Today‘s Morning Meeting

研报英文原文证据摘录

Today‘s Morning Meeting

Europe Equity Research

Europe First to Market 09 July 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

CW | European Capital Goods (Phil Buller/Akash Gupta/Chitrita C Sinha)

Views on terminal debates and expectations into Q2 results

The Q2 setup looks positive for the most part, given 1) swift price/cost management across our coverage since Q1; 2) the still-

strong end markets of AI/DC/wider Electrification, and Mining, alongside; and 3) a recovery in Discrete (particularly in China).

We may also see some IEEPA tariff refunds too. More important for share prices as we enter and exit Q2, however, are the

latest terminal debates which emerge each quarter, noting “SaaSmargeddon” was front of mind heading into Q1, which has

been superseded by 1) concerns of peak orders in GW and / or pricing terms for new CCGTs; 2) Grid investment sustainability

beyond 2030; and 3) the 800VDC winners / losers debate. We summarise our views on these debates below and offer a stock-

by-stock summary of Q2 results herein. We would also like to point investors to the factual exposures and input cost

sensitivities across our coverage, given the evolving situation in Iran (here). We will be hosting the Global Cap Goods Pregame

call on Monday (13th July 2026) at 2pm UKT with our colleagues from the US and Asia.

CW | European Luxury Goods (Chiara Battistini)

On your marks…thoughts into Q2/H1 26 reporting; place Brunello Cucinelli on Positive Catalyst

Watch

As we head into Q2/H1 reporting, we summarise our views and the latest industry trends. The environment for luxury goods

remains mixed, in our view. On the one hand, the growing wealth effect in key markets (notably the US, South Korea, Japan),