Europe First To Market Morning Meeting

J.P. Morgan's daily digest highlights a positive inventory cycle for European semiconductors and a double-upgrade for Standard Life. It also notes brand polarization in the luxury sector and high power price support for Utilities.

Key Takeaways

• 1.The European semiconductor sector is in a cyclical sweet spot with inventory levels at 149 days, indicating a healthy environment for an up-cycle.
• 2.The Q1 luxury reporting season shows polarized brand performance, with high-end names like Brunello Cucinelli, Zegna, and Moncler emerging as clear winners.
• 3.Standard Life has been double-upgraded to Overweight following the acquisition of Aegon UK, which is seen as a win-win transaction for both entities.

Table of Contents

• Today's Morning Meeting
• European Semiconductors (Sandeep Deshpande)
• European Luxury Goods (Chiara Battistini)
• European Utilities (Javier Garrido)
• Aegon and Standard Life (Farooq Hanif)
• UMG (Daniel Kerven)
• Also Published Today
• Sector Research
• Strategy, Macro, Economics & Sustainable Investing Research
• Key Changes
• JPM Events
• Upcoming Earnings

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