• 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:

• This morning, Ryanair issued a strong set of Q3'25 results in which operating profits came in at €32.6m, when it was negative -19m for the same period last year, and EPS came in at 13.6c for the quarter, up from 1c in Q3'24. BUY PT: €21.80.
• Ahead of PayPal’s full year results on February 4th, we have reviewed our valuation model and estimates, which leads us to revise upwards our target price on the stock to $104 which provides 15.7% upside.
• Follow the initiation of coverage on Microsoft by our Cantor Fitzgerald & Co. colleagues in the US, Cantor Fitzgerald Ireland are dropping coverage of the stock (previous PT $479) and removing the stock from our Analyst Conviction List.