June Survey Results Reveal Optimism, Not Euphoria, Heading Into 2H26

The big things you need to know:

• First, across the globe our analysts are constructive on performance over the next 6-12 months and see attractive valuations in the industries they cover.
• Second, Europe and Canada captured the most optimistic performance outlooks among our four coverage regions, but the US was not far behind.
• Third, our Canadian and US analysts expressed a favorable view of their own respective domestic policy backdrops. On the US midterm elections, our US analysts had a slightly constructive tilt on performance in a Republican sweep scenario, a slightly negative tilt on performance in a Democratic sweep scenario, and a neutral view on performance in a split Congress scenario.
• Fourth, at the global sector level, performance outlooks were mostly positive and came in stronger than other sectors for Materials and Industrials, but only by a little.