• Macro: US equity markets had a quiet day yesterday with S&P500 +6bps and Nasdaq down slightly -10bps. This was ahead of a slew of results and economic data later in the week. European markets were up 53bps. Later today, we have the ECB’s 1- and 3-year expectations for CPI and the EU’s Economic, Industrial and Services Confidence indices. Out of the US, we have Wholesale and Retail inventories, house price data, JOLTS job openings, the Conference Board Consumer Confidence survey, and the Dallas Fed Services activity.
• Stock: News was light for our equity coverage list this morning ahead of a busy day of results tomorrow.
• Debt: US treasury yields moved lower yesterday as weaker than forecast manufacturing data approached a ten-year ex-Covid low, whilst European bonds were weaker on increased supply

Opportunities this week:

• This morning, Ryanair issued a solid set of results for the first half of FY25 in which second quarter operating profits declined by 2% YoY but beat consensus by 2%. (BUY PT: €19.50)
• Last week Grafton Group announced an acquisition in an attractive segment of the Spanish market and issued full year guidance ahead of consensus estimates. (BUY PT: £12.30)
• Last Wednesday, Microsoft reported its Q1 2025 results where it exceeded expectations with double-digit growth in revenue, operating profit, and EPS but reacted negatively to Q2 guidance. (BUY PT: $479)