European Banks Daily

研报英文原文证据摘录

European Banks Daily

J P M O R G A N Europe Equity Research

07 July 2026

7 July 2026

Daily Valuation Sheet | Banks Analyser & Global Banks and Fintech Valuation European Banks

ACWeekly sheet | European Banks 2026 Outlook - PODCAST Kian Abouhossein

(44-20) 7134-4575

Research kian.abouhossein@jpmorgan.com

J.P. Morgan Securities plc

EMEA

Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

Investment Companies Daily:Equity Strategy, BHMG NAV/shareholder European Financials

report, SSIT newsletter, AIRE bid raised, PEY buybacks, RF FP fund, SCP (44-20) 7134-0355

tender pool, HICL correction ghislaine.sparling@jpmorgan.com

Christopher Brown (44-20) 7134-4722

Equity Strategy - July Chartbook: Rotation and broadening is on the cards for

2H, from what was an extremely narrow participation in Q2… the unwind of

stagflation fears is the catalyst - We have consistently argued since 2nd half of

March to use the equity weakness brought on by the Iran conflict to buy into, as the

off ramp and the eventual deal were likely, in our view. If the conflict impact keeps

getting priced out, as we suspect, then oil price, inflation rates, inflation expectations,

bond yields, central banks rate projections, and even eventually USD, could all

continue reversing their upmove that was seen during Q2. Now, what does one do with

the latest selloff in AI space, especially in light of record low breadth that took place

in Q2. We stay with the view that AI is unlikely to be the only story in town in 2H, in

contrast to 2025, and look for broadening in market participation, potentially

catalysed by the fall in oil price to lower levels than consensus believes, and easing

in the hawkish tilt by central banks, especially if inflation moves significantly lower.