First Glances - Julius Baer; Bawag; Caixabank Overweight; European Flow Tracker; HSBC& Stan thoughts

研报英文原文证据摘录

First Glances - Julius Baer; Bawag; Caixabank Overweight; European Flow Tracker; HSBC& Stan thoughts

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 21 July 2026

Asian markets are higher except for HK and Australia. Tech is leading the way in Korea, Japan and China. Taiwanese energy

stocks are strong. Our flow is better for sale, on inline volumes, with Japan and Taiwan leading the skew. Australia, Korea and

HK are better to buy. In the sectors we are selling consumer discretionary, tech and communication services versus buying

financials, healthcare and utilities.

Global Financials Research Links

• European Flow Tracker - Q2 flows came in broadly flat Q/Q in Europe as well as in the US.

• Aviva plc - Minor model update ahead of 1H26 results and updated preview.

• HSBC & StanChart - Thoughts into 2Q26; Asia momentum and resilient rates to support the earnings outlook.

• CaixaBank - 2Q26 has more in the tank. Overweight.

• Saudi Banks - Model Updates.

• Riyad Bank - 2Q26 First Take: NII remains a headwind, bottom line 3% ahead on better non-interest income and costs.

• Banque Saudi Fransi - 2Q26 First Take: Solid print driven by better revenue performance.

• Indonesia Autos, Consumer and ASEAN Metals - What can go right for Indonesian stocks under our coverage?.

• Gore Street Energy Storage Fund - Model update and downgrade from Overweight to Neutral.

• Investment Companies Daily - Equity Strategy, IEM notice served to manager & request for waiver of notice period, GCP

onshore wind disposal, AIRE Board potential support for AEWU possible offer.

• Chongqing Rural Commercial Bank - A - 2Q26 Pre-announcement in line, asset quality on track.