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1、M FoundationSustainability|EuropeFeeling the Heat:The Impact of Europes Heatwave Morgan Stanley&Co.International plc+Rachel Fletcher,Ph.D.Equity Strategist Rachel.F +44 20 7677-4089 Arushi Agarwal,CFAEquity Strategist Arushi.A +44 20 7677-3944 Morgan Stanley&Co.LLCStephen C ByrdEquity Strategist Ste

2、phen.B +1 212 761-3865 Morgan Stanley&Co.International plc+Paul R WalshEMEA Head of Research Product Paul.R.W +44 20 7425-4182 Morgan Stanley Asia Limited+Tim Chan,CFAEquity Strategist Tim.C +852 3963-4568 Europe is experiencing a record-breaking summer.We highlight the impacts on Consumer Staples,A

3、pparel Retail,Travel&Leisure,Utilities,Oil,Gas,Coal and Agriculture.M A record-breaking summer so far:Europe experienced two heatwaves in mid-June and late-June to early-July.It was the warmest June on record in Western Europe and the fifth warmest June for Europe as a whole.June was also drier than

4、 usual in Western and Southern Europe.See Europes 2025 Heatwave in Charts Whilst sales of certain products are correlated to weather,the impact of hot weather varies with severity.Beverages like beer,CSDs,and aperitifs see gains in hot weather,but extreme heat can negate this-Heineken,Carlsberg,Feve

5、rtree,and Campari are key beneficiaries.For apparel retail,typically seasonally warm weather is a tailwind for the sector-albeit this is of greater importance in early spring/summer than now-and extreme temperatures can in fact deter footfall.Looking ahead,apparel retailers will be hoping for cooler

6、 weather from August to fuel early full-price purchase of fall/winter merchandise arriving in stores.For pubs and restaurants,whilst those with more outdoor space are likely to benefit,very hot weather may drive people to stay home and consume off-trade.For travel,coolcations are an emerging theme,w