European Equity Derivatives Strategy: Deep-dive on structured product issuance trends and reiterating the case for European upside via options

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European Equity Derivatives Strategy: Deep-dive on structured product issuance trends and reiterating the case for European upside via options

J P M O R G A N Global Markets Strategy

01 July 2026

European Equity Derivatives

Strategy

Deep-dive on structured product issuance trends and

reiterating the case for European upside via options

• Our Global Equity Strategy colleagues have raised their year-end targets for Global Quantitative and Derivatives

European equities after their prior targets were met. They now see a further 7% Strategy

to 10% upside into year-end, supported by a stronger earnings outlook, Davide Silvestrini AC

improving activity indicators, and firmer global growth, with additional scope (44-20) 7134-4082

for a modest multiple uplift if energy prices remain stable and central banks davide.silvestrini@jpmorgan.com

deliver less tightening than is currently priced. J.P. Morgan Securities plc

Esmail Afsah AC

• For investors that are underweight in the region, we continue to favor WoF (44-20) 7742-9231

calls on European indices and the S&P 500, as well as Euro STOXX 50 up, esmail.afsah@jpmorgan.com

the EURUSD down dual digitals, as a way to position for further upside in the J.P. Morgan Securities plc

region with high leverage while paying a limited premium. Yangyang Hou

• We introduce an updated methodology for our structured product issuance (1-212)yangyang.hou@jpmorgan.com834-6734

analysis, with broader product coverage and more granular autocallable J.P. Morgan Securities LLC

classifications. The universe covers both European and US issuance and Tony SK Lee

excludes leveraged notes and “flow-like” products. (852) 2800-8857

• Overall monthly issuance is higher for index and share products under the tony.sk.lee@jpmorgan.comJ.P.