Industrial Strength Morning Messages: The Good, the Bad and the frankly confusing

JPMorgan's pan-European industrials morning note (27 Oct 2026) rounds up the latest results and views. Clients appear to be pricing 2027E as "peak", though it is unclear whether this is peak growth or peak earnings; China industrial profitability rose sharply after three months of declines and German IFO business confidence improved. Porsche's Q3 was solid, with full-year guidance reaffirmed and the automotive net cash flow margin guidance raised on pricing and product mix. Wartsila beat on Q3 orders, with Energy order intake ASP of EUR0.88m/MW, and introduced medium-term targets (Marine mid-single-digit growth and 14% margin; Energy high-teens revenue growth and 18% margin). Assa Abloy reported sales of Skr40.8bn and operating profit of Skr7.10bn, ahead of consensus, with Americas growth of 6%. Alfa Laval orders of Skr23.23bn beat consensus by a wide margin, although Q4 orders are expected to be somewhat lower. CRH closed its Arcosa acquisition ahead of schedule;