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 ...

J P M O R G A N Asia Pacific Equity Research 13 July 2026 Santen Pharmaceutical (4536) Key takeaways from press seminar on ptosis From 11:00 a.m. on July 13, Santen Pharmaceutical held a press seminar titled "The Realities and Challenges of Ptosis and the Current State of Treatment — New Options Brought by Eye Drops". Assistant Professor Mika Tanabe of the Department of Ophthalmology, Kyushu University Hospital, and Ms. Naoko Koezuka, the head of Santen's Global Commercial Strategy team, gave presentations. ...

July 13, 2026 01:34 PM GMT Global CLOs | North America CLO Tracker July 2026 – Our Take on New NAIC Life RBC Framework | M Downloaded by zouguanzhong@cramc.hk | Not for redistribution without written consent of Morgan Stanley | | | --- | --- | --- | | | | Idea | | July 13, 2026 01:34 PM GMT | | | | Global CLOs North America | Morgan Stanley & Co. LLC | | | | Joyce Jiang Strategist | | | CLO Tracker July 2026 – Our | Joyce.Jiang@morganstanley.com Gabriel Reyes Esclasans | +1 212 761-0165 | | | Strategist | | ...

Highlights Prices in this note are as of July 10, 2026. FS: Ratings downgraded to B+ from BB- by Fitch J P M O R G A N Latin America Credit Research 13 July 2026 LATAM Corporates Daily Your daily dose of all things LatAm Fitch downgraded FS to B+ from BB-, with a Stable outlook. The action reflects expectations that credit metrics will remain pressured through FY27, as FS fully debt-funds the construction of a fifth corn-ethanol plant in Mato Grosso alongside another greenfield project. Fitch forecasts gros ...