Citi
May 19, 2026
The Point For Europe
Daily UpdateEquitiesCommoditiesFXIndustrialsConsumer Discretionary
Citi provides a multi-sector update on European markets, highlighting a bullish outlook for Aluminium, an upgrade for Knorr-Bremse, and cautious sentiment regarding European equity positioning and Endesa's margins.
Key Takeaways
- 1.Aluminium is projected to reach $4,000/t in 2H'26 due to an unprecedented supply shock and historic low inventory levels.
- 2.Knorr-Bremse is upgraded to Buy from Neutral based on inexpensive valuation and potential upside in truck margins in late 2026.
- 3.European equity market positioning is weakening relative to the US, driven by bearish sentiment in EuroStoxx and DAX indices.
Table of Contents
- Top Call
- Must Read
- Company
- Industry
- Strategy & Economics
- Commodities
- Fixed Income & FX
- Key Rating and Target Price Changes
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Authors
Jenny PingVivek MidhaWenyu Yao
Securities
ELEKBXRYA.IAluminium
Themes
European Margin SustainabilityTransatlantic Equity Positioning Divergence
Regions
EuropeNorth AmericaSpainGermanyIreland