J P M O R G A N Global Markets Strategy 10 June 2026 European Equity Derivatives Strategy H2 2026 Outlook and Trade Ideas: the Pain-Trade Remains to the Upside The Iran war lifted European volatility from a mid-teen regime to persistently higher levels. We expect volatility in H2 to be lower than the H1 median of 21, with a target VSTOXX level of 18 to 19. European equities are expected to catch up, but this view is conditional on progress on the Iran war. Meanwhile, positioning in European equities has wea ...