<div id="readability-page-1"><div>** J.P. Morgan sees a better economic outlook in 2026 for private markets managers, exchanges and wealth platforms across Europe and the U.S.** Broker says momentum is picking up, with several flagship funds launching in 2026-27, companies returning to sell more assets and a shift toward private wealth channels potentially helping offset slower institutional growth** The sector trades at a substantial discount, leaving scope for significant upside as it delivers double-digit earnings per share growth over the next three years, JPM adds** Brokerage is positive on exchanges into 2026, expecting greater transparency around AI strategies and strong financial execution** It places LSEG on positive catalyst watch into its FY 2025 results, calling it an &#34;AI winner&#34; trading at a discountKey picks and rating changes:<div><table><thead><tr><th>COMPANY</th><th>NEW RATING</th><th>OLD RATING</th><th>NEW PT</th><th>OLD PT</th></tr></thead><tbody><tr><td>EQT </td><td>overweight</td><td>neutral</td><td>SEK 399.00</td><td>SEK 358.00</td></tr><tr><td>Bridgepoint </td><td>overweight</td><td>-</td><td>GBp 464</td><td>GBp 424</td></tr><tr><td>London Stock Exchange </td><td>overweight</td><td>-</td><td>GBp 13,100</td><td>GBp 13,300</td></tr><tr><td>Deutsche Börse</td><td>overweight</td><td>-</td><td>EUR 298</td><td>EUR 292</td></tr><tr><td>Fineco Bank </td><td>overweight</td><td>-</td><td>EUR 26.50</td><td>EUR 23.10</td></tr><tr><td>St. James's Place</td><td>overweight</td><td>-</td><td>GBp 1,725</td><td>GBp 1,620</td></tr><tr><td>Man Group </td><td>overweight</td><td>neutral</td><td>GBp 256</td><td>GBp 209</td></tr></tbody></table></div></div></div>

LSEG

J.P. Morgan is optimistic about financials due to a better economic outlook in 2026, particularly for private markets managers, exchanges, and wealth platforms in Europe and the U.S. The sector is expected to deliver double-digit EPS growth, with key companies like LSEG, Deutsche Börse, and Fineco Bank receiving overweight ratings. The brokerage highlights AI strategies and financial execution as positive catalysts.

JPM: 'Reasons to be cheerful' on financials on better economic outlook