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Report published August 17, 2026

J.P. Morgan Equity Strategy: Europe First to Market Morning Meeting

Source and citation context

Report date
August 17, 2026
Analysis as of
Not stated in source

Authors / editors: Mislav Matejka (Equity Strategy), Phil Buller (European Capital Goods), Akash Gupta (European Capital Goods), Chitrita C Sinha (European Capital Goods), David H Perry (Aerospace & Defence Analyst)

Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Daily UpdateEquitiesMacro Economic IndicatorsIndustrialsEnergy

J.P. Morgan's European morning research briefing reiterates a positive stance on equities and European Capital Goods, targeting new highs for the Stoxx Europe 600 into year-end. Key strategy drivers include policy-backed capex across energy security, grid upgrades, German fiscal expansion, defense modernization, and strategic automation.

Key Takeaways

  • 1.J.P. Morgan Equity Strategy maintains a positive stance on European equities into year-end, driven by supportive growth-inflation tradeoffs, corporate earnings tailwinds, and broadening cyclical participation.
  • 2.Key structural and policy-supported capex themes across Europe include energy security/grid upgrades, German debt-brake release unlocking fiscal and infrastructure investment, strategic AI automation, defense modernization, and regulatory protectionism.
  • 3.European Capital Goods maintains an Overweight view, supported by early sequential PMI and earnings acceleration alongside deep relative valuation discounts.

Table of Contents

  • Today's Morning Meeting
  • Also Published Today
  • In Case You Missed It... Trending in the Last Month
  • Key Changes
  • JPM Events
  • Upcoming Earnings

Report data

Price Target Changes

MetricEstimateContext
German Special Infrastructure and Climate Fund500 EUR bnSpecial infrastructure and climate fund anchoring German fiscal expansion and infrastructure upgrade.
Rheinmetall End-2026 Order Backlog Guidance>100 EUR bnGuidance cut reflecting cancellation of the F126 frigate and smaller Boxer armoured vehicle contract.
Rheinmetall 2026 Capex (% of sales)8-9%Guidance reduction for 2026 capex as a percentage of sales.
Source: J.P. Morgan; Rheinmetall. This is a dated model snapshot, not a live forecast.

Reports in this series

Europe First to Market is shown in chronological order through this edition, published on August 17, 2026.

Part of the Europe First to Market series — view all 42 editions

Looking for the latest edition? JPM Europe Equity Research | Today’s Morning Meeting (Sep 11, 2026)

  1. May 11JPM Today’s Morning Meeting
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  14. Jun 17JPM Europe Equity Research Today's Morning Meeting
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  18. Jun 26JPM Europe Equity Research
  19. Jun 29Europe Equity Research Europe First to Market
  20. Jul 2Europe Equity Research Europe First to Market
  21. Jul 3JPM Europe Equity Research Europe First to Market
  22. Jul 7JPM Europe Equity Research Europe First to Market
  23. Jul 21JPM Europe Equity Research Today’s Morning Meeting
  24. Jul 27JPM Europe Equity Research | Today’s Morning Meeting
  25. Jul 28JPM Europe Equity Research Today’s Morning Meeting
  26. Jul 30JPM Europe Equity Research | Today’s Morning Meeting
  27. Aug 10JPM Europe Equity Research | Today’s Morning Meeting
  28. Aug 12JPM Europe Equity Research Today’s Morning Meeting
  29. Aug 13JPM Europe Equity Research Today’s Morning Meeting
  30. Aug 14JPM Europe Equity Research | Today’s Morning Meeting

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Authors / Editors

Mislav Matejka · Equity StrategyPhil Buller · European Capital GoodsAkash Gupta · European Capital GoodsChitrita C Sinha · European Capital GoodsDavid H Perry · Aerospace & Defence Analyst

Reported Data Context

  • German Special Infrastructure and Climate Fund: 500 EUR bn · Source: J.P. Morgan
  • Rheinmetall End-2026 Order Backlog Guidance: >100 EUR bn (FY2026) · Source: Rheinmetall
  • Rheinmetall 2026 Capex (% of sales): 8-9 % (FY2026) · Source: Rheinmetall

Securities

RHMGSXXPDanske Bank A/SDNBENT

Themes

Defense Modernization & RearmamentEnergy Security & Grid UpgradeEuropean Capex Cycle & Strategic AutonomyGerman Fiscal & Infrastructure Expansion

Regions

EuropeGermanyUnited Kingdom

Browse More

J.P. MorganDaily UpdateRHMGSXXPEquitiesMacro Economic Indicators

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