J.P. Morgan Asset Management

With oil stabilising above $100 and bond markets finding a plateau, attention turns to earnings season. Expectations are unusually strong, with analysts becoming more positive heading into reporting. In the US, Karen Ward and Hugh Gimber look beyond the headline numbers to ask what earnings can tell us about the next phase of the AI story: from concentrated growth and supply-chain constraints to whether hyperscalers will keep increasing capex as borrowing costs rise. They also consider whether earnings growth is broadening beyond tech, and what corporate guidance might tell us about the resilience of the US consumer. But Europe may offer one of the more interesting stories this earnings season. Despite weaker headline growth, the median European stock is expected to deliver stronger earnings growth than its US counterpart. With the euro weaker and PMIs at a three-year high, the underlying picture looks more encouraging than recent headlines might suggest. So could a solid earnings season refocus investors on fundamentals, particularly in markets such as France where earnings and share prices have increasingly diverged? http://spr.ly/6045BH8VkD

One finding from our latest survey of 2,000 adults in the Netherlands stood out to me: the gap between confidence and action. Three-quarters of respondents said they were at least somewhat confident that they would be able to afford their desired standard of living in retirement, yet only 22% said they had a clear plan and were actively saving towards it. Another striking finding was that almost 50% said they held the majority of their non-emergency savings in cash. Fear of losing money and limited financial knowledge may help explain why. Helping households put more of their savings to work could improve their financial outcomes and support investment in the Dutch economy. Read the full survey write-up, “Saver to Investor: the Netherlands’ opportunity”. https://bit.ly/4y2Gw0D

Invest in active European equity solutions with Fund Europe’s Equities Fund Manager of the Year 2025.

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With an award-winning local team of 60+ portfolio managers and analysts, we have your European equity needs covered. For professional clients only.

Invest in active European equity solutions with Fund Europe’s Equities Fund Manager of the Year 2025. For professional clients only.