Our strategists have identified a list of European companies with the best and worst pricing dynamics, which is a good way to play reflation. This is in line with our estimates which keep unchanged the narrative that global growth and inflation will surprise on the upside this year, even more strongly, as the global inflation surprise index has entered positive territory for the first time in two years. Moreover, the index is at 10-year highs for the US, while leading indicators point to further rallies on the way.