J.P. Morgan International FTM 21 Jul 26: European Utilities; RELX PLC; Marks & Spencer; China AI chip; Victory Giant Technology - H; Weichai Power - A/H; Japan Quant Strategy; Allegro; Mexico Equity Strategy and More. Tue Jul 21 2026

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J.P. Morgan International FTM 21 Jul 26: European Utilities; RELX PLC; Marks & Spencer; China AI chip; Victory Giant Technology - H; Weichai Power - A/H; Japan Quant Strategy; Allegro; Mexico Equity Strategy and More. Tue Jul 21 2026

Global Equity Research

International First to Market 21 July 2026

Top Stories

European Utilities (Javier Garrido), Germany, France, Denmark, Finland, Italy, Portugal, Spain, United

Kingdom

Low European gas storage underpins positive earnings momentum for generators and integrated

utilities

Our analysis indicates that elevated H2 power and gas price assumptions will be supported by: 1) record low gas storage

levels, 2) an unwillingness to compete with Asia to import gas now at a higher price, 3) incremental supply issues

(both in the Middle East and elsewhere), and, 4) a “Super” El Niño pushing up global energy demand for cooling. Our

conversations with investors suggest that the market is still uncertain with regards to the pricing in of higher commodity prices

pending a full re-opening of the Strait of Hormuz. Our analysis aligns with the J.P. Morgan Commodities Research team, who

say that we should see higher European gas prices in Q3 or Q4, with upside risk on any newsflow of further conflict. This

leaves upside risk to higher and more volatile power prices in Q4/Q1 in a period of seasonally higher demand, providing an

earnings uplift to generators and integrated names. We view RWE (OW, AFL), Engie (OW), Naturgy (OW) and Centrica

(OW) as best placed to capitalise on this into H2 through both their diversified generation and trading segments.

AFL | RELX PLC (Daniel Kerven) (REL LN, OW, PT 5,070p), United Kingdom, Netherlands, Germany

Strategic developments - we are increasingly confident STM will make the LEAP to 8% growth; H1

preview