• Macro: US Equities had a positive session yesterday, as the Nasdaq (+39bps) and the S&P500 (+40bps) both made gains, as weak economic data provided support for Fed rate cuts. European equities were negative, with the broad Eurostoxx600 falling by -0.19Today will be a busy day of economic data. Out of Europe, we have May CPI data our of both Ireland (11:00) and Germany (13:00). Out of the US, we have the April releases for the Core PCE Price Index, Personal Income, Personal Spending, and Wholesale Inventories. Central Bank speakers include Logan and Daly from the Fed, and Muller, Panetta, and Vujcic from the ECB.
• Stock: We have an update on TotalEnergies. (Comment attached)
• Debt: US treasury yields moved lower as weak economic data provided support for Fed rate cuts

• Discretionary Investments: A Long Term Perspective and Diversification are Key when Investing in Uncertain Times
• Focus Feature: Navigating Financial Planning with Confidence
• Cantor Fitzgerald Asset Management: The Latest Update on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• Rio Tinto has made a number of announcements since the start of May; therefore, we are providing a summary of these as well as updating our PT to 5590p. Given the 22% upside, we reiterate our Overweight rating on the stock.
• Despite last week's disappointing news that Flutter had lost out on its bid for the Italian lottery license, we retain our overweight rating on the stock. Given there is over 20% upside to our price target of $293.
• Following a review of our valuation metrics and rolling the estimate year forward to 03/27, we marginally raise our PT on DCC to £70.70 from £70.30 previously. Thus with 56% upside, we reiterate our Overweight rating.