Europe First to Market Today's Morning Meeting

A daily summary of European equity research focusing on infrastructure preference for toll roads and a tactical shift toward downstream Mining OEMs.

Key Takeaways

• 1.Preference for infrastructure toll roads over airports persists due to traffic risks from geopolitical conflict and unsupportive rising yields for long-duration assets.
• 2.JPM shifts preference within the Mining OEM sector toward downstream players (FLSmidth, Weir) over upstream (Sandvik, Epiroc) following Q1 order divergence.
• 3.US TMC Conference feedback suggests confidence in US wireless growth driven by AI and share gains, despite near-term competitive nerves.

Table of Contents

• Today's Morning Meeting
• European Infrastructure (Elodie Rall)
• US TMC Conference (Akhil Dattani)
• Mining OEMs - Shifting Preference for Downstream over Upstream
• Also Published Today
• In Case You Missed It... Trending in the Last Month
• Key Changes
• JPM Events
• Upcoming Earnings

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