Industrial Strength Morning Messages: Calm before a storm?

J.P. Morgan's Pan-European Industrials morning note reviews sector and company developments. It flags Moody's decision not to downgrade France, potential higher UK defence spending, and a stress test of US AI/data-center capex, while seeing no evidence yet of a capex slowdown. Among stock views, Nexans' strong Q3 and potential major order confirmation make the recent correction an attractive entry point; Rexel's 2026/27 adjusted EBITA estimates are raised 3% with the target price lifted to EUR46; Safran's target price is cut to EUR410 on higher 2027 capex and lower free cash flow; Electrolux stays Neutral with a SEK34 target; Trelleborg stays Overweight with a SEK530 target; and Volvo Car's target is cut to SEK10. The note also tracks Chinese chemical export competition, China's post-holiday base-metals demand recovery and pressures in autos.