Global Markets Strategy

J.P. Morgan maintains a constructive outlook on global equities for the second half of 2026, anticipating a broadening of market leadership beyond the 'Mag-7'. They have raised targets for European indices, expecting 18% EPS growth for the Eurozone.

Key Takeaways

• 1.Maintain constructive view on global equities for 2H 2026, focusing on cyclical trades and broadening market participation.
• 2.Updating European equity targets with 5-10% further upside, driven by an expected 18% Eurozone EPS growth in 2026.
• 3.Market leadership is broadening; while Tech and Mag-7 are expected to perform, cyclicals are seen as attractive catch-up plays.

Table of Contents

• Equity Strategy
• Table Of Contents
• Look for further upside in Europe in 2H - updating our targets and positioning
• Equity Strategy Key Calls and Drivers
• Top Picks
• Equity Flows Snapshot
• Technical Indicators
• Performance
• Earnings
• Valuations
• Economic, Interest Rate and Exchange Rate Outlook
• Sector, Regional and Asset Class Allocations

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