• Macro: Equity markets were mostly positive yesterday, with the Eurostoxx600 (+1.12%), whilst the Nasdaq and the S&P500 both made small gains, as large cap tech names were mixed and small caps outperformed. Later today, the ZEW survey will provide an early clue on how the German economy is evolving in November. Economists are forecasting modest improvements in both the Current Situation and the Expectations releases. Out of the US, the NFIB small business optimism survey is also expected to show an improvement, whilst the NY Fed 1yr inflation forecast is expected to remain at c. 3%.
• Stock: We have updates on the sale of Kerry Group’s Dairy Ireland division and DCC’s H1 results, along with its new focus on the Energy Sector. (Comment attached)
• Debt: European bond yields fell yesterday following a reduction in oil prices.
• Research Publication: We publish our analysis of the implications of the Trump victory in the US Election for the stocks that we cover and their sectors.

Opportunities this week:

• We are reiterating our BUY rating on Ryanair after issuing a research note on the share last week. (BUY PT: €19.50)
•  Following the potentially positive read through for CRH from peer Saint Gobain’s H1 earnings last Friday, we are reiterating our BUY on the stock. (BUY PT: $93.10)
• We are reiterating our BUY rating on Greencoat Renewables after the company’s NAV per share for June increased on the March reading. (BUY PT: €1.20)