• Macro: Equity markets had a moderately positive day yesterday with the S&P500 up 58bps and the Nasdaq up slightly more at +1.07%, after the US president announced a trade framework with the UK and hinted at tariff reductions with China, if talks go well. Europe performed similarly with a +40bps performance. There are no major releases out today in Europe or the US, though it is busy on the central banker front, with the ECB’s Rehn and Simkus talking as well as Bailey and Pill from the BoE. Five Fed members will also be speaking post the FOMC’s latest no-change decision.
• Stock: Reuters reported yesterday that Nestle had contracted Rothchild to advise on the sale of its water business. (Comment Attached)
• Debt: Core bond yields moved aggressively higher yesterday, led by UK Gilts following the BOE’s May interest rate decision.

Opportunities this week:

• Earlier this month, Greencoat Renewables issued its latest NAV calculation for the end of September 2024. Following last week’s weakness the stock trades at a 27% discount to NAV. (BUY PT: €1.20)
• Kerry’s shares were down 5% last week, although there was no company specific news flow. As such we believe there is an opportunity to Buy on weakness. (BUY PT: €102)
• This morning, we have issued a research note on Ryanair, in which we have increased our price target to €21.25.