Citi
July 3, 2026
The Point For Europe
Daily UpdateCommoditiesEquitiesRates CreditConsumer StaplesFinancials
This report highlights current market views on European aerospace, defense, and alternative asset managers, while updating models for companies like Roche and Siemens Energy.
Key Takeaways
- 1.European defense stocks are pricing in implicit downgrades; valuation floor viewed as conservative given strong growth outlook.
- 2.Private markets face recovery headwinds due to AI disruption and geopolitical uncertainty; expect structural lower multiples.
- 3.ECB considering doubling bank minimum reserve requirements (MRR) to 2%, potentially impacting sector NII by 1%.
Table of Contents
- Top Call
- Company
- Must Read
- Industry
- Strategy & Economics
- Commodities
- Fixed Income & FX
- Key Rating and Target Price Changes
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Authors
Charles J ArmitageNicholas HermanAndrew LoweHannah Leivdal
Securities
ROGENR1n.DERheinmetall
Themes
Central Bank Liquidity TighteningEuropean Defense Sector ValuationPrivate Markets Downturn
Regions
EuropeNorth AmericaAsia PacificUnited StatesGermanyChina