JP Morgan Private Bank EMEA equities strategist Natalia Lipishina warns that a
sustained or further drop in oil prices could undermine a key source of earnings
growth, prompting downward revisions to energy estimates and potential
spillovers across other sectors. She says this raises the risk that European
equities will underperform US and emerging-market peers in H2. Lipishina and JP
Morgan remain constructive on AI-related themes — technology, semiconductors and
industrials tied to global infrastructure spending — and see opportunistic value
in luxury and civil aviation after recent underperformance, while preferring US
and emerging-market stocks for stronger earnings trajectories.
