The Point for Europe

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The Point for Europe

Point |

Monday, 13 July 2026

Top Call | Company | Industry | Strategy & Economics | Commodities | Fixed Income & FX | Key Rating

and Target Price Changes

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Global Equity Quarterly - Back to the Broadening Debate Global Economic Outlook & Strategy -

Global equities have climbed c10% YTD, though leadership has been concentrated The Resilient Global Economy—

into Tech. With geopolitical risks easing (until recently) and signs of rotation away Cascading Supply Shocks

from crowded AI trades, many of our conversations are returning to the likelihood

of “broadening” performance in 2H26. The success of broadening relies on: (1)

sustained cyclical improvement in macro/EPS revisions, and (2) a sustained pause

in Tech outperformance. On cyclical recovery, we are encouraged by upside

surprises in economic data and more broad-based EPS upgrades. However, Tech

continues to screen highly in our models, supported by standout earnings

growth/momentum and attractive valuations. While AI volatility may remain

elevated over the coming quarter, we maintain our Overweight stance on global IT

and the US with a medium-term view. We pair these Growth exposures with O/Ws

in Cyclical regions/sectors (Japan, Financials, Materials). We remain broadly

constructive on equities, targeting c6% upside for the MSCI ACWI to end-26.

Beata M Manthey, Ph.D. | David Groman | Nikhil N Jadhav, CFA | Scott T Chronert | Patrick Galvin, CFA

Deutsche Telekom AG (DTEGn.DE) - Fears dominate the narrative, but

operations remain strong

We expect Q2 to see TMUS report strong growth (revenue +9% yoy, EBITDA +10%)

and Germany to see trends slightly better than Q1 (service revenue +1.2%,

EBITDAaL +2.6%). However, fears about LEO satellite constellations, and