UK and European Research at a Glance

RBC Capital Markets provides a digest of European and global research, highlighting automotive sector strategy, retail margin pressures, and macro risks from rising 10-year yields.

Key Takeaways

• 1.The rise in 10-year yields creates a risk for a short-term S&P 500 pullback of 5-10%, although the long-term outlook remains unchanged.
• 2.Stellantis has set an ambitious 2030 plan with North American Ram volumes expected to drive 60% of incremental EBIT, though cost-cutting remains the primary bridge to 2028 targets.
• 3.Volkswagen management projects a credible path to 8-10% EBIT margins by 2030, prioritizing balance sheet strength over share repurchases in the near term.

Table of Contents

• Premium Research
• Company Comments
• Industry Comments
• Investment Strategy Research
• Quick Takes
• Disclaimer

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