• 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:

• On Friday, Fedex reported poor Q1 2025 results. On balance, the results show a tough start to the year, with revenue down 0.5% and adjusted EPS at $3.6 down 24.1%. Despite the poor Q1 results and slightly lower guidance, we reiterate our Buy rating on the stock with PT $330 (29.5% upside).
• In early August, PayPal launched Fastlane, a new accelerated guest checkout solution, for U.S. merchants, making it available on its Braintree and PPCP (PayPal Complete Payments) platforms, as well as through platform partners including Salesforce, Adobe, BigCommerce, and Bold Commerce. We reiterate our Buy recommendation with a PT of $95, (23% upside).
• Last month, along with lacklustre H1 earnings results, Datalex announced that it was proceeding with a Firm Placing (€17m) and Placing and Open Offer (€8m) to raise €25m to repay €15m of loans from an affiliate of its largest shareholder IIU nominees, and to provide sufficient short-term working capital for the business. The Board also announced that it planned to raise further equity capital in the first half of 2025, which they estimated to be a minimum of €5m additional. We recommend a Hold with a PT of 32c (-16% downside).