Action | CITI'S TAKE We update Lenovo model ahead of FY1Q27 results (mid-August) to reflect: (1) a US$1.7bn non-recurring warrants valuation loss in FY1Q27, which depresses our FY27 GAAP net profit to US$822m (vs. prior US$2,518m) but leaves our non-GAAP earnings forecasts essentially unchanged; (2) latest softer-than-expected CY2Q26 PC shipment data, trimming our FY27E revenue estimate for Lenovo modestly by 1%; (3) higher ISG profitability assumptions, consistent with industry trends and peers' latest per ...

{[{3Ig3ytjMiZ4N6mi5lOZ-t_4OHrbnNWax06uRqAdeWozvT4hb9PTCuK5crbbmFsHkubT7_H09Ppvtfap0puh8nY6qI8qPUad7Nok6qjo9}]} Economic surprises and global asset class returns J P M O R G A N Products & Services JPMaQS 13 July 2026 The analysis is conducted both globally and across up to 27 currency areas. Both growth and inflation surprises have been significant negative predictors of daily duration returns. Growth surprises have also been significant positive predictors of returns in equities, credit, industrial commodi ...

Please see below a summary of US retail sentiment and flows, data as of CoB 10th July. Global Data Intelligence | Through the Retail Lens US Retail Sentiment & Flows July 13, 2026 Do contact us if you would like to discuss this further, or access the data sets via API. JPM Global Data Intelligenceteam (contact us here), in collaboration with ECS and SNAP, MLCoE Social Media Sentiment Most discussed topics in the three most popular sectors on Social Media last week: Information Technology : Micron Technology ...

Vi e w p o i n t | 13 Jul 2026 07:07:24 ET │ 14 pages Pettinari on Paper & Packaging Is a Third Containerboard Price Hike Possible? Further Reads on 2Q Demand CITI'S TAKE In our weekly we highlight items of interest for Paper & Packaging investors: Anthony Pettinari AC +1-212-816-4693 anthony.pettinari@citi.com Bryan Burgmeier bryan.burgmeier@citi.com Landry Moore landry.moore@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. n Is a third Container ...

twinkle.mehta@jpmorgan.com tony.sk.lee@jpmorgan.com haoshun.liu@jpmorgan.com xipu.han@jpmorgan.com Global Markets Strategy July 13, 2026 Global Index Volatility Chartbook Twinkle Mehta, CFAAC Tony SK LeeAC Haoshun LiuAC Xipu HanAC +(852) 2800-7109 +(121) 2272-1215 J.P. Morgan Securities LLC J.P. Morgan Securities plc J.P. Morgan Securities plc J.P. Morgan Securities (Asia Pacific) Limited/ Bram Kaplan, CFA Davide Silvestrini Yangyang Hou +(852) 2800-8857 +(852) 2800-7736 +(852) 2800-1029 J.P. Morgan Broking ...

Action | 13 Jul 2026 09:39:45 ET │ 14 pages Phillips 66 (PSX.N) Phillips 66 Looks More Like 76 This Quarter CITI'S TAKE We are updating our commodity price assumptions and now forecast 2Q EPS of $7.59 vs. VA consensus of $7.06. Consensus appears to be conservatively modeling EBIT contributions from Chemicals and Renewable Fuels. We expect strong results across all segments, positioning the company for one of the strongest quarters in its history. Midstream should improve sequentially in 2Q, supported by the ...

July 13, 2026 01:32 PM GMT G10 FX Strategy | Global Andrew M Watrous Strategist Andrew.Watrous@morganstanley.com +1 212 761-5287 FX Positioning Indicates Investors Remained Net Long DXY Our FX options positioning scores are now published daily on Bloomberg. A table of the tickers can be found in the Appendix. Key Takeaways Exhibit 1: Source: DTCC, Bloomberg, Morgan Stanley Research; Note: Using options that were traded in the past three months and expire in the coming one month. Notionals are delta-adjusted ...

Action | 13 Jul 2026 09:37:19 ET │ 10 pages Conch Venture (0586.HK) Adding Upside 90-Day Catalyst Watch | Direction: | Upside | | --- | --- | | Duration: | Within 90 Days, expected event date 27 Aug 2026 | | Catalyst: | Special situations | Conch Venture fell by 16.4% on Jul 13 on heavy volume despite no material change in fundamentals or company-specific news that could explain the sharp sell-off. At the latest close, its market cap was HK$15bn (~Rmb13bn) versus Rmb16bn value of its stake in Conch Cement ( ...

J P M O R G A N Asia Pacific Equity Research 13 July 2026 TSMC 2Q26 sales reaching high-end of guidance; GM likely to beat TSMC's June revenue reached NT$443bn, up 6% MoM and 68% YoY. Preliminary 2Q26 sales came in at NT$1,270bn, up 12% QoQ and 36% YoY, largely in line with JPMe/Consensus and reaching the high end of 2Q26 USD guidance (US$39.0- 40.2bn). The strong 2Q top-line was primarily driven by sustained datacenter AI momentum. As a result, we expect 2Q26 GM to exceed the high end of guidance (JPMe 69. ...

J P M O R G A N Global Index Research 13 July 2026 J.P. Morgan Private Assets Index (JPAX) - Middle Market Index Monitor - June 2026 In May 2026, we launched the J.P. Morgan Private Assets Index (JPAX)- Middle Market, the inaugural index in a broader private markets index suite. As an institutional-grade benchmark built on verified company financials for the U.S. private middle market, JPAX-Middle Market tracks operating performance and equity value growth of over 6,400 mid-sized U.S. private companies with ...