Vi e w p o i n t | 15 Jul 2026 10:10:24 ET │ 16 pages US Retail Citi Retail Traffic Tracker: July Wk 1 Decel vs June Wk 5 but Consistent w/June Overall; 2QTD Decel vs 1Q26 CITI'S TAKE In July wk 1 (week ended 7/11) Placer traffic for the retailers we track was +2.7% vs +3.8% in June wk 5 (week ended 7/4). Ex-WMT, traffic was +2.7% in July wk 1 vs +3.3% in June wk 5. July MTD (July wk 1) is +2.7% (+2.7% ex- WMT) vs June overall of +2.7% (+2.9% ex-WMT). 2QTD is +2.0% (+2.1% ex- WMT) vs 1Q26 of +3.4% (+3.4% ex ...

North America Equity Research 15 July 2026 J P M O R G A N Chase Spending Data Updated Through July 7, 2026 We are updating our Chase Spending data through July 7. Data are provided on a lagged basis and presented in a rolling seven-day format. Beginning with our May 26, 2026 publication, we are sourcing our Chase Spending data from JPMC Index File 2.0, an updated and enhanced dataset that replaces the prior Index File 1.0. The new dataset is built using more granular transaction-level details, enabling us ...

Vi e w p o i n t | 15 Jul 2026 10:41:27 ET │ 12 pages Senegal Emerging Markets Strategy Views on Senegal credit and recovery values CITI'S TAKE As Senegal took important steps towards engaging the IMF, we look at the recovery values on the eurobonds. There is potential upside to our estimates in case of a swifter engagement with the IMF on the back of strong coordination between the Parliamentary majority and the executive. The bullish scenario also requires the IMF opting for a softer interpretation to the ...

15 Jul 2026 10:47:46 ET │ 10 pages US Airlines Chart of the Day: Positioning Update Shows Net Length Little Changed CITI'S TAKE We've been updating our positioning analysis more frequently during EPS season as investors look for regular updates during a catalyst rich period. Recall, this analysis is performed by Citi's quant team and relies on a combination of historical relative valuation, short interest, public sentiment, macro exposure, and historical price momentum. Despite recent softness in airlines p ...

J P M O R G A N Asia Pacific Equity Research 15 July 2026 ICICI Prudential Life First Take 1Q27: Protection growth drives VNB beat Our First Take: IPRU Life's 1Q27 value of new business (VNB) grew by 24.9% Y/Y to Rs.5.7bn (8.9% higher than JPMe, +7.1% vs Consensus) as VNB margin grew 220bp YoY to 26.7%, helped by a richer tilt towards protection (+45.7% YoY, +590bp YoY to 27.9% of mix). Margins were also supported by higher sum-assured ULIPs, stronger rider attachment, and better product-level margins with ...

Flash | 15 Jul 2026 10:35:05 ET │ 9 pages US Biotechnology and Pharmaceuticals J&J 2Q26 EPS call read-through: Tremfya and Icotyde deepen I&I momentum CITI'S TAKE J&J (covered by Joanne Wuensch) kicked off Biopharma's EPS season, reporting 2Q top line of $25.3B (+$275M vs. BBG cons) and $2.90/sh (+$0.03/sh) on the bottom. Once again, the Innovative Medicines franchise led the print ($16.4B; +$263M; +6.8% y/y operationally), with Tremfya ($2B; +$215M; +71% y/y) growth momentum intact and Protagonist-partnere ...

J P M O R G A N North America Credit Research 15 July 2026 REIT Benchmark (HG/HY) Spreads/Yields Sector Performance As a reminder, this report combines our benchmark spreads/yields tracker and our sector performance tracker. We continue to add new issuers to our coverage universe and refresh benchmarks as appropriate. We (or, in just a few cases, our colleagues) either formally cover or closely follow each of the 85+ distinct REIT or CRE-related credits in this report; so, please reach out with any question ...

Vi e w p o i n t | 15 Jul 2026 10:35:52 ET │ 9 pages US Economics PPI details benign for PCE inflation CITI'S TAKE Following a large downside surprise to June CPI yesterday, June PPI data was also softer than expected, with total PPI final demand falling 0.3%. Weakness was due both to falling energy prices as expected but also benign details of various non-energy components. Overall, a modest increase in medical services, softer portfolio management fees, and a modest increase in airfares led us to lower ou ...

J P M O R G A N Asia Pacific Equity Research 15 July 2026 Saizeriya (7581) 3Q results: Price hikes under consideration for next fiscal year Positive: At 3Q results, Saizeriya explained it is considering price hikes in Japan next fiscal year. The move is not yet finalized, but we believe it could mark a turning point for the company. Management commented that from 4Q, given ingredient shortages, the negative impact of higher ingredient prices from outside procurement will worsen, so we cannot only consider t ...

Flash | 15 Jul 2026 10:31:26 ET │ 10 pages Johnson & Johnson (JNJ.N) JNJ Weighs in on Procedural Impacts Jane-Marie Lai +1-212-816-3628 janemarie.lai@citi.com CITI'S TAKE JNJ on its 2Q26 earnings call threw in its hat on the current medtech procedural debate, noting that it sees procedure volumes stable and it does not see evidence of a broad-based demand slow-down. In fact, excluding Cardiovascular (which faced EP competition, and Abiomed clinical headwinds), volumes accelerated in 2Q26 highlighting strong ...