Report published September 24, 2026
Europe First to Market: Today's Morning Meeting – J.P. Morgan (September 24, 2026)
J.P. Morgan · September 24, 2026
J.P. Morgan's European Equity daily research note highlights cautious positioning in European Chemicals alongside an Overweight reinstatement on Akzo Nobel following its Axalta merger. It also details findings from its semi-annual Global Capex Survey projecting a 16% corporate capex increase in 2026 driven by AI infrastructure, and analyzes the Swiss Upper House vote regarding UBS parent bank capital requirements.
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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.
Key Takeaways
- 1.European Chemicals outlook remains challenged by structural overcapacity and competition from China, turning Middle East conflict into a headwind; analysts prefer idiosyncratic Overweights and consolidation candidates like Akzo Nobel.
- 2.Akzo Nobel is reinstated at Overweight with a Dec-27 price target of €72, citing multiple paths to upside via the Axalta merger synergies, potential divestments, and SOTP optionality from Deco separation.
- 3.Global corporate capex is projected to increase 16% YoY in 2026, driven by artificial intelligence infrastructure, data centers (+98% in Internet/Media/Services), and semiconductors (+45%).
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
EPS Estimate Changes
| Metric | Estimate | Context |
|---|---|---|
| Global Capex Growth | 16% | Global corporate capex growth across all end markets |
| Internet, Media and Services Capex Growth | 98% | Capex growth driven by data centers |
| Semiconductors Capex Growth | 45% | Capex growth in semiconductor sector |
| Akzo Nobel Price Target | 72 EUR | Price target upon reinstatement at Overweight |
| UBS Trapped Capital Gap in Parent Bank | 4 USD billion | Capital UBS needs to retain under the 90% CET1 backing requirement |
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Europe First to Market is shown in chronological order through this edition, published on September 24, 2026.
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