JPM | EMEA Spec Sits Daily: TKA GY, equity strategy note, BBOX LN index event

研报英文原文证据摘录

Specialist Sales

JPMORGAN

10 August 2026

JPM | EMEA Spec Sits Daily: TKA GY, equity strategy note, BBOX LN

index event

Special Sits Today

News/ press: TKA GY shareholders approve planned spin of tk acccelis

Macro research: US note from Feroli post July jobs report, equity strategy from Mislav

Stock research: weekly notes from staples, metals & mining, internet

Index event today:BBOX LN (est. 29.2m shares to buy, ~2.4x ADV)

News & Press

M&A

n/a

Soft Catalyst

TKA GY: At their EGM on August 7, shareholders approved the planned spin-off of tk accelis (materials distributor and

supply chain service provide). The listing of tk accelis Group is planned for the current calendar year. thyssenkrupp Steel

Europe will organize a Capital Markets Day (CMD) for late September. Further details on the planned CMD will be

announced in due course.

JPM Research

Macro

US: School’s out for summer- Michael Feroli here

The July jobs number surprised to the downside, as nonfarm jobs declined by 23,000. The prior two months’ job growth

estimates were revised down by a total of 103,000. For the Fed, this report should marginally lower the chances of a hike at

the next meeting in September. However, the more determinative data will likely be the next two months of inflation reports.

Equity Strategy - Stay bullish on equities; Cyclicals are rallying past Low Vol stocks again - Mislav Matejka here

We remain positive on stocks, countering numerous concerns, ranging from geopolitics to inflation fears, concentration risk,

cycle direction, bond market selloff and other considerations. We believed equity indices should be making fresh all-time

highs in 2H - see report, and look for further upside. While we started the year long Cyclicals - see our Year Ahead, two

months ago we had called for some consolidation in beta, and for Low Vol group to bounce - see report. Our view at the time

was that the Defensives recovery, including Healthcare and Staples, was likely to be only tactical, to last for a few weeks, and

not to spill over into 2H. We continue to believe this to be the case, and have most recently called for beta to resume rallying -