JPMorgan names 'cheap' global sectors set to outperform — here are some of its stock picks

JPMorgan picked stocks in the telecoms, utilities and energy sectors and said the U.K. is trading 'extremely cheap.'

JPMorgan listed a number of global sectors it says have cheap valuations and "overweight" ratings — referring to the industries it expects to outperform over the next six to 12 months. In a July 3 research note to investors, it picked European telecoms as a "cheap" sector that it is overweight on. "The sector is trading on the cheap side of fair value, and is underowned," its analysts stated. The note included several lists of stocks in a number of baskets.

" Energy stocks in JPMorgan's European value basket included Repsol and Siemens Energy , and it included Finnish oil refiner Neste and Norway-based Equinor in its European growth basket. JPMorgan said it expects consumer staples to rebound "given cheaper valuations and potentially better margins outlook in [the second half]," and it is overweight in the sector.

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