JPM | Industrial Strength Morning Messages: Prysmian, Farnborough Air Show

研报英文原文证据摘录

JPM | Industrial Strength Morning Messages: Prysmian, Farnborough Air Show

haul has seen shortened bookings windows and pricing stimulation into peak summer. (3) We

continue to prefer Flag Carriers over LCCs at this juncture, and IAG (OW) given robust demand in its core long-haul markets.

11. Carbon Counts 2026 -EU ETS Reform Proposal - Key Takeaways & Stock reactions- Jean-Xavier Hecker here:

Timeline: The reform proposal sets the scene for negotiations between EU member states and the European Parliament, with

negotiators aiming for a vote by Q1 2027. Ireland, which holds the Council presidency, aims to reach a common position

among the EU 27 in December. Important Changes to LRF & MSR: One of the principal changes concerns the emissions-

cap trajectory, with the Linear Reduction Factor set at 3.7% for 2031–2035 and 1.7% from 2036, which would allow

allowances to continue being issued into the 2040s rather than declining to zero around 2039–2040 under current rules. This

adjusted supply path is accompanied by a recalibrated Market Stability Reserve, which reduces the allowance intake rate from

24% to 12%, and by two new supply-side flexibilities: high-integrity international credits of up to 2% of the cap and the

integration of 250 Mt of permanent domestic carbon removals

12. Volvo - Data centre play- Jose M Asumendi herePost the second-quarter results, we leave our earnings estimates relatively

unchanged and continue to see Volvo benefiting from supportive truck end markets across Europe and the US. In our view,

there may be some truck pre-buy effect in the US, but the focus is to deliver the trucks in the region and we agree with the

firm that the start of the year was relatively slow so there is some catching up to do in H2. From the Q2 results we see clear