Today‘s Morning Meeting

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Today‘s Morning Meeting

CEEMEA Equity Research

CEEMEA First to Market 27 July 2026

Today’s Morning Meeting | Key Strategy & Macro Publications | Also Published Today | Key Changes| JPM

Events | Upcoming Earnings

Today’s Morning Meeting

Equity Strategy (Mislav Matejka, CFA)

A pickup in corporate activity and in shareholder activism in Europe

The latest Iran flare-up notwithstanding, we remain constructive on European equities, which earlier this month recorded a

fresh all-time high, and we upgraded our targets further last month. Earnings are picking up after 3 subdued years, and we do

not believe inflation expectations will get de-anchored, which might allow the ECB to hike less than is currently priced in the

markets. Eurozone CESI spiked to 2-year high, and PMIs, credit growth and earnings revisions are all on the uptrend. After an

outperformance vs the US last year of 7% in LC terms, total return, Eurozone equities are just about ahead again this year, at

12% vs 9%, respectively. We recently argued that the latest Momentum unwind was becoming mature. Still, we continue with

the call of rotation and broadening into 2H, with AI unlikely to be “the only story in town.” Separately, shareholder activism in

Europe is likely to pick up: the common activist target profiles are undervalued companies with identifiable governance, capital-

allocation, or operational value levers, that are not in financial distress. European equities broadly fit this description, trading at

persistent valuation discounts to their US peers despite resilient cash generation, with the UK and Germany in particular seeing

a pickup in campaign volumes. Proposed regulatory revisions in the EU could accelerate activism in the region, and European