European Morning Research Summary

This Barclays morning research summary covers rating changes and insights across European equities including banking, chemicals, consumer staples, and industrials as of June 12, 2026.

Key Takeaways

• 1.European/Nordic platforms showing sector-leading earnings growth; initiation of flatexDEGIRO at Overweight.
• 2.Unipol acquisition is viewed as transformational and accretive to earnings and dividends by 2030E.
• 3.Metals and mining sector shows divergent copper production in Chile/Peru with downside risks to consensus.

Table of Contents

• European Morning Research Summary
• Summary of Changes
• Company Research
• Industry Research
• Publications Summary
• Evonik: Key Takeaways from House of Care in Essen
• Global Metals & Mining: Chile/Peru copper production: divergence continues
• Barry Callebaut: Look for +3.5% Q3 volume
• Kerry Group: Key takeaways from Leipzig
• Lindt & Spruengli: H1-26 Preview: Tale of two regions
• European Consumer Staples: India Consumer Health: The next battleground
• Global Nicotine: Key takeaways from our call with Will Woodlee
• Shell Plc: An inflection point – five reasons to buy now
• Unipol: Highly accretive, strategically compelling deal
• EU/Nordic Platforms: Growing gains; initiate flatexDEGIRO at OW, u/g Avanza to OW
• AbbVie Inc.: Why BE BOLD, when you can still be number one?
• BIIB/LLY/BMY: Barclays Alzheimer's KOL Call: US takeaways
• Global Biopharma: Alzheimer's Disease KOL Call Prep Pack
• Halma: Photonics guide set low; fundamentals remain strong
• Renault SA: Model update and recap: Strong bones, but no real catalysts
• SKF AB: Need more patience
• Wizz Air: A daunting year in store, but existential doubts fade
• Capital Goods: China Industrial Trip – Day 4
• European Airlines: Europe - Asia / Africa fare strength fades
• European Airports: 2026 Edition SOTP valuation
• European Week Ahead: 15th June – 19th June and beyond
• Marine Monthly – June 2026: Orderbooks still up MoM. Tankers creating congestion at Panama canal
• U.S. Autos & Mobility: Auto reads from the expected USMCA non-renewal
• M6/ TF1: Model update
• LVMH: 2Q26 Preview: Expecting FLG at 0.7%
• Whitbread PLC: Q1 27 Preview: Not a Material Event
• Global Semiconductors & Semiconductor Capital Equipment: 2026 Investor Guide
• European Telecom Services: 1Q26 Wrap - Defensive and optionalities