Europe First to Market

This report provides J.P. Morgan's daily equity research updates for July 3, 2026, highlighting key developments in European Financials, Oil & Gas, and Automotive sectors. It includes analyst revisions for specific stocks and details upcoming investor events and earnings calls.

Key Takeaways

• 1.Deutsche Bank's Private Bank division is showing strong recovery with improved cost-to-income ratios and revenue growth targets of 5-6% per annum through 2028.
• 2.The EU Oil & Gas sector outlook for 2Q emphasizes refining as the best-positioned sub-sector due to tight stocks and supply constraints.
• 3.Auto1 shows positive momentum with volume growth and efficiency gains, prompting a positive catalyst watch into upcoming Q2 results.

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
• Price Target Changes
• EPS Estimate Changes
• JPM Events
• Conferences
• Upcoming Earnings

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