Today‘s Morning Meeting

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Today‘s Morning Meeting

Europe Equity Research

Europe First to Market 03 August 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

Equity Strategy (Mislav Matejka, CFA)

August Chartbook: Stay constructive - the downside risk from momentum unwind is fading; Fed

unlikely to create problems; Keep using the dips driven by geopolitics to add

Our bullish equities call for this year was based on resilient activity, strong earnings momentum and likely no de-anchoring in

inflation expectations, among other things. We believe that main positives are still tracking. In addition, we have in the past two

months called for a rotation and broadening in market leadership, from what was an exceptionally narrow participation in Q2. It

is very much reassuring that despite the material unwind in momentum factor, global equity indices – MXWO, SPX, SXXP etc –

are all within 1-2% of all-time highs. We stay with the view that Tech/AI is unlikely to be the dominant driver of returns in 2H, in

contrast to 2025, and are looking for continued broadening. Having said that, we argued in our last weekly that the main chunk

of momentum derisking was likely behind us, and that the group should stabilize. We have also consistently argued since the

second half of March to use any equity weakness brought on by the Iran conflict to buy into. The flare-ups are continuing, but

the impact on oil might become more muted, supply is likely to be structurally higher, and if one joins selling during derisking

episodes, one risks being whipsawed on any favourable headline. Additionally, while the market might be anxious about it, we