Report published September 1, 2026
J.P. Morgan Europe First to Market: Global Equities Outlook & Sector Upgrades
Source and citation context
- Issuer
- J.P. Morgan
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Mislav Matejka, CFA (Head of Equity Strategy), Celine Pannuti, CFA (Analyst), Bruna Haq (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.
J.P. Morgan reiterates a bullish stance on global equities into year-end, supported by robust activity momentum and positive EPS revisions across all regions. Within European coverage, Reckitt and Kazatomprom are upgraded to Overweight, with positive Catalyst Watches placed on Unilever and Heineken.
Key Takeaways
- 1.J.P. Morgan stays bullish on global equities into year-end, driven by positive weekly EPS revisions across all regions and rebounding PMIs.
- 2.Rising bond yields are not viewed as an obstacle for equities as they reflect strong economic activity, normalized term premia, and anchored inflation expectations.
- 3.In European Staples, J.P. Morgan upgrades Reckitt to Overweight and places Unilever and Heineken on Positive Catalyst Watch into Q3.
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
Rating Changes
| Metric | Estimate | Context |
|---|---|---|
| Global Equities YTD Total Return (USD) | 15% | Global equity performance year-to-date total return in USD. |
| Europe Staples 12-month Forward P/E | 18 x | Current valuation multiple for European Consumer Staples sector, at a 23% market premium vs long-term average 43%. |
| Kazatomprom Price Target | 91.0 USD | Target price increased from $90.00 to $91.00. |
| Reckitt Price Target | 6500 GBp | Target price increased from 5,800p to 6,500p. |
| Unilever Q3 LFL Forecast | 5.0% | Expected like-for-like sales growth supported by emerging markets. |
Reports in this series
Europe First to Market is shown in chronological order through this edition, published on September 1, 2026.
Part of the Europe First to Market series — view all 39 editions
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Authors / Editors
Reported Data Context
- Global Equities YTD Total Return (USD): 15 % (YTD)
- Europe Staples 12-month Forward P/E: 18 x (12m forward)
- Kazatomprom Price Target: 91.0 USD · Source: J.P. Morgan estimates
- Reckitt Price Target: 6500 GBp · Source: J.P. Morgan estimates
- Unilever Q3 LFL Forecast: 5.0 % (Q3) · Source: J.P. Morgan estimates