credit risk

Cybersecurity in Banks is currently one of the biggest undiscounted risks not reflected in Bank valuations in our view, partly due

to the limited disclosure available which leads to a lack of comparability between banks on their preparedness or lack thereof to

deal with emerging cybersecurity risk (pre-event and post-event processes), driven by advanced AI capabilities such as

Frontier Models. While there is significant regulatory focus on capital ratios, we believe looking at cybersecurity risk through the

lens of the capital framework is not the best approach. In our view, there should be an increased focus on cybersecurity driven

liquidity risk and this should be tested through increased infrastructure resilience testing and through a deposit-run