GS European Express

This report highlights a Sell initiation for Boliden, optimistic outlooks for US truck OEMs, and macroeconomic analysis on the impact of inflation and central bank policy on global markets.

Key Takeaways

• 1.Boliden initiated at Sell due to operational complexity at Garpenberg following a seismic event.
• 2.Truck OEMs expected to see order growth of 56% in the US, with deliveries picking up in 2H26.
• 3.US infra bill 'Build America 250' passage in House committee provides greater confidence in $580bn infrastructure spend for FY27-31.

Table of Contents

• Boliden (BOL.ST): Garpenberg reset clouds operational outlook; initiate at Sell -
• Europe Machinery: Trucks & Engines: Key summary of Truck views -
• Sponsor Activity Barometer: Issue #54 – Oliver Carruthers’ Sponsor Activity
• Construction: The new US infra bill: Implications for Construction stocks -
• Europe Rating Changes/Initiations
• Other notable research
• TMT
• Podcasts
• Macro / markets
• Global
• Upcoming Webinars
• Corporate Access over the next 3 months
• Non-Deal Roadshows