JPM | EMEA Spec Sits Daily: MTO LN, BNOR NO/ VAR NO, Euro Stoxx 50 consultation note

研报英文原文证据摘录

JPM | EMEA Spec Sits Daily: MTO LN, BNOR NO/ VAR NO, Euro Stoxx 50 consultation note

s positive net benefit from savings and dis-synergies. While we

see positive fundamental developments at SKF (e.g. SIS margin, partnership in Humanoids), we continue to see better

opportunities elsewhere in the sector. We remain UW and are now 2% below consensus on FY27 and FY28 Adj.

• Euro Stoxx 50 Index Consultation -July 2026- Pankaj Gupta here

• On July 10, 2026, STOXX posted a consultation on proposed changes to the EURO STOXX 50 Index and its derived

indices (see here). The consultation will be open until September 4th, 2026. STOXX intends to publish consultation results

and any potential methodology decision by October 2nd, 2026. If adopted, STOXX expects to implement any resulting

methodology changes no earlier than September 2027 and no later than September 2029, subject to the overall feedback

on the proposed changes and implementation timing. STOXX is also seeking feedback on whether to implement any

changes all at once or in a phased manner.

Here are the proposed rule changes:

1. Removing the current Supersector Capping rule. Removal of the Supersector Capping rule may make some stocks

eligible for inclusion at future reviews that are currently excluded due to supersector coverage limits.

2. Introducing a semi-annual index review in March and September. This change would be expected to improve the

timeliness of inclusions for companies that have grown in free-float market capitalization. For illustration, Nokia could

potentially have been assessed for inclusion at the March 2026 review.

3. Aligning Fast Exits with the regular review and rebalance timing. STOXX proposes to keep the Fast Exit trigger

mechanics unchanged, but to align implementation timing in review months.