JPM sees positives for European gold miners, urges caution on steel makers

J.P. Morgan says U.S. tariffs could hit European metal companies in disparate ways - remains bullish on gold miners, selective on copper and cautious on steel makers

According to JPM, "if sustained" newly announced U.S. tariffs "would likely push the US economy into recession this year"

Gold companies are set to benefit from this "heightened macro and geopolitical uncertainty", the broker says, citing calculations that gold prices cold rise another 30%

According to JPM, there are selective entry points for copper miners

European steel would be hit harder, "as it is more directly exposed to sectors that are negatively impacted by US tariffs, specifically Autos," it says

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