Today's Morning Meeting

J.P. Morgan's daily update highlights a potential tactical pause for European Cyclicals due to softening PMIs, while maintaining Overweight ratings on Tele2 and Munich Re despite PT adjustments.

Key Takeaways

• 1.Cyclicals, Value, and Small caps are leading year-to-date in Europe, but a tactical pause may occur as performance diverges from softening PMIs.
• 2.Munich Re estimates and price target were reduced following Q1 results, though its strong balance sheet and 'Plan B' options (SBB/acquisitions) provide a floor.
• 3.Tele2 presents an attractive entry point following a 4% pullback, with expected dividend growth of ~20% and EBITDAaL growth ahead of consensus.

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

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