• Macro: Equity markets were weaker yesterday, with the Eurostoxx600, the S&P500 and the Nasdaq all moving lower as markets were risk off before the key interest rate decision out later today. Later today in Europe, Eurozone CPI is expected to remain unchanged at 2.3%, while in the US, we have MBA Mortgage Applications at 12:00, with Housing starts and Building permits for November out at 13:30, and finally, we have the FOMC rate decision at 19:00. From the ECB today, Muller and Lane will be speaking.
• Stock: We have updates on Dalata, GSK, and Barclays. (Comment attached)
• Debt: UK Gilt yields moved higher yesterday on the back of stronger wages data.

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Opportunities this week:

• There are a number of supportive catalysts for IRES REIT in the year ahead, including yield stabilisation, potential for favourable policy changes, further progress on its strategic asset recycling programme, and lower turnover of its major shareholders. BUY PT: €1.19.
• Given the potential for M&A in 2025, retailer shelf resets driving topline growth, and the company’s CMD planned for H1, we reiterate our BUY rating on Glanbia with a slightly reduced PT of €19.80.
• With one of the highest return portfolios within its’ peer group and a wide range of growth opportunities we are upgrading TotalEnergies to a BUY with a slightly increased PT of €68.