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June 26, 2026

The Point for Europe

Daily UpdateEquitiesRates CreditCommoditiesEnergyConsumer Discretionary

This report provides equity research, sector analysis, and macro strategy for Europe, featuring an upgrade for KPN NV and insights on 3i Group, Schneider Electric, and global economic headwinds.

Key Takeaways

  • 1.Upgrade KPN NV to Buy, citing quality, fibre rollout FCF potential, and defensive positioning.
  • 2.3i Group reports strong LFL sales growth for Action (6% YoY for weeks 19-25), suggesting potential stock upside.
  • 3.Global economic growth is tracking at 2.5%, revised down from 2.9% due to Middle East conflict.

Table of Contents

  • Top Call
  • Company
  • Must Read
  • Industry
  • Strategy & Economics
  • Fixed Income & FX

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Authors

Carl Murdock-SmithThomas Chauvet

Securities

KPN.ASHermes

Themes

El Niño economic impactGlobal supply chain disruptionTelecom sector consolidation

Regions

EuropeGlobalMiddle EastUnited StatesChinaJapan

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CitiDaily UpdateKPN.ASEquitiesRates Credit

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