J.P. Morgan logo
J.P. Morgan

Report published August 27, 2026

J.P. Morgan Europe First to Market: Retail Outlook & Daily Morning Meeting (August 27, 2026)

Source and citation context

Report date
August 27, 2026
Analysis as of
Not stated in source

Authors / editors: Georgina Johanan (Lead Analyst), David Adlington (Analyst), Chetan Udeshi (Analyst), Elodie Rall (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 UpdateEquitiesConsumer DiscretionaryFinancials

J.P. Morgan's European morning meeting highlights mixed European clothing retail trends with UK online outperforming physical store footfall, alongside acute cost inflation in cotton, polyester, and sea freight. The report also compiles fresh company updates, price target revisions, and J.P. Morgan conference and roadshow schedules.

Key Takeaways

  • 1.European clothing retail exhibits mixed regional trends; UK online sales benefited strongly from recent heatwaves while physical store footfall lagged, aiding Next but hurting store-reliant peers like Primark.
  • 2.Apparel input and logistics costs have spiked significantly year-over-year and since the start of the Middle East conflict, with sea freight up +46% yoy (+110% since conflict start) and cotton up +32% yoy.
  • 3.Key rating and price target updates include PT increases for Oxford Nanopore (OW, PT GBp220 from GBp190), Brenntag SE (UW, PT €47 from €44), and Stadler Rail (UW, PT CHF24.50 from CHF22.00), while Eiffage PT decreased to €159.

Table of Contents

  • Today's Morning Meeting
  • General Retail Aug-26 Chartbook
  • Also Published Today
  • Company Research
  • Sector Research
  • In Case You Missed It... Trending in the Last Month
  • Key Changes
  • Price Target Changes
  • EPS Estimate Changes
  • JPM Events
  • Conference Calls & Expert Access
  • Investor Tours
  • Company Roadshows
  • Conferences
  • Upcoming Earnings

Report data

Key figures extracted from this report

MetricEstimateContext
Cotton Price Change YoY32.0%Input costs update for European apparel retailers (+37% since start of Middle East conflict)
Polyester Price Change YoY23.0%Input costs update for apparel retailers (+20% since start of conflict)
Sea Freight Cost Change YoY46.0%Freight cost inflation (+110% since start of Middle East conflict)
Air Freight Cost Change YoY19.0%Freight cost inflation (+19% since start of conflict)
Eiffage H1 EBIT JPMe Variance-1.8%Eiffage H1 results EBIT miss versus J.P. Morgan estimates
Source: J.P. Morgan estimates. 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 27, 2026.

Part of the Europe First to Market series — view all 35 editions

Looking for the latest edition? JPM Europe Equity Research | Today’s Morning Meeting (Sep 2, 2026)

  1. May 11JPM Today’s Morning Meeting
  2. May 26JPM Europe Equity Research Today's Morning Meeting
  3. May 27JPM Europe Equity Research Europe First to Market
  4. May 28JPM Europe Equity Research
  5. May 29JPM Europe Equity Research
  6. Jun 2JPM Europe Equity Research Europe first to market
  7. Jun 3JPM Europe Equity Research Europe First To Market
  8. Jun 4JPM Europe Equity Research
  9. Jun 5JPM Europe Equity Research
  10. Jun 9JPM Europe Equity Research
  11. Jun 11JPM Today's Morning Meeting
  12. Jun 12JPM Europe Equity Research
  13. Jun 16JPM Europe Equity Research Today's Morning Meeting
  14. Jun 17JPM Europe Equity Research Today's Morning Meeting
  15. Jun 18JPM Europe Equity Research Morning meeting
  16. Jun 19JPM Europe Equity Research Today's Morning Meeting
  17. Jun 22JPM Europe Equity Research Today’s Morning Meeting
  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 17JPM Europe Equity Research Today’s Morning Meeting
  31. Aug 26JPM Europe Equity Research | Today’s Morning Meeting

Document Preview

Page 1 of 5
Page 1 of J.P. Morgan Europe First to Market: Retail Outlook & Daily Morning Meeting (August 27, 2026)
Subscribe for full access

Access the Full Report

Get unlimited access to institutional research reports. Create an account to get started.

Authors / Editors

Georgina Johanan · Lead AnalystDavid Adlington · AnalystChetan Udeshi · AnalystElodie Rall · Analyst

Reported Data Context

  • Cotton Price Change YoY: 32.0 % (YoY)
  • Polyester Price Change YoY: 23.0 % (YoY)
  • Sea Freight Cost Change YoY: 46.0 % (YoY)
  • Air Freight Cost Change YoY: 19.0 % (YoY)
  • Eiffage H1 EBIT JPMe Variance: -1.8 % (H1) · Source: J.P. Morgan estimates

Securities

ABFNXTMKSONTZALPRUEiffage SAAMBUB

Themes

Freight and Commodity Cost InflationRetail Footfall vs. Online Channel Bifurcation

Regions

EuropeUKUnited KingdomSpainFrance

Browse More

J.P. MorganDaily UpdateNXTEquities

Related Reports

International Market Intelligence Morning Briefing

September 2, 2026

US Election Series: Midterms

September 2, 2026

US Market Intelligence: Morning Briefing

September 2, 2026

Europe First to Market: Today's Morning Meeting

September 2, 2026

What Is Needed to Halt or Reverse the Weak Yen Trend?

September 1, 2026