摩根大通：全球资本货物行业：2026年第一季度业绩前瞻报告（英文版）

Ceasefire the wild card with most earnings after the deadline• New S232 tariffs already driving sell-off• Previous tariff-related sell-offs got bought; probably will repeat• YTD NA Class 8 truck orders data (up 90% YoY) suggests upside potential for 2H estimates across our truck coverage• Outlook for global construction equipment remains positive with OEMs (such as CAT/ DE) expected to benefit from restocking tailwinds• Ag end markets remain choppy with Brazil biased to the downside, NA retai