• Macro :Equity markets were mixed yesterday, with the S&P500 (+0.06%) and Nasdaq (-0.39%), while Europe’s Stoxx 600 index ended lower (-0.41%). Economic releases out today in Europe, we have Eurozone Consumer Confidence, while in the US, we have MBA Mortgage Applications and Existing Home Sales is expected to show a modest decline MoM. There are no scheduled speakers from the central bank today.
• Stocks: We have an update on PayPal. (see page 2).
• Debt: Core bond markets saw slightly lower yields as a decent rally continued with weaker US macro data and uncertainty over major tariff negotiations before the Japanese / US deal was settled overnight. Japanese longer dated yields rose after a weak auction took place overnight. This was despite the positive trade deal struck between the US and Japan.

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.