UK and European Research at a Glance

RBC's research roundup highlights Richemont's strong jewellery momentum and the global disruptive potential of Chinese automotive OEMs. It also notes a recovery in investment banking fees driven by ECM and a plateau in commodity investor AUM.

Key Takeaways

• 1.Richemont (CFR) maintains strong jewellery sales momentum, leading to a price target increase to CHF 175 despite softer margins.
• 2.Chinese OEMs are disrupting the global auto industry, with domestic market share expected to hit 74% by 2030 and aggressive localization in Europe underway.
• 3.Investment banking fees are rising in Q2, driven by ECM strength, with the M&A backlog hitting a monthly high in May 2026.

Table of Contents

• Company Comments
• Industry Comments
• Investment Strategy Research
• Quick Takes
• Global Commodity Strategy and MENA

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