J.P. Morgan's morning note highlights a bullish outlook for ASML due to expanded EUV capacity and explores the impact of a new wealth product on Irish banks. The report also notes a cautious turn for the European Chemicals sector and provides updates on price targets and corporate events.
Key Takeaways
- 1.ASML is signaling higher production capacity for Low NA EUV tools, potentially reaching 110+ units without new buildings, as demand indications remain strong.
- 2.The development of an Irish Savings and Investment Account (SIA) poses a manageable NII headwind for Irish banks while potentially increasing wealth management fee income.
- 3.Sentiment on the European Chemicals sector is turning bearish, with multiple analyst downgrades to Underweight (Evonik, Arkema, IMCD) and a Positive Catalyst Watch for Clariant.
Table of Contents
- Today's Morning Meeting
- Also Published Today
- Sector Research
- In Case You Missed It... Trending in the Last Month
- Key Changes
- JPM Events
- Upcoming Earnings
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Authors
Sandeep DeshpandeSheel Shah, CFA
Securities
ASMLAIBGBIRGGeneraliHFG
Themes
Semiconductor Capacity ExpansionIrish Financial Market Structural ShiftsEuropean Chemicals Cyclical Downturn
Regions
EuropeIrelandUnited KingdomGermany