The Point for Australia/NZ

研报英文原文证据摘录

The Point for Australia/NZ

up support for identifying potential price troughs and periods when equity

valuations imply iron ore prices below cost-curve-supported levels.

Ephrem Ravi | Shreyas Madabushi | Wenyu Yao

European Equity Strategy - European Reporting Season: Upgrades, Delivery and

Dispersion

While European 2Q26 earnings have largely met expectations, this follows an

unusually powerful pre-reporting upgrade cycle that had already raised the bar for

positive surprises. More importantly, the market response has been highly

discerning: Companies delivering earnings have been rewarded, while misses have

faced significant penalties. Encouragingly, earnings momentum remains positive

and increasingly broad-based, with both 2Q and 3Q growth expectations moving

higher and a wider set of sectors contributing to the recovery. Together with the

strong breadth of recent earnings upgrades, which has historically been

associated with further EPS revisions and stronger equity returns, this reinforces

our constructive view on European equities.

Beata M Manthey, Ph.D. | Nikhil N Jadhav, CFA | David Groman

Global Quantitative Insights - The Momentum Sell-off: Style Rotation or

Crowded Unwind?

The sharp reversal in Momentum has become the defining factor event of recent

weeks, with investors rotating away from the AI tech-oriented winners and back

towards valuation-sensitive exposures. While the breadth of Value

outperformance, rising style dispersion, and falling correlations point to a

meaningful shift in leadership, the evidence remains regionally uneven. Developed

Markets are exhibiting the early characteristics of a broader Value-led rotation,

Emerging Markets particularly continue to display the hallmarks of a positioning-