Europe Equity Research Today's Morning Meeting

J.P. Morgan's daily outlook for July 6, 2026, highlights a tactical rotation toward market broadening and cyclicals, supported by declining stagflation fears and improving European earnings.

Key Takeaways

• 1.Anticipating a shift in market participation in H2 2026 as the 'unwind of stagflation fears' acts as a catalyst for broadening market breadth beyond the AI space.
• 2.The firm remains long on Cyclicals, citing an earnings turnaround and expecting PMIs to bounce alongside moderating inflation and bond yields.
• 3.Upgraded Antofagasta to Overweight, citing peer-leading production growth and FCF inflection to 2028E.

Table of Contents

• Today's Morning Meeting
• Also Published Today
• Company Research
• Sector Research
• Strategy, Macro, Economics & Sustainable Investing Research
• In Case You Missed It... Trending in the Last Month
• Getting Lost in Transmission: Exploring the Energy Bull Case
• Key Changes
• Rating Changes
• Initiations
• Price Target Changes
• EPS Estimate Changes
• JPM Events
• Conferences
• Upcoming Earnings

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