Ageas - Positive; European Banks post results upgrades; Positioning Wrap

研报英文原文证据摘录

Ageas - Positive; European Banks post results upgrades; Positioning Wrap

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 03 August 2026

• Patria Investments - 2Q26 Conference Call Highlights.

• Taiwan Banks - Less excitement for the first-ever IRB adoption.

• Ares Management - EPS of $1.29 — Strong Fundraising and Origination Make for a Good Quarter.

• Tradeweb - 2Q26 Print Largely in-Line with Expectations, Now Under Competitive Microscope; Annual Growth Decelerates

on Tough Comps.

• Derivatives Exchanges - FMX July 30 Total Daily Volume of 62,250 with OI of 157,339.

• Cryptocurrency Markets - July 30 Spot ETP Flows: Daily Net Sales Accelerate Yesterday ($246mn Combined) as Token

Prices Appreciate; WTD Flows Now Positive, Tracking ~$179mn.

• Coinbase - 2Q26 Missed Top-Line Estimates Across the Board as Results Reflect Tough Crypto Environment with Limited

P&L Upside from New Products.

• Exchange Volumes Update - Week of July 24 - July 30: Mostly Higher ADVs This Week; Interest Rates Products in Focus

Around Policy Meetings.

• Traditional Asset Managers - Nasdaq-100 ETF Flows.

• PayPay - Formal announcement of capital and business alliance with Seven & i; results briefing takeaways.

• CDSL - 1Q27: Modest revenue growth, but margins compress; retain UW.

• Franklin Resources - Steady Beat in F3Q26 With Margins Heading Higher; Another Quarter of Positive Net Sales and Stable

Fee Rates; Upside From Private Markets Fundraising.

• T. Rowe Price Group, Inc - 2Q26 Slightly Ahead But Expecting Increased Outflows Looking Into 2H26.

• Federated Hermes - 2Q26 Delivers an Earnings Beat Driven by Expenses; LT Outflows in 2Q26; Steady Overall Pipeline But