My 2c on Financials: US Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

研报英文原文证据摘录

My 2c on Financials: US Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Rob O'Dwyer - Specialist Sales - US Financials AC North America Specialist Sales J P M O R G A Nrob.odwyer@jpmorgan.com

J.P. Morgan Securities LLC 08 July 2026

My 2c on Financials

Rob O’Dwyer

+1 2126222673

rob.odwyer@jpmorgan.com

Key Highlights

• Return of geopolitical volatility

• Info services an interesting way to play?

• Notes on SPGI & EFX

Morning – as news of renewed hostilities in Iran come back around, my first thought this morning was of Michael Corleone

(“Just when I thought I was out, they pull me back in!”). Having said that, maybe the inverse Clemenza is more appropriate

(Leave the canolli, take the guns). In any case, it seems that the lower vol regime of recent weeks is set to be challenged and

certainly oil and rates are not taking the news well.

We roughly know the playbook for how this plays out in financials – bad for consumer finance, though you could make the

argument that they didn’t ever get much of a relief bid, bad for M&A volumes, which in turn is bad for the M&A

boutiques and the alts, and bad for payments.

Is it good for anyone? It should be good for exchanges (look for bounce in CBOE/TW/ MKTX?) but I do think that today

is also an interesting day to consider info services within the financials universe. Clearly these stocks were heavily affected

by fears around sustainability of profitability in the context of AI but even as IGV rallied significantly from its lows in early

April, info services names have lagged that bounce and I wonder if this setup of circumstances of more geopolitical risk + the

more level headed debates that are being had on AI these days make for a better setup for the likes of SPGI & EFX.