• Macro: Equity markets were mostly stronger yesterday, with both the S&P500 and the Nasdaq posting gains, whilst the Eurostoxx600 was marginally lower. Tesla led the gains in large-cap tech on reports that a federal framework for fully self-driving vehicles would be a priority for the Transportation Department under Trump. From an economic perspective later today, we will have housing starts and building permits data out of the US at 13:30. In terms of central bank speakers, we have Elderson, Muller and Panetta from the ECB, and Schmid from the Fed.
• Stock: We have updates on Nestle’s short-term guidance and medium-term outlook along with Supermarket Income REIT’s acquisition of a Sainsbury Supermarket. (Comment attached)
• Debt: Core bond yields were little changed yesterday in a day of light economic data.

Opportunities this week:

• We are reiterating our BUY rating on Nike after recent pullback and ahead of a busy Summer of events for the brand. (BUY PT:$112)
• With de-stocking headwinds largely in the rear view for Kerry Group, we are reiterating our BUY rating on the stock. (BUY PT: €92)
• Following a week when Apple dominated the headlines due to the launch of its Apple Intelligence. We believe it is worthy reiterating our BUY recommendation on Microsoft as we expect them to continue playing a leading role in the wider adoption of AI. (BUY PT: $479)