• Macro: Equity markets were weaker yesterday as the Stoxx 600, the S&P500, and the Nasdaq each ended in the red. Weakness was primarily driven by US tariffs on auto imports, re-igniting concerns about the expanding trade war, offsetting earlier data that showed higher than estimated growth. Looking ahead to today, all eyes will be on the release of the Fed’s preferred inflation gauge, core PCE out at 12:30, which is expected to accelerate modestly to 2.7% YoY for February.
• Stock: Yesterday TotalEnergies published its Sustainability & Climate report for 2025. (Comment Attached)
• Debt: US bond yields were little changed yesterday ahead of today’s key inflation data.

• Discretionary Investments: Plenty of market opportunities on offer for investors in the second half of the decade
• Focus Feature: Building and Preserving Intergenerational Wealth
• Analyst Conviction List: Ryanair & GSK
• Corporate Finance: Farra Marine: Driving Offshore Wing Growth
• Asset Management: The Latest on Our Funds
• Performance Data: The Most Recent Figures on Capital Protected Products

Opportunities this week:

• Last week we met with the CFO of FBD to discuss recent FY results and business outlook. We continue to rate the stock as a Buy with a PT of €16.10.
• Following our meeting with Kerry Group last week, in which we gained good insight on the company's outlook for the year ahead, we reiterate our BUY rating with an unchanged price target of €116.
• Last week we had a meeting with the management team of Supermarket Income REIT, in which they highlighted a number of positive catalysts likely to occur over the next twelve months. BUY PT: 88p.