• Macro: US markets rose yesterday with the S&P 500 and Nasdaq up 0.10% and 0.72% respectively. Europe ended lower with the Stoxx 600 broad index falling -0.24%. Later this morning, we get Eurozone Industrial Production. In the US, we get Empire Manufacturing, Retail Sales, PPI, Initial Jobless Claims, Philadelphia Fed business outlook and Industrial Production. From central bankers, Powell from the Fed, Dhingra from the BOE, and Cipollone, Guindos and Villeroy from the ECB will all be speaking.

• Stock: We have updates on Aviva, IRES REIT, Allianz, and Datalex. (Comment attached)

• Debt: Bond yields climbed with the market cutting back on Fed rate cut bets and as investors focus on the potential for proposed tax cuts that if passed could lead to even bigger budget deficits going forward.

Opportunities this week:

•  In what was a solid set of results for H1’25, Diageo reported a net sales decline of -1% to £10.9bn, which was 2% ahead of market expectations and this was generated on the back of organic revenue growth of 1%, ahead of expectations for -1.7%. HOLD PT: £25.10
• We came away from our post-results meeting with Ryanair last week with increased confidence on the airline’s prospects during the year ahead. Following this, we have updated our model, resulting in an increase to our DCF derived price target to €23.30
• Amidst growing concerns regarding Trump initiated trade wars, we continue to rate Rio Tinto as a Buy with PT £60.75 and 26% upside.