Today‘s Morning Meeting

研报英文原文证据摘录

Today‘s Morning Meeting

CEEMEA Equity Research

CEEMEA First to Market 13 July 2026

Today’s Morning Meeting | Key Strategy & Macro Publications | Also Published Today| Key Changes | JPM

Events | Upcoming Earnings

Today’s Morning Meeting

Equity Strategy (Mislav Matejka, CFA)

Q2 Earnings Preview - robust corporate profits to offer support to the market

Our bullish 2026 view had a strong earnings outlook as one of the key drivers. Despite the spike in geopolitical uncertainty in

Q2, it is encouraging that 2026 EPS projections kept moving higher, something that is seen in all regions, and is not solely the

result of IT and Energy. In fact, the majority of sectors in MSCI AC World have seen net upgrades ytd. The Iran conflict is flaring

up again, but we think one keeps using the dips driven by this to add, the same stance we have held since 2nd half of March.

We remain constructive on earnings delivery through 2H. In terms of market internals, we believe rotation and broadening in

leadership is under way, from what was an extremely narrow participation in Q2, and that it will likely have legs. This naturally

leads to bouts of increased volatility, but it should not result in prolonged market selloffs, in our view, especially if the earnings

backdrop remains resilient. Now, Q2 earnings growth projections by consensus appear punchy at face value, and unlike

typically, this time around there were no net downgrades, but continued increases in forecasts. We do not believe this is

necessarily a red flag. Median Q2 EPS growth projections stand at 8% for both US and for Eurozone, which we believe is very

achievable. Also, activity has been improving of late, as seen in the acceleration in the OECD lead indicator, and in a big move